Towards the end of 2012, the Revenue announced its plans to introduce iXBRL into the Irish tax compliance process.
Since 23 November 2012, all companies have the option to file iXBRL financial statements with the Revenue. The submission of iXBRL financial statements will be mandatory for all companies dealt with by the Large Cases Division (“LCD”) of the Revenue in respect of tax returns filed on or after 1 October 2013 with respect to accounting periods ending on or after 31 December 2012. There is currently no proposed date for the mandatory filing of iXBRL accounts for companies which are dealt with by Revenue divisions other than LCD.
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.
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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 |
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