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.
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast