Briefing

iXBRL services

Sara McAllister Sara McAllister

Grant Thornton offers a timely, cost effective, managed iXBRL tagging service for company financial statements and tax returns. If the Irish Revenue or HRMC iXBRL tagging requirements apply to your company then our service could be the solution for you.

How the service works

Financial statements received in Word or Excel format are converted into iXBRL using our licensed software. Our specialist iXBRL team uses a matching process to link financial statement items to a standard list of XBRL labels known as a “taxonomy”. 

We select the most appropriate tags and apply them to the financial statement data. Each iXBRL tagged document is subjected to two levels of quality review to ensure that the document satisfies the Irish Revenue and/or HMRC’s validation rules. We issue a client report listing the tags applied for client review and agreement. Our clients must take ownership of the final iXBRL document as the iXBRL financial statements form part of their statutory tax return.

Timing

At present financial statements can be filed separately up to 21 days after the CT1 submission deadline. Tax returns to HRMC including tagged financial statements are due 12 months after the financial year end. 

Benefits

Our service:

  • is cost effective and timely;
  • clients do not have to incur the dedicated software cost outlay, resourcing cost or  training time;
  • it protects client finance teams from added disruption; and
  • it reduces pressure on client in house compliance teams.

Cost of our service

The cost of our iXBRL tagging service is dependent upon the volume and size of financial statements and/ or tax returns to be tagged. We do offer volume discounts to clients for tagging multiple sets of company financial statements. Please feel free to contact one of our iXBRL team for a quote.

Recent developments

Revenue’s roll out of iXBRL is constantly evolving and there have been a number of developments over the past 12 months which tax payers should be aware of:

  • the new form CT1 which issued in March 2015 included a section on the obligation to file electronic financial statements and a requirement for companies to select the appropriate category of company which applies to them in relation to iXBRL;
  • companies that are inactive are exempt from the requirement file iXBRL financial statements. For account periods ending during 2014 or later, companies will be able to select an option on the iXBRL page of their form CT1 stating that “the company is inactive and there is no income or expenses on the Profit and Loss (P&L) account and there is a balance sheet movement of less than €500”;
  • from 1 December 2015 it is a Revenue requirement to include a fully tagged detailed trading and P&L account with the iXBRL financial statements. The P&L account as required by the Companies Act 2014 does not provide the level of detail required in the prescribed form CT1; and
  • the minimum iXBRL requirement from March 2015 for group holding companies is a company only detailed trading and P&L account and balance sheet. In cases where only consolidated financial statements are prepared Revenue expects the information to be tagged for the holding company and this must include a company only balance sheet and the related company only balance sheet disclosure notes, a separate company only detailed trading and P&L account and any relevant company only information in the directors’ and auditors’ reports.
Read the full briefing
Download PDF [ 117 kb ]