iXBRL: its future impact

Will the mandatory introduction of iXBRL in April 2011 ultimately leave UK companies better off from the opportunities created or are there longer term challenges being obscured by the rush to ensure immediate compliance? UK companies are focused on the immediate task of complying with HMRC’s mandatory electronic requirements and the short-term challenges that this brings. However, the longer term implications of iXBRL should not be ignored by tax, finance and IT functions. The adoption of iXBRL could provide real opportunities to transform tax compliance, reporting and accounts production.