Smaller charities given temporary iXBRL reprieve

Finance | Gareth Jones | 15 Nov 2010

Smaller incorporated charities will not have to file accounts using iXBRL format until free software is available that suits their requirements, HMRC has said.

In guidance released last week, HMRC said it recognises that the accounting template its free software provides is not suitable for charities, and that “for a transitional period” they would be able to submit via pdf.

Smaller charities are defined as those whose combined income including subsidiaries does not exceed £6.5m.

Roger Chester, deputy chair of CFDG, warned that, contrary to reports, the arrangement is not likely to last forever.

“I think it’s happened so late in the year that they recognise people won’t have time to get things done.

“They’ve made a change for this year, maybe next year, but eventually they’re still going to go for it.”

Directory: Charity Finance Directors' Group (CFDG) | HM Revenue & Customs (HMRC)
Who's Who: Roger Chester

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