13 July 2010
Survey highlights fears iXBRL preparations could cost in excess of £10,000
Accountants in practice are worried by the cost implications of making their firms iXBRL-ready by the April 2011 deadline – with some estimating the cost of preparations in excess of £10,000 – according to a new survey by software provider Digita, part of the Thomson Reuters Tax & Accounting business. The survey revealed significant numbers.
The survey was conducted at the recent HMRC event held at Stamford Bridge, London, which attracted around 500 attendees. Of those who took part, 88 per cent had cost concerns, with 13 per cent stating that they are ‘very’ concerned, 69 per cent described themselves as ‘concerned’ and six per cent were ‘partially’ concerned.
Jerry Rihll, managing director, Digita, is nonetheless supportive of the HMRC strategy to tag data. He commented: “Tagging data will provide a phenomenal ability to analyse businesses. Obviously that will help HMRC to ensure compliance, but it will also help the Government understand how its decisions affect individual businesses. HMRC is at the leading the way with this regime and other governments are watching with interest. If they feel it’s been a success here, they will follow very quickly.”
The full results from the survey can be downloaded at: http://www.digita.com/pro/events/ixbrlsurvey/results.aspx
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