Ireland

iXBRL - Tagging financial documents for Revenue tax compliance 

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What is iXBRL, and accounts tagging?

For answers to this, and other iXBRL or accounts tagging queries, please see our FAQ document (PDF, 1.1MB), prepared by our dedicated iXBRL team.

 

Introduction to iXBRL

Towards the end of 2012, the Revenue announced its plans to introduce iXBRL into the Irish tax compliance process. 

 

In July 2012 Revenue announced that from 23 November 2012 all companies would have the option to file iXBRL financial statements with Revenue and that the submission of iXBRL financial statements would be mandatory for all companies dealt with by the Large Cases Division (“LCD”) of Revenue in respect of tax returns filed on or after 1 October 2013, relating to accounting periods ending on or after 31 December 2012.

 

In June 2013 Revenue made an important announcement regarding non-LCD companies. The submission of iXBRL financial statements will be mandatory for non-LCD companies in respect of tax returns filed on or after 1 October 2014, relating to accounting periods ending on or after 31 December 2013. This mandation date will not apply to entities who meet the proposed audit exemption criteria in the Companies Bill 2012 (balance sheet total not exceeding €4.4m and turnover not exceeding €8.8m and average employee numbers not exceeding 50). These ‘exempt’ companies will be mandated in 2015 at a date still to be decided by Revenue.

 

How we can help

KPMG  is now offering its XBRL Conversion Services to Republic of Ireland companies. Our XBRL Conversion Service, 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. HMRC introduced mandatory electronic filing of iXBRL tax computations and returns along with iXBRL financial statements for all companies from April 2011.

 

KPMG's dedicated iXBRL team of experts have developed a suite of iXBRL solutions and services to help businesses adapt to the changes in an easy and cost effective manner.

 

iXBRL Conversion Service

iXBRL Conversion Technology

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KPMG can tag and convert statutory accounts from MS Word or Excel into an iXBRL instance document

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Takes control of the conversion process by licensing KPMG's XME application

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Includes a full review of tagging and test submission to the Revenue to ensure files can pass the validation process

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Saves time by tagging a small number of proformas, which can be used for multiple entities' templates and for future years

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Protects your accounts preparers from disruption

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Roll-forward of accounts to subsequent reporting periods whilst maintaining tags, ready for editing

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Gives the option to bring the work in-house at any time by licensing KPMG's iXBRL Conversion Technology

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Easy to use, quick to integrate and cost effective in-house option

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Cost-effective and reduces pressure on in-house compliance teams

   

Contact our iXBRL team

jon d'arcy

Jon D'Arcy

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Partner
ixbrl@kpmg.ie
01 4102236

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 linda sidebottom, belfast audit

Linda Sidebottom
Director

ixbrl@kpmg.ie

01 4102236

 

phillip marshall, associate director 

Phillip Marshall

Associate Director

ixbrl@kpmg.ie

+353 1 410 2236

 

leanne neill, belfast audit
Leanne Neill

Manager

ixbrl@kpmg.ie

01 4102236

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