22 November 2010
Partnership between Accountancy Software Market Leader and
Inventor of iXBRL Will Help Practices and Corporates of all Sizes
Meet HMRC iXBRL Filing Deadline
Datchet, U.K. – 22nd November, 2010 -- IRIS
Accountancy Practice Solutions has today announced an exclusive
partnership with CoreFiling, the XBRL vendor and inventor of the
iXBRL standard.
Under the terms of the agreement, IRIS APS will have exclusive
rights to market, sell and support an IRIS-branded version of
Seahorse, CoreFiling’s online solution for the iXBRL tagging of
Microsoft Word documents. The IRIS-branded solution will be
made available to UK accountants in practice and to the UK
corporate marketplace. IRIS and CoreFiling will also jointly
collaborate on other iXBRL related product initiatives.
The announcement underpins a significant additional capability
for IRIS Accountancy Practice Solutions customers, using IRIS
Practice Suite, PTP and Drummohr, who need to comply with the HMRC
Corporation Tax e-filing and Accounts submission mandate in April
2011 using the new iXBRL file format.
Phill Robinson, Managing Director of IRIS APS said: “We have
encountered a growing number of corporates and accountancy firms
that still rely heavily Microsoft Word to prepare final accounts.
However, Word does not support iXBRL. As a result, these
organisations have told us they need a solution that lets them
quickly, easily and accurately add iXBRL tags to their documents,
so they can meet HMRC’s iXBRL e-filing standards. IRIS and
CoreFiling have teamed up to deliver an internet-based solution
that lets them do exactly that, in the most efficient way
possible.”
IRIS Accountancy Practice Solutions was the first major software
vendor to deliver iXBRL capabletax e-filing capabilities in its
IRIS, PTP & Drummohr products. Since the start of the tax year
over 100,000 iXBRL-compliant CT600 returns have been submitted
using IRIS application software. The same iXBRL-engine is now part
of IRIS Accounts Production Suite and PTP Accounts iXBRL edition.
As such IRIS already provides the most complete set of iXBRL-ready
products in the marketplace a full five months ahead of HMRC
mandate.
Marketed as part of the IRIS OpenApps product family of leading
edge internet-based solutions, the new Word tagging application
will provide a complementary extension to the market-leading iXBRL
capabilities in the IRIS Practice Suite, PTP and Drummohr.
John Turner, Chief Executive Officer of CoreFiling, said; “With
iXBRL regulations soon coming into effect, our partnership with
IRIS Accountancy Practice Solutions will help businesses meet the
HMRC e-filing mandate with minimal impact to the way they currently
produce their accounts. The arrangement simplifies iXBRL compliance
for accountancy practices around the country and we are delighted
with the opportunities it presents to both companies."
Phill Robinson, Managing Director of IRIS Accountancy Practice
Solutions adds; “This agreement demonstrates our commitment to
ensuring that IRIS customers have access to the very best
technology, delivered through the Cloud. Our agreement will
initially see us offering a product that perfectly complements the
current IRIS iXBRL solutions. This completes the picture for
our 14,000+ accountancy practice customers. Combining our solutions
with new capabilities from CoreFiling means we are further able to
enhance the productivity, efficiency and profitability of our
customers.”
Under the terms of this agreement, IRIS APS will gain exclusive
rights to collaborate on and resell certain CoreFiling-developed
products and solutions to the UK accountancy sector.
CoreFiling will continue to sell its innovative enterprise and
regulatory solutions to customers around the world.