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May 25, 2010

ICAS calls for voluntary adoption of iXBRL

The mandatory implementation of iXBRL online filing has raised concerns amidst accountants as they fear the effects the demands of the new system will yield upon their organisations.

A survey conducted by the Institute of Chartered Accountants of Scotland (ICAS) reported that 50% of 191 respondents expressed reservations about software availability or issues in identifying suitable software.

ICAS has raised the concerns with HM Revenue and Customs (HMRC), who although aware of the issue still foresee the software becoming available on the market to the schedule they envisaged.

ICAS remains concerned that iXBRL-based CT online filing is being introduced at an inappropriate time since many businesses are still struggling in the middle of a recession.

ICAS assistant director of tax Donald Drysdale commented. “It would be unacceptable for companies and agents to be forced into expensive upgrade programmes from versions such as Office 2003 simply to comply with the new CT online filing regime.”

The institute is suggesting that the appropriation of iXBRL format should proceed on a voluntary basis for the moment while iXBRL-based CT should be voluntary for small companies with an annual turnover below the £70,000 VAT registration threshold.

 

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