Will you get paid more for iXBRL accounts?
This is a follow up from one of last week’s blog posts. Here I’m looking more at the extra time and effort involved in complying with the new iXBRL efiling obligations.
Clients will only agree to paying additional fees if they perceive that additional work is being done and that this benefits them in some way.
Tagging company accounts for the taxman, using iXBRL tags, is going to be obligatory from 2011.
It seems that plenty of accountants have yet to determine exactly what they will be doing to ensure that their clients’ accounts are compliant. I’m not sure how late you can realistically leave it before you find out what is going to be involved here. You’ll want to do this both to ensure that you are able to comply with the new obligations AND to manage your clients’ expectations.
Most importantly is the need, from a commercial perspective, to ensure that you only devote extra time and effort to tagging each client company’s accounts etc if you are sure you will be paid for doing so. Asking for additional fees only after the event is unlikely to be very remunerative! Is it ever?
3 Responses to “Will you get paid more for iXBRL accounts?”
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Hi Mark,
I’m interested in a bit of market research, how do you plan to deal with the production of iXBRL versions of accounts? What additional cost do you expect it will add to your CT filing production costs?
Will you use an accounts preparation package, use a tagging solution or outsource the work to one of the Indian shops setting up? (must declare an interest – Seahorse is a tagging solution)
rgds/alex
Thanks for your interest Alex. I’m not in practice so it doesn’t affect me at all. I don’t need a solution.