Section 133 of the Finance Act 2012 amended S.884 Taxes Consolidation Act to extend the definition of a return to encompass financial statements required to be prepared under the Companies Act. This, coupled with the existing e-filing legislation, establishes a statutory basis for the mandatory submission of iXBRL financial statements as part of the tax return.
iXBRL, or inline eXtensible Business Reporting Language, allows financial information to be presented in a format that is both human readable and machine-readable. This is achieved by presenting the data (e.g. financial statements) in a normal document format but with XBRL "tags" embedded in the soft copy document.
There are two steps required to file iXBRL:
Financial statements may be uploaded before, after, or simultaneously with the filing of a CT1.
There are certain companies may be exempt from iXBRL filing. Please follow the link below for details.
Contact Sheldon Zhang, Audit Manager OSK for your queries and comments. OSK Accountants Dublin are a leading firm of Accountants, providing quality accounting services since 1985. Find out more about our professional services today.
A video message from Tadgh O'Sullivan, Director.
To request a call back from the OSK team, please complete the form below.