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GAAP.RUNewsTaxman urges delay of UK GAAP replacement

Taxman urges delay of UK GAAP replacement

Replacement of UK GAAP will clash with iXBRL introduction

Author: Mario Christodoulou

Publication date: 3 February 2010

The introduction of a new accounting code could clash with the rollout of a new computer filing system, leaving accountants snowed under and struggling, tax authorities have warned.

The introduction of a new accounting code could clash with the rollout of a new computer filing system, leaving accountants snowed under and struggling: HM Revenue Customs (HMRC) wants to delay the replacement of UK GAAP - the accounting system for non-listed companies – to avoid a clash with the introduction of iXBRL - a new electronic, tagged, tax language.