iXBRL tags are interpreted by reference to "taxonomies". A taxonomy is, in essence, a dictionary, linking each tag with the concept it identifies. For example, in the Irish GAAP extension taxonomy, the tag ie-gaap:ROICorporationTaxPaid denotes Irish Corporation Tax paid.
iXBRL does not change accounting standards. It is simply a language for transmitting information that accurately reflects data reported under GAAP and IFRS.
Initially the filing of financial statements in iXBRL will be on a optional basis for Corporation Tax and Income Tax Payers but this will become mandatory over time. The timing for mandatory iXBRL filing for all other Corporation Tax payers will be determined during 2013.
| 23 November 2012
||Voluntary for all Corporation Tax payers
| 1 January 2013
||Voluntary for all Income Tax payers
| 1 October 2013
||Mandatory for customers of Revenue's Large Cases Division customers filing Corporation Tax returns
(i) on or after 1 Oct 2013
(ii) with respect to Accounting Periods ending on or after 31 Dec 2012
No. Taxpayers and agents filing financial statements in iXBRL will no longer have to complete the accounts menus pages on the ROS returns.
An update to ROS scheduled for release on 23 November 2012 will include new screens allowing taxpayers or agents to submit their accounts in iXBRL. This will be accessible at any time via the "My Services"” screen in ROS and will also be available during the CT1 filing process.
Financial statements may be uploaded before, after, or simultaneously with the filing of a CT1.
A message confirming a successful filing will be returned. If a filing is unsuccessful, a message will be displayed to indicate the nature of the problem.
A test facility will be made available to allow customers to ensure that their iXBRL files are working satisfactorily in advance of submission.
Yes. After submitting your financial statements in iXBRL format, the forms CT1 and Form 11 must continue to be submitted.
PDF files are not an acceptable means of filing financial statements, as they do not contain iXBRL tags.
Presently, Tax computations cannot be submitted in iXBRL format.
Section 133 of the Finance Act 2012 amended S.884 Taxes Consolidation Act to extend the definition of a return to encompass financial statements required to be prepared under the Companies Act. This, coupled with the existing e-filing legislation, establishes a statutory basis for the mandatory submission of iXBRL financial statements as part of the tax return.
Revenue recognise this is a significant change for taxpayers and practitioners. While the financial statements will now form part of the return, Revenue may not impose late filing surcharges or any penalty for cases experiencing difficulty with their iXBRL filing for at least one year following mandation.
However, the obligation to file Corporation Tax CT1s or Income Tax Form 11s remains unchanged. Therefore, Revenue has de-coupled the iXBRL filing from the CT1s/Form 11s filing to ensure that any iXBRL difficulty will not disrupt the filing of these forms.
Yes. It is possible to submit a corrective version of financial statements (i.e. perhaps due to a tagging mistake).
Revenue has mandated with full tagging of financial statements including the Directors Report, Auditors Report, Profit & Loss account, Balance Sheet, Notes to the accounts, Cash Flow statements and Statement of Total Recognised Gains & Losses (please note this list is not exhaustive). Notes on Pensions and Financial Instruments do not have to be tagged.
With the exception of the aforementioned exclusions, all data items presented must be tagged including comparators (previous accounting period figures). If a data item appears more than once then it must be tagged each time. In circumstances where a financial report data item or concept does not have a matching (GAAP or IFRS) taxonomy tag, the data concerned should simply be left as plain text.
Revenue has mandated full tagging of all data and concepts described and encompassed within either GAAP or IFRS standard should be matched with the appropriate comparable tag.
As a guide, Revenue expect the data to be tagged in respect of the Director's Report to include: Description of principle activities of the company, List of directors and Secretary, Purchase of own shares, Directors remuneration, Directors acknowledging their responsibilities under the Companies Act and the Directors signing the report and date of signing.
Similarly the Name of Auditor(s), Emphasis of matter statement, Statement on reasons for any qualification of opinion and Date of Auditor’s Report are expected to be tagged in respect of the Auditors Report.
There are currently no plans to provide such a facility.
The Companies Registration Office (CRO) process and obligations remains unchanged.
Financial Statements may be uploaded before, simultaneously with or after the filing of a CT1 or Form 11. However, it is expected that the Financial Statements would be filed within one week of the filing of the CT1 or Form 11.
Phase 2 extends mandatory iXBRL filing to all Corporation Tax Payers other than those meeting three criteria around balance sheet value, turnover & # of employees. 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.
No, consolidated financial statements should not be submitted to Revenue in iXBRL format in respect of a group holding company.
Consolidated financial statements are prepared for an accounting period to represent the activity of a group of companies. However companies within such a group, including the group holding company, are usually individually registered for Corporation Tax and are required file a tax return to Revenue based on accounts prepared and made out in respect of that company’s individual activity. It is these individual sets of accounts which Revenue require to be submitted in iXBRL format in respect of each company within a group.
Yes. Section 92 of the Finance Act, 2013 amended Section 884 of the Taxes Consolidation Act (TCA) to extend the definition of a return in respect of a company trading through a Branch or Agency to encompass accounts, containing sufficient information to enable the chargeable profits of that company's trade in the determined. Section 76 TCA requires such financial statements to conform to GAAP or IFRS. In practice Revenue will require an iXBRL Profit and Loss account in respect of all companies trading through a branch or agency and a balance sheet to the extent that one is prepared in respect of the branch or agency.
Where the adjustments to the Financial Statements do not also impact the information submitted in the CT1/Form 11, there is no requirement to re-submit the CT1 or Form 11.
Section 133 of the Finance Act, 2012 amended Section 884 of the Taxes Consolidation Act (TCA) to extend the definition of a return to encompass Financial Statements, which are prepared or made out in accordance with the Companies Act 1963. Therefore, all companies required under the Companies Act 1963 to prepare Financial Statements must return these to Revenue for the relevant Accounting Period.
This, coupled with the existing e-filing legislation, establishes a statutory basis for the mandatory submission of iXBRL financial statements as part of the tax return. However, Revenue will progressively mandate the submission of financial statements in iXBRL for Corporate Taxpayers beginning with cases dealt with in the Large Case Division (LCD) filing Corporation Tax Returns on or after 1 October 2013. In the meantime there will be an optional filing phase for Corporation Taxpayers from the time the system goes live on the 23rd November 2012.
While there is no statutory obligation for sole traders to prepare Financial Statements on the basis of a recognised accounting standard, Revenue acknowledge that many Income Tax payers do so for practical reasons. To facilitate these taxpayers, from 1 January 2013, Revenue will accept the filing of Financial Statements in iXBRL format via ROS.
Yes. Section 133 of the Finance Act 2012 amended S.884 Taxes Consolidation Act to extend the definition of a return to encompass Financial Statements required to be prepared under the Companies Act. Section 884 defines a return to include Financial Statements which are prepared or made out, not abridged and includes branches of Foreign Companies.
No. You will not be disadvantaged. There will be no risk analysis based on iXBRL Financial Statements prior to mandation. The voluntary phase affords entities an opportunity to test their readiness for iXBRL filing prior to mandation.
Section 110 companies are mandated to file under iXBRL on or after 1st May 2014.