Companies House to embrace controversial computer language
Companies will have to use XBRL for filing unaudited accounts by 2011
House is to begin taking submissions in the computer language XBRL,
following the lead of HM Revenue & Customs which has already decided all
company tax returns must be made online using the language from April 2011.
Companies House said it will an XBRL service up and running by the summer of
next year for unaudited accounts and will then go to develop the service for all
other tyoes of account.
There has been much concern about the timing for the introduction of XBRL.
HMRC’s change appears to clash with demands for SMEs to change to international
accounting standards. Critics have said the change could cost small businesses
thousands of pounds to implement.