The Cloud and iXBRL - a marriage made in heaven?

 I have just attended the ICAEW XBRL roadshow at Moorgate Place (I seem to be spending a lot of time there lately). The roadshow was attended by 150 delegates from both profession and industry and was an enlightening overview of what must be the biggest change in accounting procedures for some considerable time. It will become compulsory in just six months time and I suspect that very few are yet prepared for this. Most of the leading software providers are busily getting their XBRL offerings ready and promise to have them available but it will be a close run thing.

The roadshow consisted of presentations by HMRC with their own - admittedly limited - solution. There were further presentations by Twinfield demonstrating their future plans and Corefiling regarding their iXBRL solution.

Of the 150 delegates attending, around 50% (yes - 50%!) still prepare their statutory accounts in Word or Excel. Amazing.

Corefiling's solution enables Word or Excel documents to be converted in to iXBRL format...and this where it gets interesting. Corefilings solution is an SaaS application. Word documents are uploaded to Core's servers - converted and downloaded in iXBRL format.

You can see where I am going with this. Those who are still working with 20th Century tools (19th perhaps) are going to be forced to use Cloud technology in order to be compliant. Will this be the catalyst that is needed to make the Cloud mainstream.

It will be interesting.

[Ed's note: Further coverage on the new Corporation Tax efiling requiremens are available on AccountingWEB.co.uk's iXBRL page.]

Comments
GaryMc's picture

Bit of leap

GaryMc | | Permalink

It is a bit of a leap to say ' going to be forced to use Cloud technology in order to be compliant'.  There are plenty of non cloud conversion tools.  Seahorse is not the only offering in the market.

carnmores's picture

Precisely

carnmores | | Permalink

tax calc have an excel driven solution

daveforbes's picture

Cloud to the rescue ?

daveforbes | | Permalink

.... and our desktop accounts production software will pull down data via web APIs from Xero, Kashflow and Arithmo and generate a set of iXBRL accounts from it.  

David Forbes

Forbes Computer Systems Ltd.

PUREaccountants's picture

Integration......

PUREaccountants | | Permalink

Dave your website also says that you can integrate with Back end databases and websites! Granted not cloud but surely a possible step towards?

Think I will order a demo in the new year before my Digita contract is due for renewal!

daveforbes's picture

Cloud friendly rather than cloud

daveforbes | | Permalink

I would describe our applications "cloud friendly" rather than cloud currently. Although we are dabbling with cloud e.g. www.securefiler.co.uk (needs an HTML5 browser preferably safari), it will be at least a year or more before all applications and all functionality is available. Happy to have you pushing us in that direction. The cloud versions will all be able to import and export from the deskop versions.

PUREaccountants's picture

Cloud friendly

PUREaccountants | | Permalink

Dave that's the best news I've had all year - well work wise at least.

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