Change of policy driven by Government determination not to add to regulatory burden on small businesses
Companies House was intending to require, from March 2013, that all company accounts must be filed in electronic iXBRL format. However, Companies House announced on 28 July 2011 that it was dropping this requirement, and that it would only be reconsidered when the moratorium on new regulations for small businesses has ended in 2014. The Companies House announcement is here.
HM Revenue & Customs already requires that all companies must file their statutory accounts and their tax computations with HMRC in iXBRL format. Small and medium-sized businesses can, if they so choose, file “abbreviated accounts”* at Companies House – and so those companies would have had two different iXBRL filings to make if iXBRL filing had been made compulsory at Companies House.
We explain what iXBRL electronic filing is in this post.
*As permitted by The Small Companies and Groups (Accounts and Directors’Report) Regulations 2008 (SI 2008/409) and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410)
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