“We have been informed by our auditors (KPMG) that, for the financial year ending 2010, we will need to produce our accounts in XBRL format. However, our auditors were not able to provide any further information in relation to this and we can not seem to find any other source of information in respect of this. Has anyone else made any progress in respect of this matter and would they be willing to share this information?”
We have received a couple of brochures on the subject from EY and so I have sent copies to David in order that he can make them available.
It will become compulsory for all accounts submitted in support of tax comps after (I think April 2011) to be in this new format. Companies House may also introduce the requirement but it is not yet certain when this may be.
It sounds like a big project.
This requirement is driven by the HMRC and relates to the filing of corp. tax returns online togetherwith accounts and computations in XBRL format, effective from 1 April 2011, for any accounting period ending after 31 March 2010. The HMRC website has more information on this: http://www.hmrc.gov.uk/ct/ct-online/file-return/online.htm
The following an extract:
Prepare your software
“From 1 April 2011, for any accounting period ending after 31 March 2010, all Company Tax Returns must be filed online with accompanying accounts and computations in XBRL format. This format is a new standard designed specifically for business financial reporting – not just tax filing. You’ll be able to submit this data directly from your own software to HMRC’s systems. You’ll need to make sure your software will be able to file your returns using the XBRL format by April 2011.
While the change is some way away, it’s a good idea to consider whether your software will be able to handle the new data format, particularly if you are thinking of investing in new software in the near future”.
I do not think filing in XBRL fromat with Companies House is intended to be mandatory but I beluieve they are working towards offering this facility, so that by 2011, you should be able to file joint annual accounts and Company Tax Returns, making one submission to cover both, should one so wish.
This is news to me, if true, which seems unlikely. Is it not just tax computations that have to be prepared in this format from 2010/11??
We have had this matter raised via our tax department but I have not got an answer as to timescales and what is practical as yet for listed companies.
We have listed investment trusts and I have raised the matter with the Association of Investment Companies who have not looked into yet. I am going to raise the matter with them again.
I think I may have a little more info by the next Forum meeting.
P.S. there is a short article on the matter in this month’s Chartered Secretary
Our auditors have not mentioned this yet! I thought you could only file unaudited abbreviated and dormant accounts (DCA) using XBRL with Companies House at present. There was a joint statement issued on this topic by HMRC and Companies House in September 2009. I will send a copy to David Mensley. Presumably Companies House should have a contact and be able to tell you about the siftware necessary and more information on the likely implementation dates, but the note indicates this is 2010 or 2011.