The Irish Revenue iXBRL electronic filing mandate for corporation tax filers is fast approaching. All companies that are required under the Companies Act 1963 to prepare accounts will be required to submit their financial statements in iXBRL format to the Revenue. The mandate is starting with taxpayers dealt with in the Revenue Large Cases Division (LCD) from 1 October 2013.
XBRL (eXtensible Business Reporting Language), is not a fancy tech-acronym. XBRL has real economic benefit for the business and investment community.
XBRL is a new standard for representing company information. Instead of treating financial information as a block of text, it provides an identity tag for each individual item of information which is computer readable. The introduction of XBRL enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison. Computers can treat XBRL data intelligently: they can recognise the information in an XBRL document, select it, analyse it, store it, exchange it with other computers and present it automatically in a variety of ways for users. XBRL can handle information in different languages and accounting standards. XBRL is the only international standard for business reporting information and is used in many countries around the world.
Richard Day, PwC XBRL Partner and Chair of the XBRL26 conference in Dublin attended by representatives from over 30 countries attended, said:
"There are several benefits to be gained by the business and investment community through XBRL implementation. These include greater transparency of company reported information; increased speed of preparing financial reports; enhanced quality of financial information; better data management and greater automation. XBRL also lends itself to GAAP and IFRS standards."
"XBRL is the primary business reporting standard. However, careful implementation across all of the stakeholders is needed to realise the full benefits. This requires an ongoing dialogue among market participants, including the preparer, analyst and investor community".
Notes to editor:
About the conference:
The Global XBRL Conference comes to the Convention Centre Dublin this week 16 - 18 April chaired by Richard Day, PwC XBRL Partner.
Experts share status, vision and future of XBRL in Europe and around the globe at XBRL26
Solvency III, FINREP/COREP and the Irish and UK mandates and other regulations to be focus of discussions.
XBRL26 offers the opportunity to connect with officials from European, Asian and North American regulatory and supervisory agencies, including the European Bank, EIOPA, Bank of Japan, the Bundesbank, the Central Bank of Ireland, the UK HMRC and the US SEC.
The 26th XBRL International Conference
Convention Centre Dublin
16 April through 18 April 2013
Richard Day, PwC Ireland XBRL Partner
Speaking from the main stage on Tuesday, 16 April:
Topic: European adoption of XBRL
From 2.00pm - 5.30pm on Tuesday, 16 April, there will be a special session on how countries across Europe are using digital semantic standards to reduce the barriers to business and financial information flows across Europe, making business information more accessible, comparable and relevant for stakeholders.
Topic: Banking and insurance regulations
Thursday, 18 April from 10.00am - 17.30pm a series of interactive sessions and panel discussions will provide insight into how different countries are utilizing XBRL to both improve the quality, timeliness and utility of filings, as well as how XBRL can reduce the regulatory burden. This track will include specific information on meeting new EU regulations covering banking and insurance.
Other speakers include:
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Richard Day is a partner in the advisory practice and advises clients operating in the technology and telecommunications sectors.
Richard leads the data services team and is a specialist in system and process controls and specialises in financial reporting processes and systems and the effective use of technology including databases, spreadsheets and XBRL.
Richard is a fellow of the Institute of Chartered Accountants in Ireland.