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.