6th December 2009
The move towards on-line filing is gathering pace on both sides of the Atlantic as regulators take advantage of a more automated and streamlined processes to improve their productivity and effectiveness. XBRL, the digital reporting language, is central to the delivery of this information in a codified and structured way but it is far from clear that there are enough user oriented tools on the market to meet the demand. Large tax software vendors are developing capability to render Corporation Tax Returns (CT 600s) in the XBRL language but there is little evidence that this is being matched by accounting software vendors. This may mean that companies struggle to deliver annual accounts in the required format in time for the 2011 deadline in the UK. Over the coming weeks we shall be watching this space carefully, looking at new tools available in the UK and elsewhere to help companies master the demands of digital reporting.
