Submission of Financial Statements in iXBRL
Revenue is rolling out mandatory filing of iXBRL Financial Statements for Corporation Tax Payers in stages.
Phase1 effective 1 October 2013: 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 effective 1 October 2014: This extended iXBRL mandatory filing to all Corporation Tax Payers other than those meeting all three of the 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.
To be excluded from Phase 2 filing obligation, corporation tax filers have to meet all three of the following criteria:
- The Balance Sheet Total * 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.
See FAQ *Balance Sheet Total.
Phase 3: This 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.
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:
- Consultation Document- Proposed implementation of electronic filing of Financial Statements and Tax Computations with Revenue using iXBRL (PDF, 57KB) - issued in December 2011.
- Tax Briefing 04/2012 - Submission of Financial Statements in iXBRL – issued in July 2012.
- Business Reporting Ireland Ltd/Revenue XBRL Roadshow 2012 - a nationwide awareness and education campaign in September 2012 to advise tax filers of what is involved in filing in XBRL with Revenue. A recording of the Roadshow Presentation (video, audio and slides) delivered by the speakers from both the Practitioner Community and from Revenue as well as separately the Roadshow Slides .
- Establishment of a sub-committee of Collection TALC in January 2012 to bring together tax practitioner interests and Revenue in preparing for the changeover.
- Hosting a software suppliers forum to ensure that suppliers of accounting software can develop their products to meet Revenue requirements.
- Contacting business representative groups and other relevant stakeholders to ensure their awareness of the changes.
- Phase 2 of Mandatory iXBRL Filing announced.
- Phase 3 will involve all remaining Corporation Tax Payers. It is intended that this will commence at a later date.
- Business Reporting Ireland Ltd (BRIL)/Revenue iXBRL Roadshow 2014 (PDF, 74KB). Business Reporting Ireland Ltd (BRIL) and Revenue ran a nationwide Roadshow in March/April 2014 to advise tax filers of what is involved in filing in XBRL with Revenue. This event focused on the extension of mandatory iXBRL in Phase 2. See the roadshow slideshow (PDF, 1.99MB) delivered by the speakers from both the practitioner community and from Revenue.
- eBrief 85/2014 - Important information regarding mandatory iXBRL filing for Corporation Tax payers - issued in September 2014.
- eBrief 37/2015 - Includes changes to Corporation Tax Returns for 2014 and 2015 and related updated iXBRL obligations - issued in March 2015.
- eBrief No. 078/2015 - Due date for filing iXBRL Financial Statements (21 day extension), long accounting periods, draft/provisional accounts being filed, Detailed Profit & Loss filing date - issued August 2015.
- eBrief No. 094/2015:- Extension of filing date for iXBRL Financial Statements for due date 23rd September 2015 - issued September 2015
- eBrief No. 75/2016:- Extension of filing deadline for iXBRL Financial Statements – issued August 2016
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 here. 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.
'Electronic Filing of Financial Statements - Technical Note' (PDF, 130KB) - 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.
'Electronic Filing of Financial Statements - Technical Note Electronic Filing of Financial Statements (iXBRL) - Error Message (PDF, 465KB). 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.
Electronic 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.
Electronic 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)