Microsoft Dynamics NAV: XBRL Compliance

22nd July 2009

HMRC has announced that from March 2010 corporate tax returns must be submitted in XBRL format. Any returns filed in an alternative format will be treated as not having been delivered.

Tax advisors are already estimating that the decision could cost businesses tens of thousands of pounds. For those business that implemented Microsoft Dynamics NAV XBRL creation is included as standard and has been for the last three releases.

Unlike other software vendors now clambering to make systems compliant, NAV users can export documents from NAV in XBRL format and import XBRL taxonomies into NAV from the Internet, emails or from other systems.

XBRL is an XML-based specification that uses accepted financial reporting standards based upon standardized, underlying data tags. It is possible to map your general ledger to XBRL taxonomies, meaning that the same XBRL instance document can be used for various purposes, independent of the format required by the receiver of the document.

http://www.accountancyage.com/accountancyage/news/2233512/xbrl-talks-sec-language

Even if your business is not immediately affected by the new regulations, wouldn't it be nice to use a system that prepares itself for the future? Learn more about Microsoft Dynamics NAV and Enterprise Resource Planning or contact us .

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