iXBRL is inline eXtensible Business Reporting Language. It allows the presentation of financial information in a computer-readable format.
Revenue has been rolling out the obligation for companies to file iXBRL financial statements as part of the corporation tax return in phases. Friday 22 September 2017 is the 31 December 2016 corporation tax return submission for Revenue. The corporation tax is not considered complete until a valid iXBRL submission has been made to Revenue (where required).
KPMG's Linda Sidebottom, Director, and Paul Braden, Associate Director, remind us about iXBRL, Revenue’s filing requirements in Ireland, what has changed in the past year and offer some practical tips given their experiences to date.
Read the article in full below:
This article was originally published in tax.point by Chartered Accountants Ireland and has been republished here with their kind permission.
KPMG offers its iXBRL conversion services to Republic of Ireland and United Kingdom companies. Our team of experts have developed a suite of iXBRL solutions and services to help businesses to adapt to the changes in an easy and cost-effective manner.
Since 2010, our iXBRL accounts team, with a local unit based in Belfast, has already tagged thousands of UK company accounts using its XME software which is recognised by HM Revenue and Customs (HMRC) in the UK for accounts conversion to iXBRL. Since Irish Revenue’s requirement to submit iXBRL financial statements in 2013 we have also tagged and converted thousands of financial statements for Large Cases Division (“LCD”) and non LCD companies.