About The Client
STEMCOR is the world’s largest independent steel trader. With turn-over exceeding £5bn in 2010, they trade around 20 million tonnes of steel and steel-making raw materials per annum through a network of 125 offices across the globe. The project was led by Helen Green, Accounting Development Manager.
Choosing an iXBRL solution
In Q3 2010, STEMCOR were starting to look at options to convert their Word formatted statutory accounts into iXBRL. The group, whose UK HQ is in the city of London use an external tax advisor to prepare their tax return, but when it came to their statutory ac-counts preparation; this was an activity that was very much in house. The Financial Controller, John Robinson wanted to control the conversion to iXBRL himself, “initially we were comparing in-house vs. outsourcing” said John,”but, with so few options out there, we were thinking about reverting to our auditors as it seemed the most convenient option. Our IT team was impressed with how easy the software was to operate”.
Stemcor wanted to keep their statutory accounts in Word, and were looking for a quick, easy option. After a market comparison they chose Arkk’s iXBRL Adapter for MS Office with some outsourcing in the first year.
Based on a December 2010 year end, STEMCOR managed to file some of their accounts early before the HMRC’s iXBRL deadline of March 31st 2011, and then used Arkk’s outsourcing service for the remainder of the accounts that didn’t get filed in time.
The plan is to bring the process in house for the 2011 year end and use the tagged 2010 accounts as templates.
The future of iXBRL with the Client
Next year’s accounts don’t need to be tagged as the templates are already done! Stemcor propose to keep their current work flow and simply copy the tagged document. Additional training with Arkk consultants for later in the year has already been discussed.
Another issue on the immediate horizon is the move to IFRS. Any switch to IFRS from UK-GAAP in future can be accommodated in the adapter which already supports all the UK taxonomies. The standard maintenance agreement covers all changes to the taxonomies as HMRC and Companies House introduce them.
“We were quoted tens of thousands of pounds by our auditors for the conversions. When we found out that Arkk provided software to the same audit firms, it made sense to go to the source”,
Helen Green, Manager, STEMCOR