Sage’s Accountants Divison this week informed customers that software updates to its accounts production programs will enable them to produce iXBRL-compliant limited company accounts under UK GAAP by the end of March.
In a letter to customers, Accountants Division managing director Jayne Archbold explained that after liaising with HMRC about its transitional arrangements for shorter "validation checks" during the early months of mandatory online filing, Sage Accounts Production (SAP), Sage Accounts Production Advanced (SAPA) and Sage Instant Accounts Production (SIAP) would be able to output compliant iXBRL files.
Following the recent call to delay the mandatory deadline, HMRC published a notice explaining that it would accept a much shortened set of minimum tags. Sage is working to implement the department’s somewhat larger minimum tagging taxonomy.
“The steer we got from HMRC is that what we’re doing is enough to get customers through the compliance piece,” Archbold told AccountingWEB.co.uk. “This is a short-term solution to make sure customers don’t have to change processes to ensure they can meet mandation.”
Since announcing that the company’s accounts production programs would not be fully compliant by April, Archbold said she and her team had been consulting extensively with customers. “The feedback we got was that if they could get compliant within their current product, they would much prefer it to a tagging solution. So we looked at what we could put in to meet the minimum requirements,” she said.
One of the rumours doing the rounds earlier this month was that Sage had orchestrated the appeal from six tax bodies to delay the iXBRL mandatory filing date of 1 April.
“That was not the case,” Archbold said. “We’ve been completely independent. We kept on very neutral ground so we could retain good relationships with HMRC and our customers.”