What is iXBRL ?

iXBRL (Inline eXtensible Business Reporting Language) is an open information exchange standard that enables a single document to be human-readable while containing structured, computer-readable data.  It was developed to enable the communication of financial information efficiently and accurately with users, such as regulators, investors, and analysts. 

The computer-readable data is achieved by tagging pieces of financial information with a label that identifies it in terms of standard accounting or tax concepts. In simple terms, the tags give meaning to the figures and statements which allows the computer to understand the financial information. Therefore, enabling the automated handling of financial data by a computer. It should be noted that iXBRL does not change the nature or content of the financial information. 

Why is it filed with Revenue?

iXBRL financial statements are submitted as part of the CT1 tax return through Revenue Online Service (ROS). Unlike the filing requirements of the Company Registration Office (CR0), the iXBRL financial statement filed to Revenue must contain the detailed profit and loss account. Revenue has several mandatory tags that must be included in the iXBRL financial statements, for example, turnover for both the current financial period and the comparative financial period. 

Currently, the Filing of financial statements in iXBRL format is mandatory for large division companies, S110 Special Purpose Vehicles companies and all corporation taxpayers except for companies who meet all three of the following criteria:

  • Total assets, without deducting liabilities, are less than or equal to €4.4 million 
  • Annual turnover is greater than or equal to €8.8 million
  • Average number of employees is less than or equal to 50 employees

However, Companies and sole traders who have no obligation to submit iXBRL financial statements may do so on a voluntarily basis.