iXBRL can seem daunting and there are lots of misconceptions springing up around iXBRL in Ireland. This short series of posts will seek to explain some of the most common queries and misconceptions we’ve encountered during our conversations with Large Cases Division companies.
We work closely with Revenue to fact check every information document we supply to you, in order to save you time, money and make sure you know exactly what you need to do.
Unfortunately not all businesses are so diligent and the combination of misinformation (often from the re-use of UK documents for Ireland), plus our trusty rumour mill have meant that there are a few tall tales doing the rounds that could mislead you and derail your iXBRL compliance efforts!
Myth 1: The Minimum Tagging List for iXBRL in Ireland
The Truth: There isn’t one. Revenue have opted for full tagging from the outset, unlike HMRC in the UK who opted for a minimum tagging list during their introductory phase of iXBRL data collection. Beware reading anything around tagging lists that originates in the UK as these are very misleading for Ireland. Revenue says “If it’s in your Financial Statement and it’s in the taxonomy, tag it!”
Next Steps: Send your 2011 or 2012 Financial Statement in Word or Excel format to email@example.com and I’ll have our in-house experts tag everything you need on your document, absolutely free and with no obligation to use our products and services. Once we’ve tagged your document and passed it through the ROS test environment to make sure it’s 100% compliant and passed by Revenue, we’ll return it and arrange a free consultation with you to talk you through what tags were used and where.
Myth 2: Only Parent Companies Need To File in iXBRL in Ireland
The Truth: From October this year Revenue requires corporation tax filers to submit company accounts in iXBRL format. For the majority of entities this will mean returning the same unabridged financial statements as usual, just in a different format. Parent companies often have their individual results consolidated in the published group accounts. However Revenue requires each entity to submit their prepared individual accounts. For this reason firms need to tag their individual financial statements for holding companies.
Next Steps: Email a meeting request to firstname.lastname@example.org and I’ll help you identify the most suitable method of dealing with the number and type of entities you have in your group.