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.
XBRL stands for eXtensible Business Reporting Language. It is a standardised "computer readable" language designed to enhance the electronic communication and analysis of business information. It is the technology that facilitates the electrongic taggic or labelling of finincial data allowing the data to be identified in terms of standard accounting or tax concepts.
iXBRL, or "inline" XBRL, is a more recent version of the language which allows humarn-friendly presentation of XBRL documents. An iXBRL report can be viewed like a web page and the XBRL can be extracted if the recipient wants to use the tagged data. iXBRL is the format of XBRL being adopted in the UK and Ireland for tax reporting purposes.
Some common issues you will need to consider when implementing iXBRL are:
There are three main options available to you for producing financial statements in iXBRL format.
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.