XBRL

In Ireland, all companies that are required under the Companies Acts to prepare accounts will be required to submit their financial statements in iXBRL format to Revenue.

Large Case Division

Deadline expired - 1st October 2013

Non Large Case Division

1st October 2013

Audit Exempt Companies

TBD, expected 2015

Potential issues

Some common issues you will need to consider when implementing iXBRL are:

  • How many financial statements need to be tagged and what is the current process for preparing financial statements?
  • To what extent is existing software used in the production of company financial statements iXBRL enabled?
  • What processes and controls over the use of iXBRL should be introduced?
  • What level of testing of the iXBRL tagging will be appropriate?
  • How might the iXBRL tagging of tax returns and company financial statements be harnessed to deliver benefits in the quality of information provided to management?

How can we help?

There are three main options available to you for producing financial statements in iXBRL format. Click on the links below to see how we can help.

  • Outsourced tagging service
  • In-house tagging
  • Built-in tagging

We can also provide support through the implementation of a built-in or ‘Disclosure Management’ application. Support can include: project management, process and control recommendations and optimisation, embedding of quality procedures or mapping of financial statements into the application/tool selected.