iXBRL – Revenue Commissioners define meaning of Balance Sheet Value


As you probably know, the Revenue Commissioners require mandatory filing of iXBRL Financial Statements for Corporation Tax payers over a staged period. 

Phase 1 – This first phase which was applicable for Corporation Tax Returns submitted on or after 1 October 2013 only applied to Large Cases Division (LCD) within the Revenue Commissioners. 

Phase 2 – We are now in phase 2 and this applies to Corporation Tax returns submitted on or after 01/10/2014 in respect of accounting periods ended on or after 31/12/2013.

  1. This phase applies to all Corporation Tax Payers other than those that meet all of the following criteria:Balance Sheet value does not exceed €4.4m.
  2. Turnover does not exceed €8.8m.
  3. Average number of employees does not exceed 50.

Revenue have now defined the meaning of Balance Sheet value from ‘total net assets’ to ‘aggregate of assets without deduction of liabilities’. The transition for the above definition is applied as follows:

?           Corporation tax returns filed to date based on the ‘total net assets’ test, do not have to make any changes.

?           For the current period up to 31/10/2015, either the ‘total net assets’ test or the ‘aggregate of assets without deduction of liabilities’ test may be used.

?           However, from 1/11/2015, the ‘aggregate of assets without deduction of liabilities’ test must be used [€4.4m].

Phase 3 – This will apply to all remaining Corporation Tax payers and it is expected that this will be commenced by Revenue in 2015.

Note that any companies not yet subject to compulsory iXBRL filing are encouraged by Revenue to do so on an optional basis in order to ensure that they are fully prepared for mandatory filing.

Contact Ray Masterson, Audit Director 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.

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