Filing Consolidated Accounts Using iXBRL

accounting_ixbrl_consolidated_accounts Revenue will accept consolidated accounts for a holding company provided that they include:- 1) A holding company only balance sheet and related holding company only balance sheet note disclosures, and 2) Separate P+L account for the holding company containing, at a minimum, such level of information as would allow the chargeable profits of the holding company to be assessed.

Problems To Expect

This is causing problems in practice as consolidated financial statements prepared in a statutory format include:- 1) A consolidated P+L for the group and does not separately show the P+L for the holding company only, which is now required for iXBRL filing. 2) A consolidated balance sheet for the group and a holding company only balance sheet with associated disclosure notes. From an iXBRL compliance point of view, only the holding company balance sheet and associated notes is required.

Consolidated Plus De-Consolidated

Unfortunately Revenue's requirements are leading to another layer of iXBRL compliance costs for corporate tax payers that prepare consolidated financial statements in this regard as the iXBRL filing requires an additional de-consolidation process and re-formatting to comply fully.

We Are Happy To Help

Our iXBRL team are fully experienced in the area of iXBRL and we would be delighted to assist you in this area. Please contact Paul Leonard, Partner at Cooney Carey, on 01 677 9000. Alternatively, send him an email: pleonard@cooneycarey.ie

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