IRIS Customers choose to submit 64% of September CT600 Filings With IRIS Software Using iXBRL

Datchet, U.K. – 18 October, 2010 – IRIS Accountancy Practice Solutions (APS) has released its latest figures today showing significant growth in the adoption of iXBRL by practices using its IRIS Practice Suite, PTP and Drummohr software solutions. 

September figures show a 34% month-on-month increase of iXBRL-compliant filings using IRIS software.  IRIS saw almost two-thirds (64%) of CT600 returns submitted to HMRC using its software during September were transmitted with iXBRL documents attached.

These latest figures suggest accountancy practices using IRIS APS software have been quick to test and adopt the new iXBRL standard across their business well ahead of the HMRC deadline.  HMRC has mandated that filings delivered on or after 1 April 2011, for accounting periods ending on or after 1 April 2010, must use the new iXBRL-tagging standard.   

HMRC data reveals:
•   September submissions (20,989) by IRIS customers using iXBRL were over a third higher that the figures for August (15,720).
•   In September, 32,738 electronic returns were submitted to HMRC using IRIS Practice Suite, PTP or Drummohr, almost two thirds of which (20,989), were transmitted as iXBRL documents.   
•   Since April this year, 309,808 industry-wide electronic returns have been submitted to HMRC, almost half of which (152,214) have been sent using IRIS software.  Of the IRIS submissions more than half (54%) have been transmitted as iXBRL documents (82,164).

Phill Robinson, managing director at IRIS APS, said: “Our commitment to providing fully iXBRL-compliant software well ahead of HMRC’s deadline has played a key part in driving the iXBRL-readiness among our customers.”

However, when it comes to industry-wide iXBRL-readiness, Robinson points to the fact that HMRC is urging accountants to speak with their commercial software provider or supplier to make sure that the product will be fully iXBRL-compliant ahead of the imposing deadline. 

Robinson concludes: “iXBRL compliance is something accountants need to address as far ahead of the deadline as possible.  It’s essential they take a proactive stance with their software supplier to ensure the transition is smooth and transparent for themselves and their customers.”

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