Tax

Changes to Mandatory Electronic filing of the Financial Statements (iXBRL)

Since 2013, Revenue has implemented a phased introduction of the requirement to file electronic Financial Statements as part of the Form CT1. Eventually, all Corporation Tax payers will submit their Financial Statements in iXBRL format.

From 1 August 2018, Revenue mandated the use of the updated Detailed Profit and Loss for all iXBRL submissions relating to accounting periods ending on or after 1 January 2015. From the same date, IE GAAP and IE IFRS taxonomies may now only be used where the accounting period ended on or before 31 December 2014. Section 110 companies are unaffected by this change.

  • In ROS, it will only be possible to submit iXBRL files tagged by reference to specific taxonomies as approved by Revenue. There are currently five taxonomies approved by Revenue (FRS 101+DPL; FRS 102+DPL; EU IFRS+DPL; IE GAAR and IFRS). Generally, Corporation Tax filers will require software in order to produce the Financial Statements in iXBRL format.
  • Guidance on of the balance Sheet Total  iXBRL criteria[1] (Balance Sheet Total (aggregate of assets without deduction of liabilities) < €4.4 million) has been expanded to summarise content of the previous guidance issued by Revenue in 2015 (eBrief 37/15). In summary, for all iXBRL submissions made since 1 November 2015, the definition of balance sheet total is “the aggregate of assets without deduction of liabilities”.
  • Revenue carries out a number of ‘real-time’ integrity checks (Turnover, Balance Sheet Total/ ‘Aggregate of Assets without deduction of liabilities” and Check if Large Cases Division case) on all original or amended Forms CT1 submitted for account periods ending in 2014 or later. Revenue confirmed that “Selecting Number of Employees” integrity check no longer operates.