United Kingdom
Country: United Kingdom
Status: Full Jurisdiction
Jurisdiction Name : xbrl.gb
Website : http://www.xbrl.org/uk
Membership Count: 15
IFRS Adoption for Public Companies: Required for all domestic listed companies
XBRL PROJECTS OVERVIEW:
| HM Revenue & Customs | Mandatory Filing |
| UK Companies House | Mandatory Filing |
| XBRL-UK | Development |
JURISDICTION MEMBERSHIP:
| Adobe Systems Inc |
| Bilans Service |
| Companies House |
| Corefiling Ltd |
| Credence Software Ltd |
| DecisionSoft Ltd. |
| Deloitte & Touche |
| Fitch Ratings Ltd |
| Future Route Ltd |
| HM Revenue and Customs |
| ICAEW |
| Inland Revenue Department |
| KPMG LLP |
| SAGE UK |
| UBmatrix Europe |
Filing of company tax returns and accounts in XBRL will be mandatory from March 2011. One of the recommendations from Lord Carter’s 2006 review of HM Revenue and Custom’s (HMRC) Online Services, was that HMRC and Companies House should work together to provide a joint return filing facility. Lord Carter also recommended that companies and organisations that need to file a Company Tax Return, must file their returns using eXtensible Business Reporting Language (XBRL). Both HMRC and Companies House have been working closely since then to align their filing service, to ensure their customers benefit from the reduced administration a joint filing facility would bring. A joint statement was issued by HMRC and Companies House on 1 September 2009, to reinforce their shared commitment to a joint filing facility.
31 January 2010, XBRL UK released the final version of the UK-IFRS Taxonomy [link] with additional data for the banking and finance, gas, mining and oil industry sectors. A final version of the UK Banking Taxonomy was also released, containing concepts specific to the needs of banking and finance organisations together with a tailored taxonomy presentation view. Both the UK-IFRS and UK Banking Taxonomies are extensions of the IFRS Taxonomy, adapted for UK IFRS filing requirements.
UK Companies House has 400,000 accounts filed using XBRL this year, 250,000 in 2009 and 180,000 in 2008. There is significant growth in companies filing using XBRL. There is also growing interest in harnessing the benefits of the data that will be available.
UK Companies House register around 2million accounts per year and around 70% of these are prepared from accounts production software packages. By April 2011, most (if not all) of these packages are going to be enabled for iXBRL filing. Expect the growth in iXBRL/XBRL filings to the public register to increase significantly over the next 12-24 months. e-filing take up currently stands at 20%.
More about HMRC iXBRL Filing Program : http://xbrlplanet.org/wp/?tag=united-kingdom
