More iXBRL tools come to market

Hi

Absolute Accounting Software have been iXBRL for some months now and from my experience working successfully. They offer a full suite, tax, accounts etc.

http://www.absolutetax.co.uk/home.html

Regards [End user]

Mark

Have you seen the price for SimplyiXBRL's "Basic" service?  That's to tag up a set of accounts with less than 20 pages.  £1,500.

The amount of attention in ACCOUNTINGweb in the last year to this topic amazes me .

y does anyone care who is outside the small circle of software writers? this is irrelevant in the mainstream world.

HMRCy might just as well decide all accounts have to be filed in Cyrillic Script - i just wait for my software provider to hand over the tool to do it.

Has there really been too much coverage?  This is a significant issue for the thousands who have ben preparing final accounts in Excel/Word.  Even those who use accounts production software face a learning curve as they will be responsible for ensuring that their accounts are tagged correctly.

The amount of anecdotal conversations, backed up by surveys taken by the ICAEW and some software vendors, shows that the majority of firms have yet to decide how to deal with it, let alone implement a solution.

The importance of XBRL is not just because of the need to meet HMRC's deadline.  In our (Twinfield) opinion the real opportunity presented by XBRL is for practices to reduce their internal costs and improve and type of services they offer to clients.  This is just the beginning.  In Europe, XBRL taxonomies are used by banks as an important part of the capital lending process for SMEs.  There will be many uses for XBRL in the future and accountants need solutions that can work with multiple taxonomimies to help them play a key role in advising their clients.

I rather agree with abelljms.  Most of us don't need to know what HTML stands for to view web pages and most of us don't need to know what iXBRL and XBRL stand for - just that our software is up to the job.

I think iXBRL is something we cannot avoid, be it for companies or accounting firms at large. Although most companies will use their accountants to convert their accounts to the iXBRL format, a fair number would want to file directly either tagging accounts themselves or using an iXBRL managed tagging service provider. (I picked up a HMRC note that revealed that 64% of companies will use accountants to file their corporate tax returns and 36% will file directly).

Think John has missed a mention about DataTracks. We have been providing iXBRL managed tagging services for a while now. We offer a simple as easy to use pay-as-you-go online service. Do visit our website (www.datatracks.co.uk) for more information.