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Large businesses will not face significant additions to their iXBRL tagging obligations next year, following overwhelming opposition to the possibility.
Since 1 April 2011, all UK companies have been obliged to tag their statutory accounts and corporation tax computations in iXBRL, to comply with HMRC’s ‘minimum tagging requirement’.
The Revenue had stated there would be no extension before 31 March 2013 of the list of specified information in accounts or computations that must have a tag. The department also asked for views on increasing the amount of tagging following the end of the transitional period.
All responses agreed there should be no major extension of the list of specified information from April 2013. The taxman accepted the view.
Some limited additions will be made to the list in autumn 2013; there will be a single requirement for detailed profit and loss account tags, whether appearing in the accounts or the tax computations, and an improvement to the structure of the computations tags will be introduced.
No large change will be instigated without full consultation.
Anita Monteith of the ICAEW Tax Faculty said, ‘It is good that a decision has been made on this, although many companies and software developers will have spent considerable sums going further than they needed to.
‘We hope there will be no major change until the financial reporting changes are implemented in a few years’ time.’
