April 2010 - Accounts production RIP? By Simon Hurst

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Filing accounts online, in an electronic format, could mean that there is no need for individual accounts production packages to provide any sort of accounts formatting facility for the majority of limited company accounts.

Instead the accounts will be produced as an electronic file which could be formatted according to one globally available 'style sheet', probably residing on the Companies House website. Of course this won't really lead to the total demise of accounts production as we know it, there will also be the need to produce types of accounts that are not covered by the Companies House filing requirements such as unincorporated businesses and larger companies.

There will still be the need to produce management accounts and some clients will want to see their figures in some other f...

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08th Feb 2007 09:52

Still Need Accounts
Simon,

You seem to be suggesting that there will somehow be a way for data that constitutes a company's annual accounts to magically go from a ledger into a machine readable format that no human hand will touch or human eye will look at. Accounting standards will not have gone away so how will we accounts producers consider and clients approve the disclosures that are required if a normal formatted set of accounts is not produced, even if the government agancies only have XDRL data.

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By hmyers
09th Feb 2007 15:56

easy XBRL Accounts filing at Companies House NOW
I don't know how the accounts production software firms are getting on with the changes to support online filing, but we - a small practice - have developed our own stand alone desktop filer for easy filing of abbreviated accounts at Companies House and have submitted numerous sets of accounts without problem. The system has now been approved by Companies House. Once a company is set up with the previous year's (paper-filed) accounts data, it takes about 2 or 3 minutes to enter the current year's balance sheet totals/notes, do an automatic pre-validation of the XBRL file, and submit to CH. Responses (acceptance or rejection) from Companies House are also easily handled. We have put a front-end on it so it can be used by anyone (no need to grasp XML or XBRL, templates or anything technical). If anybody wants to try it out they should go to http:[email protected]/index.htm

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