Ireland Mandatory iXBRL Filing of Financial Statements by Revenue
The mandatory filing of iXBRL financial statements by Revenue has now entered Phase 2 of its roll out. All companies filing corporation tax returns, with the exception of those meeting the exemption criteria, are now required to submit financial statements in iXBRL format.
Requirement:
Filing of financial statements in iXBRL format is mandatory for all corporation tax payers with the exception of companies who meet all three of the following criteria:
- Balance sheet total ≤ €4.4 million;
- Annual turnover ≤ €8.8 million annually; and
- Average number of employees ≤ 50.
Compliance Deadline:
Irish Revenue’s iXBRL mandate applies to financial statements for accounting periods ending on or after December 31, 2012.
Central Bank of Ireland (CBI) XBRL
- The Central Bank of Ireland (CBI) affirms that Bank and Investment Firm Resolution Fund (BIFR) reporting is switching to XBRL. This fund was established by the Bank in 2015 to provide for resolution actions in the event of a failure of a credit institution or investment firm, excluding larger institutions that fall under the scope of the EU’s Single Resolution Board – which also collects data in XBRL.
