Iris iXBRL course

I went to the seminar in Newport and felt the same as you about the second half - except that I wasn't previously aware of the Iris online accounting offer so this information WAS useful to me.  It prompted me to post a question to the 'Cloud Accounting' discussion group http://www.accountingweb.co.uk/group/cloud-computing-accountants-discuss... which received a fantastic response.

On the topic of the related parties note I feel that the presentation did not use a credible disclosure, it didn't include the names of the controlling party and simply stated that loans had been made without detailing any opening or closing balances.  This note has become more onerous under CA2006, so there will be practical problems which I guess we will all find out about in the next few weeks. 

What surprised me was that the detailed P&L is not part of the submission and I wonder how HMRC will feel about not getting these.  HMRC will be issuing guidance soon and an advance copy is available to ICAEW members at http://www.ion.icaew.com/TaxFaculty/documents/?FsId=e1ecc36b-dbc9-4f7c-b... its the Word document titled "More iXBRL QS&As".  In it they mention

Should a detailed profit and loss account be included with the accounts or computations iXBRL file?

The statutory accounts a company must produce for its members do not include what is often referred to as a ‘detailed profit and loss account’. However, some companies choose to include this as part of the accounts they submit with their Company Tax Return. Others choose to include a detailed profit and loss account as part of their computations. Data within the detailed profit and loss account must be XBRL tagged if a corresponding tag is included within the minimum tagging list for the appropriate taxonomy.

So we are back to the issue of 'is it essential to submit a detailed P&L' on which there are mixed views within the AWeb community

The detailed profit and loss account is not on the minimum tagging list so doesn't need to be tagged.

If you use IRIS it will be included as part of the human readable accounts that are submitted.

Clearly HMRC thought asking accountants to tag up the detailed P&L would be step to far, but it will become mandatory in two years time

Hi - I have attended Iris stuff in house & via webinar over recent months but not this one (was it for Iris Biz Tax or the OpenIXBRL?)

I've submitted 3 sets of tagged accounts now via Iris and the Related Party tagging is actually quite straight forward once you've done it a couple of times.

With regard to the detailed P&L this was covered on Any Answers last month I think.  We quizzed Iris on this when HMRC released their guidance as it appeared that, if you submittted a detailed P&L they would want it tagged.  Iris cleared this with them and they confirmed that their guidance was designed for full tagging not the MTL and so it is not yet necessary to tag it.

As far as client awareness and charging is concerned, clients are only aware of most tax stuff if you tell them (ixbrl is hadly front page Daily XXX news) and so we did a small review on what was coming a few weeeks back and are making a one off charge to all Ltd Companies this year.  So far no one has kicked up a fuss over it.

Hi

I went on the Southampton Iris iXBRL event and found it very helpful. I have been merrily bumbling along on this, thinking "Iris have got it all in hand, it'll be fine" without really understanding what my part in the whole process would be. This session demystified that for me and while there will be a little more work initially while we all get used to tagging, I don't think it's going to be too horrendous going forward.

I was very impressed with the Iris presentation - the room was literally standing room only! A few people left at the break, but I also found the overview of the cloud products helpful. I am not specifically interested in all of them, but am looking into OpenHosting at the moment, so was happy to be able to talk to someone about that.

I think we have to accept that companies will take the opportunity to sell other products/services when they've got a room full of customers in front of them - shouldn't we all be looking for cross-selling opportunities? I was actually rather impressed by the way it was handled, I didn't feel like it went on for too long, just a brief overview with information on how to get more information if required. I thought it was done very professionally and didn't feel like a hard sell - I've seen FAR worse!!!

Well done Iris, for putting my mind at rest, and making me aware of the other solutions you have on offer.