iXBRL likened to Y2K
Practice IT provider warns firms they need to adapt quickly to avoid disaster
Accountants need to quicken the pace on switching to iXBRL as the pressure
mounts to adopt the new technology according to IT provider Iris.
This year is the final fiscal year tax filings can be made to HMRC in other
formats as the country moves to iXBRL on 31 March 2011.
Iris, which provides IT for half the accountancy firms in the country, has
compared the deadline for practices as a “Y2K” as the switchover date looms.
Phil Robinson, MD of IRIS accountancy practice solutions, said: “To some,
iXBRL is the new Millennium Bug, with a looming deadline after which their
software may cease to function or be compatible with the newly imposed standards
– a disaster waiting to happen.”
“If they haven’t done so already, accounting practices should ensure that
they work with a software partner with close ties to HMRC that can demonstrate
iXBRL-readiness as a top priority,” he added.
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