IRIS Accountancy Practice Solutions has released its iXBRL-ready statutory accounts production software for its IRIS Practice Suite and PTP software solutions. 

Like the Securities and Exchange Commission in the U.S., the British government has mandated that all company accounts delivered on or after April 1, 2011, for accounting periods ending on or after April 1, 2010 use the new interactive Extensible Business Reporting Language data-tagging standard. Her Majesty’s Revenue & Customs has urged companies to talk to their commercial software provider or supplier to make sure that the product will meet their needs and allow them to deliver fully compliant accounts and returns.

IRIS Accountancy Practice Solutions said it is delivering iXBRL-readiness for both corporate tax computations and accounts production, enabling all its customers to be fully iXBRL compliant a full five months ahead of the official mandate.

Amid concerns that some software vendors will not be able to provide their customers with fully iXBRL-compliant software by April 2011, IRIS said it has removed any uncertainty for its existing 14,000 customers, and estimates it will enable almost 50 percent of all U.K. accountancy practices to achieve full iXBRL compliance immediately.

IRIS released its corporate tax products with iXBRL support at the start of this tax year. Since then its customers have successfully filed over 100,000 corporate tax returns with full iXBRL support, representing 55 percent of all online CT filings completed using IRIS.

The new releases of IRIS Practice Suite and PTP are designed to automate the tagging of all data needed to deliver statutory accounts without user intervention. The software also provides “tag editing” capability.  For more information, visit www.iris.co.uk/ixbrl.

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