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Mandatory Filing of iXBRL has Commenced

Since November 2012, Revenue Corporation Tax and Income Tax filers have had the option to file financial statements in iXBRL format via ROS (Revenue On-line Service). iXBRL (inline eXtensible Business Reporting Language) is a language which allows financial information to be communicated and presented in a format that may be recognised and read by both people and computers.

In line with the approach taken with e-filing on ROS, Revenue is rolling out mandatory filing of iXBRL Financial Statements for Corporation Tax Payers in phases:

Phase 1

Mandatory iXBRL Filing commenced with cases dealt with in Revenue’s Large Cases Division (LCD) for Corporation Tax Returns filed on or after 1 October 2013, in respect of Accounting Periods ending on or after 31 December 2012.

Phase 2

Extended mandatory iXBRL filing to all Corporation Tax Payers other than those meeting the three criteria below. This will apply to Corporation Tax returns submitted on or after 1st October 2014, in respect of accounting periods ending on or after 31st December, 2013. The three criteria for exclusion from this phase are:

  1. The balance sheet value of the company does not exceed €4.4 million;
  2. The amount of the turnover of the company does not exceed €8.8 million; and
  3. The average number of persons employed by the company does not exceed 50.

Each of the 3 criteria must be met – otherwise the company must file the financial statements in iXBRL format.

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