Phase 2 of Mandatory iXBRL Filing announced
Since November 2012, Revenue Corporation Tax and Income Tax filers have had the option to file financial statements in iXBRL format via ROS (Revenue On-line Service). iXBRL (inline eXtensible Business Reporting Language) 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.
In line with the approach we took to e-filing on ROS, 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) 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.
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 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.
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.
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.
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.