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What iXBRL compliant accounts production software would you recommend for IFRS?

What iXBRL compliant accounts production...

Hi all,

First question on this forum and not an accountant so go easy on me!

I've been told that there aren't many Accounts production software packages on the market that can handle IFRS.

Can any one confirm if this is in fact the case and recommend any software that is IFRS compliant (apart from CaseWare and Clarity)?

Thanks in advance

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15th Jul 2010 12:39

Usual suspects

Sage & Iris both have products that allow IFRS production (neither of which I have used). There must be more.

Can one ask why you are asking (if you are not an accountant)? If you are looking to produce IFRS compliant accounts for your own business without involving an accountant, you may be risking the proverbial ship for a ha'p'orth of tar.

http://www.sage.co.uk/accountants/accountants_in_industry/sage_accounts_...

http://accountancy-practice.iris.co.uk/software/accounts/iris_accounts_p...

 

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15th Jul 2010 12:46

IT perspective

I'm looking at the accounts production software from an IT perspective.

Our finance depratment are looking at potential solutions to produce accounts using an accounts production package that will support IFRS and produce the subsequent iXBRL.

Their investigation of options on the market have found that while there are many accounts packages that produce UK GAAP and IFRS accounts and several that will produce XBRL, most of the XBRL is UK GAAP compliant only as this is a more prescriptive and better understood standard.

Not being an accountant I don't know a lot about the difference between the standards and thought i'd throw the question out to more learned minds and see if others have found the same thing.

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26th Jul 2010 18:30

Multiple standards supported in one package

Twinfield has just announced its reponse to iXBRL with a new module that allows multiple taxonomies to be used against the same data.  This way, both UK GAAP and IFRS can be supported using one set of tools without having to restate or manipulate the base accounts.

A workflow manager enables all parties to collaborate through to the sign off and submission of the final accounts.  A portal manages secure submissions to the relevant body, including HMRC, Companies House and other bodies who will support iXBRL in the future.

The new module will be available in time for the iXBRL roadshows being run by the ICAEW and will be made available by to existing customers entirely free of charge.

Further details here.

Mark Davies
UK Country Manager
Twinfield

www.twinfield.co.uk

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28th Jul 2010 11:50

Have a look at some of the other online resources

Please note, if your finance colleagues are considering getting an accounts production system to feed into their Corporation Tax returns, they need to make sure the program will support Inline XBRL (iXBRL) rather than just the UK IFRS taxonomy for XBRL.

iXBRL is the format that HMRC will want to receive all accounts and computations to accompany CT600 returns that have to be filed online from next April (although the CT Online portal system is now open if your colleagues would like to file now).

We've been tracking iXBRL developments on AccountingWEB.co.uk for some time now and the first accounts application to hit the streets with iXBRL built in was Forbes Accounts, also marketed by Absolute Accounting. IRIS, Sage, CCH and Digita are all working on their iXBRL versions which should emerge between now and Christmas. Developer David Forbes told us recently that it was much easier for him to write an XBRL-based product from scratch than it was for other suppliers to adapt their existing systems: “The more powerful an accounts production package is, the more difficult it is to put iXBRL into it retrospectively. Users of Sage and IRIS will been tinkering with formats, so not only to they have to support a new package, they also have to support the stuff people have done with the old one. ”

For details of other iXBRL-compatible accounts production (and CT) packages, also check HMRC's listing of recognised iXBRL-compatible integrated tax & accounts applications.

Unfortunately, I'm not sure that either Forbes or Digita Accounts Pro, the two iXBRL-compatible accounts production packages so far recognised by HMRC, are able to support the UK IFRS taxonomy - so good luck with your hunt!

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06th Aug 2010 16:35

Sage software will enable you to produce IFRS final accounts

Our Sage accounts production solutions will allow the production of IFRS accounts, and will be available before the end of this year (before the 1 April 2011 mandatory switchover). Combined with our corporation tax software, which already allows the production and submission of iXBRL corporation tax computations, we have a full solution for the production and submission of final accounts in UK GAAP and IFRS, along with the CT600, all conforming to the iXBRL standard required by HMRC and Companies House. 

As already mentioned on this page, UK GAAP is due to be replaced by a 3-tier system of reporting. Subject to the ASB’s timetable these tiers are defined as full International Financial Reporting Standards (IFRS), the Financial Reporting Standards for Smaller Entities (FRSSE) and a new standard called IFRS for Small and Medium-sized Entities (IFRS for SMEs). This new standard is expected by 2013 at the latest and businesses need to be prepared to work within the new frameworks. Over the past two years at Sage we have been reviewing our product roadmaps and designing our approach to ensure these changes can be delivered as smoothly as possible.  In July 2010 we launched v5.00 of our Sage Corporation Tax (powered by Abacus) software. Compatible with HMRC’s new online filing system, it is recognised by HMRC for the production and submission of iXBRL tax computations, and the attachment of iXBRL accounts.  The bigger changes required however, have been with our accounts production software. What started out as our response to legislative change – supporting the new iXBRL corporation tax online filing process – has developed into something much wider-reaching, with the move towards iXBRL and the potential to support IFRS for SMEs. As a result, the new modules in our existing accounts production software will enable users to prepare statutory accounts and file them via our corporation tax software with HMRC as iXBRL. The changes will also mean that the customisations and changes to accounts are simpler. In addition we can more effectively deliver new compliance and future standards as they are mandated. This means you’ll be able to produce fully compliant UK GAAP and IFRS final accounts using our software. Sage’s Interactive Financial Statements will be available in all of Sage’s accounts production packages. This has enabled Sage to incorporate 80% of customers’ ‘wish list’ items – something we are very proud of.  For more information on our iXBRL software – or if you wish to register for our Beta (pre-release) accounts production software – please visit www.XBRLwithsage.co.uk or call 0845 111 1111.   Steve Porter, Sage (UK) Limited, Accountants' Division, [email protected]      

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26th Aug 2011 07:53

Outsource

As mentioned, there are a number of AP software available in the market for IFRS.

You could also think about using a managed tagging service provider to tag your accounts. There are a number of MTS providers who are able to handle accounts prepared either in UK GAAP or the iFRS taxonomies.

You could try using our pay-as-you-go web based service. Visit www.datatracks.co.uk for more information or send us an email at [email protected]

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