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HMRC i xbrl presentation for chartered accountants ireland

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  • 22 October 2010 –Background Information re 2010-11 Q2 CT Online Filing Stats 19 iXBRL Accounts received in July-September 2010 89% of the 159,162 online CTRs received in the 3-month period were submitted using commercial software 87% of the 62,768 iXBRL CT comps received in the 3-month period were submitted using commercial software Slide correct at: Notes correct at:
  • Slide correct at: Notes correct at:
  • Slide correct at: Notes correct at:
  • 22 Oct 2010 - Amended Regulations and HMRC Commissioners’ Directions are imminent – November 2010, possibly late October.
  • 22 October 2010 – First bullet changed to make it clear that while ‘manual taggers’ using Conversion Tools will definitely have to understand tagging principles, agents (typically) using Final Accounts Production [FAP] software may also have to do some tagging. If FAP software users stick with the default fields (effectively the ‘templates’ provided by their software suppliers) then it’s a safe assumption that they’ll have been tagged at least in accordance with minimum tagging requirements . Commercial software uses various methods to highlight what has/hasn’t been tagged (colour-coding; borders; or highlight-shading, for example) so users will be able to see if any default fields haven’t been tagged (almost certainly because the fields don’t have corresponding tags in the Minimum Tagging Lists). Some users may choose to go beyond minimum tagging for their own purposes. If agents (or other users) include any entries in the so-called ‘free text’ fields (i.e. empty boxes!) that many software developers provide to enable personalisation/customisation (which would be wholly consistent with the advantages of iXBRL that we highlight on Slide No.11 re. preservation of branding, etc.) then they must at least consider whether any tagging is needed – clearly the software cannot predict what a user is going to include in an ‘empty box’. Typically, FAP software will include what amounts to a built-in ‘manual tagging’ tool to facilitate this. In effect there’s a trade-off between minimising (possibly even eliminating) the need for DIY tagging and preserving the ‘personal preferences’ that iXBRL allows. If agents (and their clients!) are prepared to accept greater ‘standardisation’ then they can reasonably expect FAP software to do (nearly) all the tagging for them but there are likely to be transitional costs in moving towards that position – it’s very rare for there to be absolute consistency of treatment for all clients in any accountancy practice.

HMRC i xbrl presentation for chartered accountants ireland HMRC i xbrl presentation for chartered accountants ireland Presentation Transcript