Over 50% of Electronic Returns Already Filed Using IRIS iXBRL-Enabled Software

Datchet, U.K. – 14 September, 2010 – IRIS Accountancy Practice Solutions (APS) released figures today showing strong adoption of iXBRL amongst its accountancy practice customers.  Amid concerns within the industry that many accountancy practices and their technology providers, will not be iXBRL compliant by the cut-off date of April 2011, IRIS revealed that over 50% of the CT600 returns submitted using IRIS software during this financial year have been filed with iXBRL attachments.  These latest figures suggest that accountancy practices using IRIS are recognising the potential impact of iXBRL and working with IRIS to make sure that they are prepared ahead of the new regime coming in to force.

Since the start of this financial year, 243,105 industry-wide electronic returns have been submitted to HMRC, almost half of which (119,566) have been sent using IRIS solutions, either IRIS Practice Suite, PTP or Drummohr.  Of those submissions 51% (61,175) were transmitted as iXBRL documents, indicating that IRIS customers have already embraced the new standard.  IRIS introduced support for iXBRL in its IRIS, PTP and Drummohr Tax products in April 2010, almost a full year ahead of the mandated deadline.

Phill Robinson, managing director at IRIS APS, said: “Our investment in ensuring a seamless transition to iXBRL for corporation tax computations explains the remarkable adoption rate amongst our customers.  IRIS remains committed to providing fully compliant software to its customers to ensure they can comply well ahead of the Government’s deadlines.”

Today, half of the UK’s 28,000 accountancy practices currently rely on software from IRIS Accountancy Solutions, including IRIS Practice Suite, PTP and Drummohr.  With so many firms depending on IRIS products to be iXBRL-ready, the company has been working closely with HMRC and the accountancy practice industry to ensure full and early compliance for all its customers.  The first stage of iXBRL mandation was addressed in April 2010, with the delivery of iXBRL-compliant corporation tax computations.  The second stage of the IRIS iXBRL transition is due to complete in the next few weeks, with the introduction of IRIS & PTP iXBRL compliant accounts products.

The official launch of iXBRL for IRIS Accounts Production will be taking place next month.  Further details will be announced soon.