Online Accounting Software Expert, Twinfield, Reveals New Strategy to Provide iXBRL for Accounting Practices

Online Accounting Software Specialist to Provide Users With Free Access to New iXBRL Module for Online Accounts Filing

CHELMSFORD, England, July 19, 2010 - Twinfield, www.twinfield.co.uk/page/766/welcome-to-twinfield-online-accounting.html
the pioneer and market leader in the field of online
accounting software (www.twinfield.co.uk/page/842/twinfield-is-europe-s-leader-in-online-accounting-services.html),
announces today the launch of its iXBRL strategy, which will provide iXBRL for accounting practices
(www.twinfield.co.uk/action/newsitem/373/Twinfield-reveals-its-international-iXBRL-strategy.html).
This strategy has been developed based on the new international standard for
the exchange of financial reports, a standard that is being adopted in
several of the countries that Twinfield serves.

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In the UK, iXBRL forms a core part of the government's online filing
strategy which, following the Carter Review in 2006, was given the goal of
achieving universal electronic delivery of business tax returns by 2012.
Twinfield's new iXBRL offering will provide iXBRL for accounting practices
and businesses and it will become an integrated part of Twinfield's online
accounting software, scheduled for release in time for the iXBRL roadshows
being run by the Institute of Chartered Accountants in England and Wales
(ICAEW) this Autumn. Both accountancy firms and businesses using Twinfield
will gain automatic access to the new iXBRL online module. They will then be
able to send financial reports directly from the Twinfield Accountant's
Portal to HMRC, Companies House and other bodies that support online accounts
filing (www.twinfield.co.uk/page/832/why-twinfield) in the future. The
new iXBRL module will be made available to users of Twinfield entirely free
of charge.

For some time now the financial sector has been preparing for the
mandation of iXBRL reporting by HMRC and Companies House, which will simplify
and standardise the exchange of financial reports. Because accountants and
businesses are now faced with the widespread roll-out of this program,
Twinfield has launched its strategy for online accounts filing to support the
use of these standards. Mark Davies, UK Country Manager of Twinfield, says,
"For all parties involved, including HMRC and Companies House, it is of vital
importance that accountants and businesses are able to send financial reports
using iXBRL. This will accelerate widespread acceptance of this new standard
and improve market efficiency."

The new Twinfield module consists of an online Accountant's Portal which
can be used by accountants and their clients to compile reports. Businesses
that already compile accounts using Twinfield's online accounting software
will now be able to trace information down to book entry level via the
Accountant's Portal. Once a report has been compiled and approved, it can be
sent digitally to the relevant body or organisation.

Davies continues, "We have a variety of international clients who handle
between a few dozen to a few thousand financial accounts. We therefore felt
compelled to offer an online accounts filing solution that was both
manageable and above all scalable. In collaboration with national and
international accountancy firms, we have ensured that the operation of iXBRL
for accounting practices can be simple but universal. We have even allowed
for seamless integration with the existing work programs used by accountancy
firms."

About Twinfield

Twinfield UK is a subsidiary of Twinfield International N.V., the
European market leader in the area of online accounting. Today, more than
80,000 financial accounts are being compiled using Twinfield in 22 countries.
Online accounting via Twinfield means flexible accounting, with a range of
subscriptions to suit both small and large organisations. Twinfield also
ensures efficient, secure, real-time data exchange between clients and
administration or accountancy firms. Because Twinfield works as a web
application, users can access and exchange financial reports online anywhere
and anytime via a secure internet connection. For more information about the
company and its services go to: www.twinfield.co.uk

    For further information, please contact:
    Kirsty Cornell/Kieran Kent
    The itpr Partnership
    t. +44(0)1932-57-88-00

For further information, please contact: Kirsty Cornell/Kieran Kent, The itpr Partnership, t. +44(0)1932-57-88-00