Implementation of iXBRL

As with all new regulatory requirements placed on companies, the main aim for you as director or financial controller of the company will be to implement these changes with the minimum cost and disruption to your company. There are a number of options available to your company in this regard and it is vital that you select the most appropriate for your company. Some of the questions you may ask yourself when deciding on what approach to take are:

Who currently produces your financial statements?

You do…
  1. If you produce them in house does your current accounting package allow you to prepare iXBRL accounts?
  2. Does your accounting software provider have the facility to update your package to allow iXBRL accounts to be prepared?
  3. What will the additional cost of this new software be, along with the time cost of tagging your accounts?
Your accounting/auditor prepares the accounts…
  1. Does their current accounting package allow them to prepare iXBRL accounts?
  2. If not will they be updating their software to allow for the production of iXBRL accounts?
  3. Have you discussed/engaged them to carry out this work and received a quote this additional service?

Is your company ready to implement iXBRL?

For further information on the iXBRL process please contact our audit service director Will Townsend by email or call us on 01 677 9000.

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