LONDON, July 15, 2010 /PRNewswire/ -- Clarity Systems, a leader in corporate performance management (CPM) and external reporting solutions, today announced that HM Revenue Customs (HMRC) has recognized Clarity Systems on their list of XBRL Conversion Software Application providers. The CLARITY FSR solution was used to successfully produce iXBRL output to the specifications of HMRC for the filing of company tax returns.
HMRC has mandated that all UK companies with a year end after 31 March 2010 will be required to file their company tax returns online from April 2011 onwards with their statutory accounts and tax computations in iXBRL format. The accounts and computations will need to be tagged with descriptions predefined by HMRC and by the UK GAAP/IFRS taxonomies.
Until now, companies and accountants have had to manually prepare their accounts and take additional steps to tag and convert to iXBRL. Clarity FSR offers the most advanced XBRL solution on the market today by integrating XBRL into the external reporting process. With this approach, Clarity FSR makes the tagging, validation and creation of iXBRL documents more efficient and with greater controls.
Clarity is extremely pleased to be recognised as an approved HMRC iXBRL solution supplier, said Mark Nashman, President, Clarity Systems. iXBRL is a core capability of Clarity FSR, and will continue to be central to the product as leading organisations adopt it as an external reporting platform. We welcome HMRC's move into the iXBRL arena and look forward to working with organisations to meet the requirements of this standardisation mandate.
About Clarity Systems
Clarity Systems delivers software solutions to the Office of Finance. Our software helps large and mid-market organisations around the world improve their budgeting, planning, consolidation, scorecarding and management reporting processes, and also automates their external reporting processes to support the production of regulatory and statutory reports not only for HMRC and Companies House but also RNS Submissions, annual report and accounts, prelims and interims. Our unified applications help CFOs reduce risk while simultaneously improving operational efficiency. For more information, please visit our website at http://www.claritysystems.com or call us on +44(0)203-178-4038 in the UK or +1-877-410-5070 in North America.
For more information on Clarity Systems, please contact: Catriona Bull Clarity Systems Limited +44-203-178-4038 cbull@claritysystems.com For Press and Analyst Inquiries: Lindsay Hodgins, Clarity Systems Limited +1-416-845-8298 lhodgins@claritysystems.com
SOURCE: Clarity Systems Limited
CONTACT: For more information on Clarity Systems, please contact: CatrionaBull, Clarity Systems Limited, +44-203-178-4038, cbull@claritysystems.com;For Press and Analyst Inquiries: Lindsay Hodgins,Clarity Systems Limited, +1-416-845-8298, lhodgins@claritysystems.com
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