New product release uses IRIS iXBRL engine already used to file over 100,000 Corporation Tax returns since April 2010
IRIS customers fully iXBRL compliant five months ahead of HMRC mandation
Datchet, U.K. – 24th November 2010 — IRIS Accountancy Practice Solutions has today announced the immediate availability of iXBRL-ready statutory accounts production for its IRIS Practice Suite and PTP software solutions.
HMRC has mandated that all company accounts delivered on or after 1 April 2011, for accounting periods ending on or after 1 April 2010 use the new iXBRL-tagging standard.
HMRC is urging companies to talk to their commercial software provider or supplier to make sure that the product will meet their needs and allow them to deliver fully compliant accounts and returns.
IRIS Accountancy Practice Solutions becomes the first major accountancy software vendor, serving accountancy practices and corporate customers, to deliver iXBRL-readiness for both corporate tax computations and accounts production – enabling all its customers to be fully iXBRL compliant a full five months ahead of mandation.
Amid concerns that some software vendors’ will not be able to provide their customers with fully iXBRL-compliant software by April 2011, IRIS has removed any uncertainty for its existing customers. With over 14,000 customers, IRIS enables almost 50% of all UK Accountancy practices to achieve full iXBRL compliance immediately.
IRIS was the first major software vendor to release its Corporation Tax products with iXBRL support at the start of this tax year. Since then its customers have successfully filed over 100,000 CT returns with full iXBRL support, representing 55% of all online CT filings completed using IRIS. As such the IRIS iXBRL engine is mature, robust and well used by customers and is the same technology used in the new IRIS Accounts Production products.
Phill Robinson, managing director of IRIS APS, said: “The challenge facing any software vendor trying to comply with iXBRL is whether compliance ultimately limits the flexibility and features offered by their core application. We’ve invested more than any other vendor to guarantee that our software is iXBRL-ready while remaining as flexible as ever, as far ahead of the deadline as possible.”
The new releases of IRIS Practice Suite and PTP are designed to automate the tagging of all data needed to deliver statutory accounts without user intervention. But also provides a full “tag editing” capability for ultimate adaptability. IRIS has ensured that, despite significant changes in the software to automate the iXBRL-tagging process, IRIS Practice Suite and PTP retain their existing features, functionality and flexibility.
New releases of IRIS Practice Suite and PTP with full iXBRL functionality are available from today, for both existing and prospective customers. For further details, please call 01753 212200 or see www.iris.co.uk/ixbrl