iXBRL: Tagging financial documents for Revenue & HMRC tax compliance 

Irish Revenue announced in July 2012 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.

 

HMRC introduced mandatory electronic filing of iXBRL tax computations and returns along with iXBRL financial statements for all companies from April 2011. 

 

What is iXBRL and accounts tagging?

XBRL is eXtensible Business Reporting Language.

 

This is a language that allows the presentation of financial information in a computer-readable format.  This is achieved by tagging each piece of financial information with a label that identifies it in terms of standard accounting or tax concepts.

 

How KPMG can help

KPMG offers its XBRL conversion services to Republic of Ireland and United Kingdom companies.  Over the past four years our XBRL accounts conversion 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 Customers (HMRC) in the UK for accounts conversion to iXBRL. 

 

With Irish Revenue's requirement to submit iXBRL financial statements, our team has also tagged and converted thousands of financial statements for Large Cases Division ("LCD") companies over the past year.

 

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

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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

jon.darcy@kpmg.ie

+44 28 9089 3863

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Nina Ramsey 

Linda Sidebottom

Director

linda.sidebottom@kpmg.ie

+44 28 9089 3786

 

Nina Ramsey

Nina Ramsey

Associate Director

nina.ramsey@kpmg.ie

+44 28 9089 3805

 

Kim Coulter

Manager

kim.coulter@kpmg.ie

+44 28 9089 3747

 

Paul Braden
Paul Braden

Assistant Manager

paul.braden@kpmg.ie

+44 28 9089 3807

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