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Replacement of UK GAAP 'could clash with iXBRL'
HM Revenue & Customs (HMRC) has called a delay in the replacement of UK GAAP, the accounting system for non-listed companies, which may interest those involved in corporation tax planning.
The tax authority wants to avoid a clash with the introduction of electronic, tagged tax language iXBRL, creating a potentially untenable amount of work for accountants, Accountancy Age reports.
UK GAAP will end for the financial year beginning after January 1st 2012, which could mean that a number of UK firms need to plan for the change in 2011, at the same time as they are learning to file under iXBRL.
"We suggest that it would be helpful to companies if the change date was, say, a year later so that preparations for the first mandatory iXBRL filing and the change to the future UK GAAP did not coincide," the website reports Matt Blake, commissioners' advisory accountant with HMRC, as saying.
It follows news that a record number of people have filed their self-assessment tax returns online this year, according to HMRC figures.
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