Test your iXBRL readiness with CCH tool

Responding to confusion and fear within the profession over the new approach to Corporation Tax efiling that starts in April, CCH Software has created a simple iXBRL practice planning tool.

Based on a simple questionnaire that asks about the firm’s terms of engagement, current working methods and software tools, the CCH iXBRL Practice Planner compiles a short PDF report that highlights areas of concern and suggests how to tackle them.

For example, the decision tree asks whether the firm has a communication plan in place to advice clients of the shift to mandatory efiling with the new iXBRL format. If no, the planner advises, “A simple communication to your clients can be easily prepared and can set their minds at rest. It can also be used as an opportunity to target new business, bearing in mind your competition are likely to be doing the same. Following your initial communication, schedule in further follow ups to ensure your clients have been informed at a time appropriate to their needs.”

Some of the later questions focus more on what systems are used to produce final accounts and CT computations. Not surprisingly, many of the answers point towards the advantages of using software such as CCH’s ProSystem to handle both ends of the workflow (getting final accounts out in HMRC’s approved iXBRL format and filing them along with the CT computations online).

That said, anything that helps practitioner to on what they need to do before next April is welcome. As the CCH advice puts it, “April 2011 is not, in fact, the end of the project – it’s actually just a transition to a more client-facing phase as you start to file returns in the new format.”

More iXBRL resources
For a hands-on look at some of the available iXBRL-compatible applications, including those that integrate CT600 and accounts production, pay a visit to HMRC's iXBRL exhibition at Hampden Park, Glasgow on 15 September. Also see:
iXBRL coverage and Expert Guides on AccountingWEB.co.uk
HMRC CT Online filing pages, featuring software demonstrator and recognised products.
CCH iXBRL website
Digita iXBRL website & whitepaper
IRIS iXBRL whitepaper
Keytime iXBRL guide - Everything the practitioner needs to know
Sage iXBRL website & and AccountingWEB article Preparing for iXBRL