Five points for iXBRL success

Phill Robinson, CEO of IRIS Accountancy Solutions, says now is a good time to put in place a five point plan for iXBRL success.

The arrival of iXBRL mandation in April 2011 represented one of the greatest compliance challenges seen in the accountancy profession since the introduction of online filing in 1997. While many firms managed to make a smooth transition to the new format, figures from HMRC showed that one in three businesses failed to successfully submit their corporation tax returns in April. Of the 66,513 returns that were submitted with iXBRL attachments during April, a staggering 22,000 needed to be re-submitted.

With April representing just the start of the iXBRL journey, now is a good time to reflect on this first wave of submissions and put in place a five point plan for iXBRL success.

Continued...

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Comments

IXBRL

harishkanabar | | Permalink

It really depends on the software that is chosen to submit the returns.

There are too many useless, cheap and cheerful software programs that do not work.

 

IXBRL - waist of time and money

tom2another | | Permalink

Over the years I had developed my own spread sheets for the preperation of clients accounts and tax computations - every alteration reflected through the accounts tax comp etc. Discuss with client - play what if- all easy peasy. Then print in pdf and submit.

Now at vast expense have purchased Ditgitas Accounts prep, Corp Tax and Practise management - as all three needed to deal with iXBRL. Did this as had been using their Per Tax for years, very happily.

What a pile of poo- clunky, un user friendly, bad design user interface - not intuitive, and slow! Have to now prepare accounts, enter into CT programme, get the CT - go back and enter into the accounts, every time you make an alteration and want to look at the accounts etc takes forever.(quicker using paper and pencil!) 

Have had to go back to using old spread sheet version just so that I can have meaningful discusions with clients, and then shove it into digitas stuff.

Even when Digita says its all ok to go,the translation to iXBRL picks up rounding errors and rejects it, or the Revenue web site does- often as a result of a misplaced coma!

Its adding as much as a day per client - who aren't going to pay me for it - and where am I meant to find that time? Wife thinks I'm having an affair!!.

Rant Over

Tom

Arkk Solutions Plugin

AlisonBattisby | | Permalink

Hi Tom,

Sorry to hear about your issues with Digitas Accounts.

Have you heard of Arkk Solutions? They offer an MS Office solution to iXBRL tagging. They are selling a plugin that you can use within Microsoft Word or Excel - very easy to use. 

http://arkksolutions.com/index.php/component/content/article/59

 

Cheers!