DataTracks UK (www.datatracks.co.uk) conducted a survey recently to identify the challenges faced by companies and accounting firms in complying with the recent mandate by HMRC to file financial statements accompanying corporation tax returns in iXBRL format.
The survey was conducted by DataTracks through Accounting Web (the largest independent online community for accounting and finance professionals in the UK).
Richard Mann of the accounting firm Stone Osmond won the award of an iPad2.
The results of the survey showed that 97% of the accounting firms already had a solution in place to comply with the HMRC mandate; so did 75% of the Companies.
The key concerns evaluated in the survey related to accuracy in provision of information to regulators, cost of compliance and ability to ensure resources deployed are trained and fit for purpose.
Will Mathieson, Director, DataTracks, on observing the results of the survey said, “An accountant cannot rely on software alone to make the right set of judgments in relating financial data disclosed with standard labels in accounting taxonomies (dictionaries). Often, these accounting judgments are not based on strings of text in the financial data disclosed and are based on an insight into the content and context of the financial data disclosed. This is why managed tagging services is a better solution than automated generation of iXBRL statements through accounts preparation software.”
The results of the survey were comforting to DataTracks UK a pioneer in providing managed tagging services to companies and accounting firms in the UK in conversion of financial statements and tax computation statements into iXBRL format.. DataTracks UK provides this service through its self service portal www.datatracks.co.uk where users can set up accounts, set up entities, upload financial statements in any format and download the iXBRL statements for filing with HMRC (after the user is notified that the output is ready). DataTracks UK provides any number of revisions for no extra price (after review of the iXBRL statements by the Company and its advisors). DataTracks UK is recognized as a vendor for provision of fully managed tagging services by HMRC.
DataTracks UK is a subsidiary of TaurusQuest, leaders worldwide in preparation of financial statements in XBRL/iXBRL format for filing with regulators.