Revenue announce phase 2 of Mandatory iXBRL filing

Yesterday the 25th of June 2013 Revenue announced that  Corporation Tax returns submitted after 1/10/2014 in respect of accounting periods ending on or after 31/12/2013 for companies over the audit threshold, as detailed in the companies bill 2012, must be filed with iXBRL accounts.

The threshold is detailed below

  1. The balance sheet value of the company does not exceed €4.4 million;
  2. The amount of the turnover of the company does not exceed €8.8 million; and
  3. The average number of persons employed by the company does not exceed 50.

Presently only companies dealt with by the revenue LCD (Large cases division) Must file corporation tax returns with iXBRL accounts.

In 2014 revenue will announce mandatory filing for all companies starting in 2015.

The introduction of mandatory iXBRL filing will certainly cause issues for some companies and accountants who are ill prepared or still preparing accounts using excel and word as opposed to an accounts production package. But for the bulk of technology savvy accountants I don’t foresee many issues.