The concern over iXBRL continues to rage with considerable uncertainty about how individual companies, as opposed to groups of companies should approach the submission of accounts and tax returns next April. You will remember that from 1 April 2011 onwards, all companies and organisations will have to file their Company Tax Return online in iXBRL format for any accounting period ending after 31 March 2010. Additionally, organisations that have to prepare accounts under the Companies Act 2006, must file their accounts and computations in iXBRL. In an article on 27th June I wrote that “the CT600 side of the house is well established with a number of major vendors of Tax packages developing the required functionality…..but there appear to be worryingly few commercial solutions that have submitted solutions to HMRC, that handle the preparation of company accounts in iXBRL format.” Well the situation appears to be changing quite rapidly. Sapphire Systems, said it will exclusively provide iXBRL adaptors powered by Arkk Software Solutions, specifically for the Infor FMS SunSystems and SAP Business One solutions and this week a major European ERP vendor told me that they have a solution ready to announce. Watch this space and we will endeavour to keep you up to speed.
score communications