Sage: packages will be ready for iXBRL

Sage has revealed that, contrary to earlier reports, its account-production packages will be iXBRL-ready by 1 April, when use of the tagging format will become mandatory for filing corporation tax returns.

The surprise announcement comes just weeks after the software giant was forced to admit its anticipated tools would not be available in time for the HMRC-imposed deadline.

The MD of the company’s accounts division, Jayne Archbold, emailed customers this week, claiming Sage had ‘worked closely’ with the Revenue following the department’s recently-issued advice on the minimum tagging requirements of iXBRL.

‘We can confirm that the new… accounts production range that we will release on 31 March will enable you to create a compliant set of final accounts,’ she wrote. ‘In response to your requests, and in line with your feedback, you will use the software in exactly the same way as you always have done.’

While the faster turnaround will come as good news to many UK GAAP single limited companies, some may be dismayed to learn that the release of Sage’s solution for adding XBRL tags to statutory accounts produced in Microsoft Word format is to be delayed until next month, after being expected in February.

Updates for the Sage accounts production range will be issued ‘later in the year’, according to Ms Archbold.

Categories: News , iXBRL , Sage , Companies