Quick question on 12 July 2014: Please add a note below or email me as to how and why you found this post. It baffles me that this 4 year old piece is routinely one of the most popular on my blog, with hundreds of views every week. Why would that be?
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?