05 May How to stay iXBRL compliant with new accounting standards.
London’s leading financial iXBRL compliance solutions provider is urging businesses to take advantage of its expertise in order to meet new government legislations set to go live in April 2016. With the old UK GAAP standards now abolished, businesses must meet new FRS 101 and FRS 102 standards, as outlined by HMRC. 1STOPXBRL is on-hand to help businesses make the switch, and stay iXBRL compliant against the Financial Reporting Council (FRC) standards in 2016, and beyond.
Staying iXBRL compliant
Over the past few years the world has started to transition localised accounting standards (such as UK GAAP) to a more harmonised international system. Based on the International Financial Reporting (IFRS) principles, the new set of FRS 101 and FRS 102 accounting standards exist to help the FRC augment consistency with the international model.
One of the major changes on the way is a significant increase in iXBRL tagging. While in the past classifying information was minimal, tagging of accounts detailed data is now far more comprehensive. “All business data items in a report must be tagged with an appropriate XBRL tag if a suitable tag exists in the relevant taxonomy,” states the FRC. With tags set to increase from 1500 up to 7000, 1STOPXBRL offers its clients ultra-productive taxonomies categorisation across iXBRL accounts.
“The new standards are set to make converting to iXBRL far more complex and detailed. More than just a ‘technical exercise,’ accurate iXBRL conversion will now require an increased depth of knowledge in accounting,” says Andrew Stewart, CEO & Founder of 1STOPXBRL.
For British businesses, the new standards represent big changes within accounting departments. All companies with annual turnover of more than £6.5 million are required to make the switch to the FRS system from April 2016. With the deadline looming, 1STOPXBRL is urging businesses to enlist its help in migrating to FRS iXBRL now.
1STOPXBRL Helps Businesses Prepare For Regulatory Change from UK GAAP to FRS 101 and 102 iXBRL
“Change is upon us, whether we like it or not. 1STOPXBRL is here to help make the transition as smooth and stress free as possible. Our tailor made iXBRL service can be scald to suit the individual needs of SMEs and blue chip firms alike,” remarks Andrew Stewart, CEO & Founder.
For over 25 years 1STOPXBRL’s CEO has been providing financial compliance solutions to clients across the globe. From international corporations to independent financial and legal firms, service is steeped in quality, professionalism and an in-depth understanding of financial matters.
For businesses experiencing major headaches, 1STOPXBRL is a proven solution. The group has been converting to FRS since Jan 2015, with a 100% record in quality and HMRC compliance. As well as big name clients such as BDO and Samsung, 1STOPXBRL helps businesses of all sizes across the UK transition to FRS compliant iXBRL.
To find out more about 1STOPXBRL and how the group is helping businesses get FRS ready, go to: www.1stopxbrl.com
+44 (0) 20 77577470
Located in the heart of London’s financial centre, 1STOPXBRL is a quality focussed firm that specialises in providing global financial compliance solutions. Clients are offered tailor made services, backed with ISO 9001 and ISO 14001 Certification, as well as HMRC Accreditation for Accounts & Tax Computation iXBRL services. The group boasts a wide portfolio of international clients, including both large and small companies.