Filed in the First Five Minutes
(Thomson Reuters ONE) -
Thomson Reuters files within five minutes of iXBRL mandate using ONESOURCE
Solutions
LONDON April 1, 2011 -- Thomson Reuters filed a corporation tax return in
electronic Inline eXtensible Business Reporting Language (iXBRL) format within
the first few minutes of the mandate set by HMRC. As of 1 April 2011, all UK
companies are mandated by HMRC to file their corporate tax return, including the
computation and statutory accounts, electronically or risk incurring penalties.
The new online filing regime is the biggest tax-led change since Self Assessment
and will affect nearly 1.5 million businesses in the UK. This new regime will
have a fundamental affect on those that work within both tax and finance
departments with all eyes focusing on how these departments cope with the
change.
Mai Trinh, head of UK Tax Compliance, Thomson Reuters said: "Since the
introduction of mandatory online filing, we have been working with our Tax &
Accounting business to help understand how this would impact our corporate tax
and statutory accounts processes.
"We had been using ONESOURCE Corporate Tax for some time and knew filing the
computation and return electronically under HMRC's new regime wouldn't be too
complicated, with the tagging technology built into the software. The real
process change for us would be implementing iXBRL technology for the statutory
accounts process."
The common statutory accounts production process for many in-house finance
departments at larger UK companies is split into a three tiered approach.
1. Initially identify data from one or more reporting systems or ledgers and
transfer into Excel
2. Aggregate and perform adjustments - potentially including audit adjustments,
statutory reclassifications and movements between international and local
GAAPs
3. Production of the Profit & Loss and Balance Sheet alongside the signed
director's report
Helen Campbell, Compliance manager, Thomson Reuters said: "In the past we had
been preparing our statutory accounts in Word and Excel, obviously with the
introduction of iXBRL we needed to consider the options available to us and how
these would impact our compliance process."
There are three core components in compiling a corporation tax submission - the
CT600, the computation and the statutory accounts. Some tax software tools are
capable of preparing the CT600 and the computation in the required format.
However, the main issue that has been facing the corporate market place is how
the statutory accounts should be prepared in the required iXBRL format. There
are three main options available;
1. Purchase a "tagging" tool which will enable companies to mark up each set of
accounts (either through automated routines or manually)
2. Outsource the tagging to a third party provider
3. Move to a full accounts production solution with the iXBRL tagging
automated
"The requirements of iXBRL are complex and UK businesses need to rely upon
iXBRL tools and software recognised by HMRC to ensure they file correctly and
avoid incurring penalties," said Mike Roberts, head of the Corporate Market for
the Tax & Accounting business of Thomson Reuters. "It is important that
businesses look at how their finance department currently functions, and how it
may evolve.
"During the next three to five years, we expect the majority of these businesses
will move processes to an Accounts Production solution."
Helen Campbell continued: "Factors such as the planned mandatory electronic
filing of accounts for Companies House from April 2013 and implementation of
IFRS heavily influenced our decision to move to a full accounts production
solution. Using ONESOURCE Accounts Production and ONESOURCE Corporate Tax we
have been able to look at the entire filing process and be confident in the
filing we made to HMRC in the first few minutes of April 1, 2011."
"It is a hugely exciting time to be working in the world of tax and accounting.
Practitioners can benefit today from technological innovations that simplify
compliance, cut costs and in turn, strengthen foundations for future growth,"
concluded Mike Roberts.
-Ends-
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for
businesses and professionals. We combine industry expertise with innovative
technology to deliver critical information to leading decision makers in the
financial, legal, tax and accounting, healthcare and science and media markets,
powered by the world's most trusted news organization. With headquarters in New
York and major operations in London and Eagan, Minnesota, Thomson Reuters
employs more than 50,000 people and operates in over 100 countries. For more
information, go to www.thomsonreuters.com.
CONTACT
Tina Allen Joe Christinat
EMEA PR MANAGER Global PR Director
tina.allen(at)thomsonreuters.com Joe.christinat(at)thomsonreuters.com
Thomson Reuters Files in the First Five Minutes:
http://hugin.info/143316/R/1502669/437673.pdf
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originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
[HUG#1502669]
Unternehmensinformation / Kurzprofil:
Datum: 01.04.2011 - 13:31 Uhr
Sprache: Deutsch
News-ID 53077
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contact information:
Kategorie:
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