iXBRL – What Exactly Is It And Why Does My Company Need It?

iXBRL is the more recent version of XBRL (eXtensible Business Reporting Language) which allows for your financial statements to be provided to Revenue in a computer readable format. Information will be tagged in line with the Revenues set of taxonomies which will allow Revenue to analysis and retrieve data from your financials automatically.

The tags used will be imbedded in the information provided to Revenue, however the “I” – inline element of the new version will also allow these documents to be presented in a human friendly manner.

The Office of the Revenue Commissioners will require all corporation tax filers to prepare their financial statements in this format. The introduction of iXBRL will take place in three phases:

  • Phase 1 – already implemented and relates to all companies in the Revenues large cases division (LCD);
  • Phase 2 – from 1 October 2014 non large case divisions (some exemptions available);
  • Phase 3 – TBC, will be in 2015 and relates to all companies including audit exempt.

Is your company ready to implement iXBRL?

For further information on the iXBRL process please contact our audit service director Will Townsend by email or call us on 01 677 9000.

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