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Thomson Reuters Expert to Address ICAS Members on iXBRL

04 November 2010

The Tax & Accounting business of Thomson Reuters today announced its business development manager and iXBRL specialist, Graham Tilbury CTA, will address members of the Institute of Chartered Accountants of Scotland (ICAS) on iXBRL preparation.

Speaking at the Practitioner Service Conference, organised by the Institute of Chartered Accountants of Scotland, Graham will define the challenges accountants and businesses face with this impending compliance deadline. The conference will take place on Wednesday 18 November 2010 at the Hilton Edinburgh Grosvenor, Edinburgh.

Graham is an iXBRL specialist with 15 years experience of the industry, 10 years of working with eGovernment and is the author of several white papers on the subject. In his presentation entitled, ‘Getting down to the business of iXBRL’, Graham will define the likely impact of the new regime and will set out ways of addressing the compliance challenge in the few short months before the deadline of the Thursday 31 March 2011.

Paper filing of all corporation tax returns will be unacceptable from that date and accountants will be required to produce and file their clients’ corporation tax and related payments electronically using the eXtensible Business Reporting Language, known as iXBRL. Items used in accounts or computations must be iXBRL tagged if they appear on the minimum tagging list.

Graham commented:

"In my presentation, I will be addressing one of the great misconceptions held by practitioners. Many believe that because they have specialist software in place, they won’t need to prepare for the new regime and this is just not the case. There will most certainly be ‘exceptions’ where manual tagging is required and early estimates indicate that in a typical firm this number could be as high as 25 per cent so accountants need to take action now."

Digita, part of the Tax & Accounting business of Thomson Reuters, has invested heavily in developing a complete range of innovative solutions to meet the demands of iXBRL compliance in the UK. The Digita iXBRL Conversion Tool, Digita Accounts Production, Digita Financial Statements and Digita Corporation Tax have all gained HMRC recognition and are listed on HMRC’s website: http://www.hmrc.gov.uk

At the conference Tricia Gallacher, chair and director of Members Services, ICAS, will set out how firms can improve their practises and provide valuable updates on tax and accounting matters that include HMRC powers, the new UK Bribery Act 2010 and Capital Allowances.

For more information on Digita, the Tax & Accounting business of Thomson Reuters and the ICAS conference visit: http://www.digita.com/pro/


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