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Choosing your strategy

We expect to see many businesses undertaking a multi stage strategy in response to the e-filing rules. Initially, for many the most appropriate solution will be using an external service provider. This allows companies more time to assess the different solutions coming to the market. Further advantages can be found here.

A recent survey by Deloitte showed that, in the medium to long term, 53% of companies expect their accounts production process to be transformed or to install new accounts production software.

First steps

Some preparation work can be carried out within the firm. Our table of pitfalls and opportunities provide some initial guidelines.

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Using an external service provider

This is likely to be the most cost effective form of achieving compliance in the short term.

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Medium to long term transformation

In the medium to long term we would expect to see a significant transformation of the accounts process, to reduce overall cost and to accelerate the statutory accounts and tax compliance process.

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Find out more

  • The benefits of using an external service provider
    For many, the most effective way to convert accounts to iXBRL.
  • How much will it cost?
    Request an illustrative quote for outsourcing the conversion of your accounts to iXBRL.
  • What’s new?
    Watch our webcast on the XBRL experience in the US.
  • Background
    What is iXBRL and why is it being introduced?

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