Submission of Financial Statements in iXBRL

Revenue is rolling out mandatory filing of iXBRL Financial Statements for Corporation Tax Payers in stages. The first group, cases dealt with in the Large Cases Division (LCD) are 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.

Phase 2 extends mandatory iXBRL filing to all Corporation Tax Payers other than those meeting the three criteria below. This will apply to Corporation Tax returns submitted on or after 1/10/2014 in respect of accounting periods ending on or after 31/12/2013. The three criteria for exclusion from this phase are:

  • The balance sheet value of the company does not exceed €4.4 million;
  • The amount of the turnover of the company does not exceed €8.8 million; and
  • The average number of persons employed by the company does not exceed 50.

Please note that to be excluded from the Phase 2 filing obligation a company must meet all three criteria.

Phase 3 will involve all remaining Corporation Tax Payers. It is intended that this will commence at a later date.

Companies not yet subject to mandatory iXBRL filing may still do so on optional basis. We strongly encourage companies to use either the optional filing period or the test filing facilities to ensure they are fully prepared for mandatory filing.

iXBRL has been available to Income Tax filers on an optional basis since 1 January 2013.

What is iXBRL

XBRL (eXtensible Business Reporting Language) is a language that allows the presentation of financial information in a computer readable format. XBRL is increasingly being adopted by both businesses and regulators world-wide. iXBRL, or 'inline' XBRL, is a more recent version of the language which allows human-friendly presentation of XBRL documents.

Consultation/Communication

Revenue is committed to full and open consultation with all our stakeholders on this project aimed at ensuring that taxpayers, agents and Software Vendors are aware of and prepared for the transition to iXBRL usage. Aspects of this consultation/communication process include:

Technical Information

Taxonomies - Revenue has opted to accept Irish GAAP accounts tagged according to the UK GAAP taxonomy supplemented by an "Irish extension" which bridges the differences between UK and Irish GAAP. The "Irish extension" taxonomy was published by XBRL Ireland in June 2012 and can be viewed or downloaded hereExternal link. It is now being incorporated into standard accounting software packages available on the Irish market. Revenue will also accept IFRS accounts tagged according to the UK IFRS taxonomy. An Irish extension to UK IFRS is in development.

Validation - Uploaded iXBRL financial statements will be subject to validation. Initially, the validation will be restricted to a limited number of fields such as period start and end date and the current mandatory accounts menu fields. If any submissions fail the validation process, a notification will be sent to the customer’s ROS inbox informing them of the errors. Customers will then have the option to amend and re-submit their accounts.

pdfElectronic Filing of Financial Statements (iXBRL) - Technical Note (PDF, 322KB) - This Technical Note, aimed at software developers and those who are using conversion tools to prepare accounts in iXBRL.format, provides general technical information including what taxonomies are acceptable to Revenue, what entity identifier schemes will be accepted by Revenue and what validations rules will apply to financial statements submitted to Revenue in iXBRL format.

pdfElectronic Filing of Financial Statements (iXBRL) - Error Message (PDF, 528KB). The purpose of this document is to provide assistance and guidance to Users (Revenue Customers and/or their Agents) and Software Developers in relation to Error Messages generated in the process of uploading financial statements in iXBRL format. The document outlines the various phases of validation, the types of error messages generated in the course of executing the technical and business rules.

pdfElectronic Filing of Financial Statements (iXBRL) - Public Interface Test (PIT) (PDF, 419KB). The purpose of this document is to outline the Revenue Online Service Public Interface Test (PIT) options available to Software Vendors who provide iXBRL solutions. The document also outlines how this service may be accessed.

pdfElectronic Filing of Financial Statements (iXBRL) - Style Guide (PDF, 197KB).The purpose of this document is to outline the rules and provide guidance on the preparation of Inline XBRL documents to software developers and those who are using conversion tools to prepare accounts in iXBRL for subsequent submission to Revenue.

If you require any further information please e-mail iXBRL@Revenue.ie

Frequently Asked Questions (FAQs)

 

June 2014


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