Revenue began the optional filing of financial statements for Corporation Tax and Income Tax filers in iXBRL format through ROS back in November 2012. iXBRL is a language which allows financial information to be communicated and presented in a format that may be recognised and read by both people and computers.
Revenue is now rolling out mandatory filing of iXBRL Financial Statements for Corporation Tax Payers in the following three stages:
(1) The first group, cases dealt with in the Large Cases Division (LCD) will be required to file iXBRL Financial Statements in respect of all Corporation tax returns submitted on or after 1 October 2013, in respect of accounting periods ending on or after 31 December 2012.
(2) Phase 2 will extend mandatory iXBRL filing to all Corporation Tax Payers other than those meeting the three criteria below. This will apply to Corporation Tax returns submitted after 1st October 2014 in respect of accounting periods ending on or after 31st December 2013. The three criteria for exclusion from this phase are:-
These criteria correspond to the audit exemption criteria cited in S.32 of the Companies Amendment (No.2) Act 1999 and S.I. 308 of 2012 and to those proposed in the Companies Bill 2012. Please note that to be excluded from the Phase 2 filing obligation a company must meet all three criteria.
(3) Phase 3 will involve all remaining Corporation Tax Payers. It is intended that this will commence in 2015. Further details will be announced in early 2014.
Of course, companies that are not yet subject to mandatory iXBRL filing can still do so on optional basis.
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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