Beat the iXBRL deadline: the IRIS view
Corporation Tax efiling will take star billing at October's IRIS World 2010 events as the developer previews its integrated iXBRL accounts/CT software.
“For some time now, people haven’t had a clue about iXBRL,” said IRIS Accountancy Practice Solutions senior product manager Simon Witkiss. “Now practitioners are asking where the software is. That’s a good thing, but until they can actually get their hands on it, they won’t see how it works, where the boundaries are and what they need to do next.”
As the product manager responsible for the iXBRL project at IRIS, Witkiss has compiled a detailed whitepaper on implementing the efiling technology within practices. As well as giving IRIS World attendees a look at the iXBRL solutions on offer, he will remind them of the things their firms should be doing to get ready for mandatory efiling next April.
“With such limited time available before the mandation date, firms will need to compare their progress against milestones that will show they are on track,” said Witkiss. “They should also understand the product roadmaps and deliverables of their software suppliers, to understand what level of support they will be providing and when, ensuring that they know what level of knowledge of iXBRL will need to be maintained within the firm.
“It is clearly important that there is plenty of time between installing software updates to cope with these new requirements and mandation dates, to ensure everyone is ready to cope with the changes. Firms may also need to consider an escape route for any accounts that their mainstream process cannot cope with.”
The day-long IRIS World events take place in London on 5 October, Heritage Motor Centre, Warwick (14th); Leeds (19th) and Glasgow on 20 October. The 9-page IRIS whitepaper iXBRL – Ten things you need to do now is also available as a free download from AccountingWEB.co.uk