UK accounting software company IRIS has urged
corporate finance teams to start preparing their year-end reports
now in order to avoid panic later on as iXBRL format has now been
in effect sine April.
IRIS said many have under-estimated the time
and effort required to transition to iXBRL.
IRIS chief executive Phill Robinson said with
the December year-end approaching, “we’re expecting to see a surge
in queries from corporate customers who are facing the challenge of
iXBRL tagging for the first time”.
“There are different routes that you can take
to ensure compliance but the bottom line is that all solutions
require time to implement. Corporate tax and accounting teams need
to work together to ensure that the best solution for them won’t
slip away, simply because they didn’t give themselves enough time,”
Robinson said.
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