Will the mandatory introduction of iXBRL leave UK companies better off from the opportunities created? Demian de Souza considers the challenges and opportunities being obscured by the rush to ensure immediate compliance
It has been hard to miss the promotion of HMRC’s new electronic filing format iXBRL as a potentially efficient filing mechanism carrying with it promises of future transformation for both the regulator and filers. But will its mandatory introduction in April 2011 ultimately leave UK companies better off from the opportunities created or are there longer term challenges being obscured by the rush to ensure immediate compliance?
Failure to recognise and address the less obvious challenges up front is likely to cause unnecessary disruption and cost later. At the same time understanding the opportunities that iXBRL could bring to current processes and technologies gives tax finance and IT functions the chance to build real...
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Will the mandatory introduction of iXBRL leave UK companies better off from the opportunities created? Demian de Souza considers the challenges and opportunities being obscured by the rush to ensure immediate compliance
It has been hard to miss the promotion of HMRC’s new electronic filing format iXBRL as a potentially efficient filing mechanism carrying with it promises of future transformation for both the regulator and filers. But will its mandatory introduction in April 2011 ultimately leave UK companies better off from the opportunities created or are there longer term challenges being obscured by the rush to ensure immediate compliance?
Failure to recognise and address the less obvious challenges up front is likely to cause unnecessary disruption and cost later. At the same time understanding the opportunities that iXBRL could bring to current processes and technologies gives tax finance and IT functions the chance to build real...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
