Irish Revenue in 2013 adopted Inline XBRL as the format in which companies must submit financial statements. Inline XBRL is a human- and machine-readable format that enhances data collection and analysis.
The Timelines
Irish Revenue’s iXBRL mandate applies to financial statements for accounting periods ending on or after December 31, 2012. Companies may either choose to submit iXBRL financial statements before filing their corporation tax Form CT1, while filing Form CT1, or 3 months after the due date for filing Form CT1.
Who Needs to Comply?
The iXBRL mandate applies to Large Corporates Division companies, Special Purpose Vehicles, and other Corporation Tax filers. Companies with assets and liabilities less than 4.4 million euros; turnover less than 8.8 million euros; and 50 or fewer employees on average do not have to file iXBRL financial statements but may do so voluntarily.
The Requirements
To comply with the Revenue iXBRL mandate, Irish companies must ensure their financial statements contain iXBRL tags picked from the FRS 101, FRS 102 or EU IFRS taxonomies. These taxonomies may be used with corresponding Irish extensions or Detailed Profit and Loss (DPL) extensions.
The Mandate
Some Salient Points
Revenue adopted Inline XBRL for company financial statements because the format improves information processing and analysis. iXBRL is a machine-readable format that makes it easier for computers and software to understand and deal with information.
1 Format for Digital Reporting
4600+ Filers in th EU and the UK
2 Taxonomy Options in the UK
COMPLIANCE WITH THE REVENUE iXBRL MANDATE - WHAT IT INVOLVES
To comply with the Revenue iXBRL mandate, Irish companies must ensure their financial statements contain iXBRL tags. iXBRL tagging involves placing machine-readable labels against individual items in financial statements. The labels must be picked from a dictionary of digital concepts called the taxonomy.
Once an iXBRL document is prepared, it needs to be validated to ensure its technical accuracy. A validated iXBRL document is a high-quality digital document that lends itself to improved data analysis, processing, and comparison.
While most Irish companies prefer iXBRL tagging services such as those provided by Fin-X Solutions®, they may also use software to carry out the tagging in-house. Fin-X Solutions® provides high-quality SaaS software for in-house iXBRL tagging.
COMPLIANCE WITH THE REVENUE iXBRL MANDATE - WHAT IT INVOLVES
To comply with the Revenue iXBRL mandate, Irish companies must ensure their financial statements contain iXBRL tags. iXBRL tagging involves placing machine-readable labels against individual items in financial statements. The labels must be picked from a dictionary of digital concepts called the taxonomy.
Once an iXBRL document is prepared, it needs to be validated to ensure its technical accuracy. A validated iXBRL document is a high-quality digital document that lends itself to improved data analysis, processing, and comparison.
While most Irish companies prefer iXBRL tagging services such as those provided by Fin-X Solutions®, they may also use software to carry out the tagging in-house. Fin-X Solutions® provides high-quality SaaS software for in-house iXBRL tagging.
How We Support Organizations in Ireland with Revenue iXBRL Reporting?
Outsource Your Reporting
Let our experts handle your iXBRL compliance. Our highly-experienced professionals can produce high-quality digital reports well in time for your filing with Revenue.
Our Compliance Product
Fin-X Solutions®’ SaaS product gives you complete control over your iXBRL filing. You can also use our Disclosure Management module for other report creation purposes.
Choose Our Hybrid Offering
Our hybrid offering provides the best of our software and expert support. Choose this option to have your team trained to handle compliance tasks themselves.
Why Fin-X Solutions®?
Find out why Fin-X Solutions® is your best bet for high-quality and timely iXBRL reports. Why we are so sought after.
High-quality iXBRL Reporting
Fin-X Solutions® is known for quality iXBRL reporting that enhances data analysis. We’re always ranked #1 in data quality assessments.
Unlimited Support on Filings
We offer unlimited support on iXBRL filings. Our experts are available 24*7 to ensure your filings are out in perfect time. Contact us anytime.
Highly Experienced Team
Our professionals have over 17 years of experience and 1.5 million iXBRL filings behind them. Trust them to handle your reporting end-to-end.
Quick Turnaround Time
Speed is of the essence when it comes to compliance. Our experts know this all too well. We will ensure you never miss your filing deadline.
I’m impressed by the work you delivered on our 2019 iXBRL. A very positive experience on the training – both in terms of your knowledge of the content, as well as your availability and flexibility! Whenever I raised a question, you responded always quickly and accurately.
Kirsten Cobbaert
IRIS CARBON® is extremely user-friendly and makes it very easy to conduct a review of the ESEF tags. I was impressed with the detailed training sessions that had a practical focus and will help with the iXBRL review process in the future. Customer support is delivered in a very committed manner. I would highly recommend an IRIS CARBON® experience.
Sabine Chambon
I wish to express my gratitude to the IRIS team for their engagement and professionalism in supporting Eni with the ESEF mandate.
Roberto Nardi
IRIS CARBON® stood out from the other iXBRL conversion software products I have seen. The platform is easy to follow and use. The review functions are simple, allowing quick and easy checking of iXBRL tagging, ESEF taxonomy, and Company taxonomy as well.
Riku Järvelä
We chose IRIS CARBON® since we wanted an outsourcing option for publishing iXBRL in English, French, and Dutch.
Guy Provoost
We selected IRIS CARBON® for our ESEF iXBRL conversion, since IRIS is a global firm with deep experience in XBRL/iXBRL, great quality of filings, service delivery, and importantly, offers their service and solution at a very attractive price.
Johan Segers
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