The concept of iXBRL allows for thepresentation of financial information (financial statements) in both a human and machine readable format for the Revenue Commissioners. This presentational format of financial information is to be made to the Revenue for each financial year or period in conjunction with the respective corporation/income tax return. Essentially this means presenting the financial information for each period (i.e the financial statements) as normal but also in a soft copy document with XBRL tags. The tags allow for the financial data e.g Gross Profit, Stock, Creditors etc to be processed and analysed automatically by computer software.
The filing of financial statements usingiXBRL does not change or alter the method by which the financial statements are prepared under either GAAP or IFRS. It is simply a new method of providing financial data to Revenue. It is important to note that the filing of financial statements in iXBRL will be optional for Corporation Tax and Income Tax payers however it will become mandatory over time.
23 November 2012
Voluntary for all Corporation Tax payers
1 January 2013
Voluntary for all Income Tax payers
1 October 2013
Mandatory for all Corporation Tax payerswho are customers of Revenue’s Large Cases Division.
The timing for mandatory iXBRL filing inrespect for all other Corporation Tax payers will be determined during 2013.
It is important to be aware of these changes andconsideration given to the above commencement dates. For more information in respect of iXBRL please contact Ray Masterson.
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