Ireland has just kick started its mandated iXBRL program – second largest iXBRL program in the world. Here is the project overview for a better understanding.
What is required?
Tax returns that are filed with Revenue Ireland are required to be filed in iXBRL format.
Revenue Ireland requires Corporation tax and Income tax payers to file their tax returns in iXBRL format.
Who should file?
Corporation tax payers and Income tax payers in Ireland need to file in iXBRL format.
Starting 1st October 2013, all Large Cases Division (LCD) filers except Special Purpose Vehicles (SPVs or S.110 companies)
Starting 1st May 2014, all Large Cases Division (LCD) filers as well as Special Purpose Vehicles (SPVs) filers
Starting 1st Oct 2014, all Corporation tax payers who are not exempt from iXBRL filing
Starting 2015, all Corporation tax payers are expected to file tax returns in iXBRL format
Apart from the above mandatory filers, other filers have the option to file tax returns in iXBRL on a voluntary basis.
If a company satisfies all the following three criteria, they are exempt from filings iXBRL in phase 2 (starting 1st October 2014):
How to get iXBRL file?
There are service providers like DataTracks in the market who converts your financial statements in native format (word/Excel/PDF, etc.) into iXBRL format. This is preferred by corporate as well as accounting firms, as this is not their core activity.
Alternatively, if you are familiar with taxonomies and tagging software, you can also buy a tagging software and convert your financial statements into iXBRL. This is slightly labour intensive and could be expensive as well.
DataTracks UK is part of DataTracks Services Limited, leaders worldwide in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom and MCA in India.
To find out more about DataTracks, visit www.datatracks.co.uk or send an email to firstname.lastname@example.org
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