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Accountants in practice are worried by the cost implications of making their firms iXBRL ready by the April 2011 deadline, according to Digita.
The company, which is part of the Thomson Reuters Tax & Accounting business, surveyed attendees at an HMRC event at Stamford Bridge, London, which attracted more than 500 people who wished to learn more about iXBRL.
More than four-fifths (88%) of respondents expressed apprehension about costs, with 13% saying they were ‘very’ concerned. Sixty-nine percent described themselves as ‘concerned’, and 6% were ‘partially’ concerned.
Half of accountants who were quizzed estimated that the cost of preparing for iXBRL will exceed £10,000.
Digita's managing director, Jerry Rihll, supports the Revenue's strategy to tag data, which he said will 'provide a phenomenal ability to analyse businesses'.
'Obviously, that will help HMRC to ensure compliance, but it will also help the Government understand how its decisions affect individual businesses,' said Mr Rihll.
'HMRC are leading the way with this regime and other governments are watching with interest. If they feel it’s been a success here, they will follow very quickly.’
