Phase 2 of Revenue’s iXBRL project comes into operation from 1 October 2014, this will mean mandatory filing of iXBRL financial statements  with respect to accounting periods ended on or after 31 December 2013. This phase will relate to all corporation tax filers with the exception ofthose companies meeting the exemption criteria. The exemption criteria are the same as those for audit exemption:

1. Balance sheet value (gross assets) not exceeding €4.4m;
2. Turnover of the company not exceeding €8.8m;
3. Average number of employees not exceeding 50.

Phase 3 will be coming into operation during 2015 and will relate to all other corporation tax filers who did not fall into Phase 1 or Phase 2, including audit exempt companies. As a director or financial controller of a company it is vital that your company is prepared to meet these new mandatory filing deadlines. Should you require additional information on the iXBRL process please contact our audit service director Will Townsend by email or call us on 01 677 9000.