XBRL Accounts Filings Take Off at Companies House
Oxford, 20th April 2006.
DecisionSoft Limited are proud to announce that True North, their market-leading XBRL processor, has successfully validated the first 10,000 company accounts submitted to the electronic filing service at Companies House.
The introduction of an electronic accounts filing facility at Companies House is proving very successful, with submissions running at a higher rate than planned. “We have been very pleased with the response so far and we are expecting to reach our 50,000 target well before the end of the year”, said Jo Jones, Business Transformation Programme Manager for Companies House. “The rejection rate for XBRL accounts, based on our experience so far, has been less than one per cent. This service is providing early adopters with a faster, more convenient way for companies to comply with their statutory obligations under the Companies Act.”
The new service allows accounts preparers to submit XBRL versions of audit-exempt accounts electronically to Companies House. Submissions are validated before acceptance by DecisionSoft’s True North, the most commonly used XBRL processor. “True North is now being used at the three key stages of the process – during the development of the taxonomy, as a test service for external developers, and to handle live submissions,” said Philip Allen, Chairman of DecisionSoft, “we are pleased that it has passed with flying colours”.
The eAccounts Project was set up in 2004 to e-enable company accounts, in order to meet the government’s targets for electronic services. The initial launch of the Companies House electronic service allows accounts preparers to file audit-exempt accounts, which covers over 75 per cent of companies registered in England and Wales. The service will be extended to cover other types of accounts.
XBRL is a freely licensed, open XML standard, used for the electronic communication of business and financial data between companies, regulators and investors. The XBRL standard is managed by a not-for-profit international consortium of around 400 companies, organisations and government agencies.
The XBRL standard allows agreed concepts, such as UK GAAP or IFRS accounting standards, to be defined and exchanged between compliant systems. XBRL is being used for the corporate financial data submitted to a growing number of regulatory filing programmes around the world, including company accounts for Companies House and Corporation Tax filings for HM Customs & Revenue.
About Companies House
Companies House is an Executive Agency of the DTI with responsibility for the incorporation and dissolution of limited companies, for the registration of information supplied by them to the Registrar of Companies, under the Companies Acts and related legislation, and for making this information available to the public. There are currently more than 1.8 million live companies on the companies register.
DecisionSoft Limited, founded in 1997, is one of Europe’s leading XML vendors, with a substantial history in the successful design, publication and validation of XML and XBRL for Government departments and Fortune 500 companies.
DecisionSoft’s True North suite provides enterprise-strength XBRL processing, and is used to support the XBRL-enabled filing programmes run by Companies House and HM Revenue & Customs. The flagship True North validator is used widely throughout the financial reporting industry and by regulators on both sides of the Atlantic. Boasting world-leading XBRL developers, DecisionSoft products are regarded by many as the “gold standard” in this field.
DecisionSoft is a privately held company based in Oxford, England.