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Further to the Written Answer by the Lord McKenzie of Luton on 18 April (WA 220), whether they (a) have accepted the recommendation in the report HMRC Online Services that the XBRL computer language should be used for the filing of company tax returns; (b) have considered the degree to which...
Further to the Written Answer by the Lord McKenzie of Luton on 18 April (WA 220), whether they (a) have accepted the recommendation in the report HMRC Online Services that the XBRL computer language should be used for the filing of company tax returns; (b) have considered the degree to which...
Asked by
Baroness Noakes
(Conservative)
Answered by
Lord McKenzie of Luton
(Labour)
Type
Written questions
Status
Answered
Answered on
2 May 2006
(a) The Government announced on Budget day that they accepted Lord Carter’s recommendations and that, subject to the right systems being in place, companies would be required to file online using XBRL from April 2010.
(b) XBRL is being developed by an international non-profit consortium of approximately 450 major companies, organisations and government agencies. XBRL is already being put to practical use in a number of countries and its use is growing rapidly around the world.
(c) XBRL is a technical coding system which would be largely invisible to the product user. The majority of company accounts and computations are already prepared using software packages. HMRC does not expect the cost of software packages to be significantly increased by the incorporation of XBRL because of market pressures and because this is functionality that software providers are already developing. Lord Carter’s recommendation will help to drive that development.
(d) HMRC does not anticipate that use of XBRL will involve additional cost or burden for companies. XBRL is designed to streamline financial reporting at all stages, from the point where individual financial transactions take place and are recorded by a company’s business software systems, through to audit and accounts preparation processes, and on to tax and regulatory reporting. There is no competing standard for financial reporting. The potential benefits of XBRL to small businesses were recognised by the ACCA in 2004 in its paper Using information and communication technologies to reduce the compliance burdens faced by small businesses—A Proposal by ACCA.
(e) HMRC will be working with representative bodies on the detailed implementation of Lord Carter’s recommendations, and comments have been invited on the estimated costs and benefits identified in the partial RIA.
Subjects
Software; Costs; Business; Internet; Electronic government; Revenue and Customs; Taxation; Impact assessments
Date
2 May 2006
Reference
5221; 681 c61WA
House
House of Lords