What is iXBRL?
First of all let’s start off with the definition of XBRL (eXtensible Business Report Language) is a language that allows the presentation of financial information in a computer readable format. Put simply, XBRL is similar to bar coding for financial statements, enabling each piece of financial information to be coded or “tagged” with a label that identifies it in terms of standard accounting or tax concepts. The tags are drawn from published libraries called taxonomies. Taxonomies have been developed for local Irish GAAP and IFRS reporting.
iXBRL or inline XBRL is a more recent version of the language which allows human friendly presentation of XBRL documents.
When it is being introduced?
Since 26th November 2012 all corporate taxpayers have had the option of filing their financial statements with Revenue in iXBRL format in ROS.
The mandatory requirement to file returns in IXBRL format is being introduced on a staged basis. Please see the link to the presentation below for more detail on the various stages.
We are currently at phase 2 which extends mandatory filing to CT1s submitted on or after 01st October 2014 for accounting periods ended on or after 31 December 2013. There is however exemption from phase 2 if the all of the following criteria are met:
- Balance Sheet value < €4.4m
- Turnover <€8.8m
- Average no. of employees < 50 employees
iXBRL filing for income tax payers has been optional since 01st January 2013 with no indication as to when this will become mandatory.
To ensure the IXBRL transition is seamless for our clients we have upgraded our accounts production software to the latest IXBRL compliant solution. This will enable us to tag your financial statements and produce IXBRL compliant versions of the financial statements. All relevant staff in ONF are fully trained and up to date in IXBRL filing.
For more information in respect of iXBRL please contact Declan Murphy at email@example.com or on 056-7721157.
Click the link below for presentation slides re implementation of iXBRL which was discussed recently as part of the firm’s ‘Path to growth’ series of seminars.