Arkk is working with the CFDG (Charity Finance Director’s Group) to develop a range of cost-effective options for charities of all sizes.  Despite the best efforts of HMRC to encourage users to use the free gateway to submit iXBRL Accounts, the simplicity of the information that can be entered means that for charities of a certain size and complexity, this will not be a realistic option.

The extension to the UK GAAP taxonomy to cover charities is still in draft form, indeed we have a preview copy (not for circulation!), and the signs are that it will be published in May or June of this year.  Initial reaction to the proposed extension suggests that the challenge will be not what to put in it, but at what point to stop!  It is understood that the immediate impact of this Taxonomy will be on corporate charities required to file a CT Return with HMRC.

We participated in a working on-line filing group earlier this week in London and the next one will be in mid-May at the CFDG’s annual meeting when we will, in conjunction with HMRC, run a series of breakout workshops for delegates with the aim of increasing awareness and demystifying the topic of iXBRL.  Also present at this week’s workshop were senior figures from CIAEW and HMRC along with FD’s from many of the major charities.

If you’re an FD of a charity and would like to keep up to date with the group’s latest developments please contact  megan.mcinally@cfdg.org.uk, you can also get the latest from us on this topic and others by following us on Twitter @ixbrl