XBRL


Overview

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

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

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.

 


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.  

  • 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.

 

Contact us

Richard Day
Partner
Tel: +353 1 792 8573
Email

John Dunne
Assurance Partner
Tel: +353 1 792 6856
Email

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