Irish Revenue iXBRL Mandate
The Irish Revenue began requiring companies to file financial statements in iXBRL in 2013, starting with the Large Corporates Division companies before moving on to smaller entities.
(*DISCLAIMER: Fin-X Solutions is the UK trade name of IRIS Business Services, the parent company of IRIS CARBON®. We have no association whatsoever with the UK’s IRIS Software Group.)
(*DISCLAIMER: Fin-X Solutions is the UK trade name of IRIS Business Services, the parent company of IRIS CARBON®. We have no association whatsoever with the UK’s IRIS Software Group.)
Revenue iXBRL Mandate
A Closer Look
Ireland’s Revenue began implementing iXBRL in 2013, with Large Corporates Division companies required to submit financial statements in iXBRL for accounting periods ending on, or after, 31 December 2012. Special Purpose Vehicles began to comply with the iXBRL mandate in 2014, for accounting periods ending on, or after, 31 July 2013.
All other Corporation Tax filers began submitting iXBRL financial statements for accounting periods ending on, or after, 31 December 2013. Companies and sole traders with no obligation to submit iXBRL financial statements may do so voluntarily.
Companies with total assets, including liabilities, less than €4.4 million; turnover of less than €8.8 million; and an average number of employees of 50 or fewer do not have an obligation to file iXBRL financial statements.
Modernized Reporting
iXBRL improves the quality of companies’ financial statements by rendering them in a modernized, digital format that is both easier to prepare and use.
Easier Analysis
Since iXBRL is a machine-readable format, the data can be understood by computers and dealt with intelligently. XBRL data can be stored, transmitted, and presented efficiently.
High-quality Data
The iXBRL format makes the production and processing of data faster while reducing errors with the help of validation checks. The result is a highly efficient data value chain.
Towards Analytics
The large volume of data being filed with Revenue can be pooled for analytics that allows key stakeholders to study industry-wide financial reporting trends for decision-making.
Revenue requires financial statements to be filed in iXBRL because the digital format makes risk analysis more efficient. Key accounting ratios across companies can be compared and predictive analytical models to identify tax risk can be developed more effectively when financial statement data is captured in iXBRL.
Revenue has not provided a list of iXBRL tagging products or services or a tagging facility for small entities. But filers may use UK iXBRL software or service packages after confirming that they support the applicable taxonomies. iXBRL financial statements must be filed with the regulator through the Revenue Online Service (ROS).
Single
Format
2 Regulators (Ireland & UK)
4.5+ million entities
Fin-X Solutions for Revenue iXBRL Reporting
Fin-X Solutions provides Irish companies with high-quality iXBRL conversion services at flat, attractive prices for compliance with the Revenue mandate.
Why Fin-X Solutions?
Diverse Client Base
Fin-X Solutions has been the preferred regulatory compliance and iXBRL reporting services provider for leading organizations across the globe since 2005.Comprehensive Experience
We have a support team of more than 350 XBRL professionals with over 17 years of experience with iXBRL. We have facilitated over 5 million XBRL filings around the world.Unparalleled Quality
We consistently rank #1 for quality iXBRL output in assessments by independent third-party global organizations. We offer our clients the best compliance experience.Robust Data Security
Our SOC 2, ISAE 3000 & 3402 certifications underline our dedication to data security and internal systems integrity. We constantly audit our security systems.What Our Clients Say
IRIS Carbon® is a much less manual application than the last software that we had used. The one thing I very much like about IRIS Carbon® is that all the work is within the software.
A great product with excellent customer support. The product supports both self-service mode and hands-off outsourcing mode.
I want to thank you for all your support in the process of preparing Natura’s XBRL in record time. I found the tool very friendly and agile to navigate, and the entire team committed.
I wish to express my gratitude to the IRIS team for their engagement and professionalism in supporting Eni with the ESEF mandate.
IRIS CARBON® stood out from the other iXBRL conversion software products I have seen. The platform is easy to follow and use. The review functions are simple, allowing quick and easy checking of iXBRL tagging, ESEF taxonomy, and Company taxonomy as well.
We selected IRIS CARBON® for our ESEF iXBRL conversion, since IRIS is a global firm with deep experience in XBRL/iXBRL, great quality of filings, service delivery and importantly, offers their service and solution at a very attractive price.
Unparalleled XBRL Expertise at your Service
Fin-X Solutions has been leading efforts to develop the XBRL standard. Our work in XBRL reporting spans 17+ years and we have collaborated with over 30 global regulators, helping some of them develop XBRL taxonomies. We like to call ourselves XBRL evangelists.
Apart from filings with Revenue and the HMRC, we facilitate UKSEF/ESEF reporting in the UK and EU. In the US, we facilitate iXBRL filings with the SEC and XBRL filings with the energy regulator FERC. We also handle CIPC iXBRL filings for South African companies.
- Outsourcing & In-house Compliance
- Unlimited XBRL Expert Support
- Scalable Solution for Newer Filing Needs
- Relentless Innovation for High-quality Filings
Our Stellar Success
Our Stellar Success
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