TechnologyAccounting SoftwareICAS survey finds accountants not prepared for iXBRL

ICAS survey finds accountants not prepared for iXBRL

Accountants concerned about the costs involved in iXBRL switch

One in five accountants are concerned about the costs involved to switch to
iXBRL, which will become compulsory for account in less than twelve months.

More than 20% of respondents to an ICAS survey believe the time and costs
involved in preparing to file in iXBRL, a tagged computer financial language,
will be the “the greatest impediment facing them”.

HM Revenuse and Customs will require accountants to file corporation tax
returns using iXBRL from 1 April, 2011.

According to ICAS, 50% of the 191 respondents said they were uncertain about
software availability and had difficulties in identifying suitable packages.

“Again there’s a role for HMRC to set out more clearly both the requirements
and the options for meeting them,” said Donald Drysdale, assistant director of
Tax at ICAS.

Further reading:

HMRC
deadline fears for software firms

ICAS
survey highlights concerns about imminent changes to company tax filing

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