Submission of Financial Statements in iXBRL
Since November 2012, financial statements in iXBRL format have been accepted in ROS. All Corporation Tax payers now have the option of uploading their financial statements Initially the filing of financial statements in iXBRL is optional but will be mandatory for all Corporation Tax payers commencing with taxpayers dealt with in the Large Cases Division from October 2013.
It will be available to Income Tax payers from 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 Brief 04/2012 - Submission of Financial Statements in iXBRL – issued in July 2012
- Business Reporting Ireland Ltd/Revenue XBRL Roadshow - 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
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 (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.
Electronic 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.
Electronic Filing of Financial Statements (iXBRL) - Public Interface Test (PIT) (PDF, 388KB). 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 or telephone Pat Mulhall at (01) 6131850.
Frequently Asked Questions (FAQs)