In the UK, iXBRL forms a core part of the government’s online filing strategy which, following the Carter Review in 2006, was given the goal of achieving universal electronic delivery of business tax returns by 2012. iXBRL will become an integrated part of the Twinfield online accounting solution, scheduled for release in time for the iXBRL roadshows being run by the Institute of Chartered Accountants in England and Wales (ICAEW) this Autumn. Both accountancy firms and businesses using Twinfield will gain automatic access to the new iXBRL online module. Accountants and businesses will then be able to send financial reports directly from the Twinfield Accountant’s Portal to HMRC, Companies House and other bodies that support iXBRL in the future. The new iXBRL module will be made available by Twinfield to its users entirely free of charge.
For some time now the financial sector has been preparing for the mandation of iXBRL reporting by HMRC and Companies House, which will simplify and standardise the exchange of financial reports. Because accountants and businesses are now faced with the widespread roll-out of this program, Twinfield has launched its strategy to support the use of these standards. Mark Davies, UK Country Manager of Twinfield, says, “For all parties involved, including HMRC and Companies House, it is of vital importance that accountants and businesses are able to send financial reports using iXBRL. This will accelerate widespread acceptance of this new standard and improve market efficiency.”
The new Twinfield module consists of an online Accountant’s Portal which can be used by accountants and their clients to compile reports. Businesses that already compile accounts in Twinfield will now be able to trace information down to book entry level via the Accountant’s Portal. Once a report has been compiled and approved, it can be sent digitally to the relevant body or organisation.
Davies continues, “We have a variety of international clients who handle between a few dozen to a few thousand financial accounts. We therefore felt compelled to offer a solution that was both manageable and above all scalable. In collaboration with national and international accountancy firms, we have ensured that the operation of iXBRL tools can be simple but universal. We have even allowed for seamless integration with the existing work programs used by accountancy firms.”