22 July 2010
Accountants in practice are worried by the cost implications of making their firms iXBRL ready by the April 2011 deadline according to a recent survey conducted by Digita, part of the Thomson Reuters Tax & Accounting business.
The survey was conducted at an HMRC event held at Stamford Bridge, London, which attracted over 500 attendees who were keen to learn more about iXBRL. Of those who took part , 88% had cost concerns with 13% stating that they are 'very' concerned, 69% described themselves as 'concerned' and 6% were 'partially' concerned. Half of those surveyed estimated that the cost of preparing for iXBRL will exceed £10,000.
Jerry Rihll, managing director, Digita said: "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 are 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: www.lexisurl.com/ixbrlsurvey.
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