Extension to iXBRL tagged accounts filing date – Revenue eBrief 94/15 reproduced below

Revenue eBrief No. 94/15

24 September 2015

Extension of filing date for iXBRL Financial Statements for due date 23rd September 2015
Revenue recognises that that the period around the due date 23rd September 2015 is the busiest for filing corporation tax returns. In the circumstances, we have agreed to a request to extend the period in which iXBRL returns will be accepted without incurring a surcharge.

Practitioners and filers should note that the due date for filing form CT1 is not affected by the above mentioned extension. Accordingly, to ensure that surcharges are not incurred, forms CT1 should have been filed on or before the due date of 23rd September 2015.

For forms CT1 that were due to be filed on 23rd September 2015, the submission of associated iXBRL financial statements has been extended to 31st October 2015. Such iXBRL financial statements filed on or before 31st October 2015 will not give rise to a surcharge for late filing. IXBRL financial statements filed after this date may incur a late filing surcharge.

In certain situations, applications for refunds or tax clearance certificates may be withheld pending receipt of outstanding iXBRL returns. Despite the extension being granted, filers should submit the iXBRL return where required to release refund or tax clearance applications.

Queries regarding this matter can be referred to Revenue’s dedicated helpdesk for iXBRL matters at iXBRL@revenue.ie or to the relevant local Revenue Office.

Copyright of the Revenue Commissioners in Ireland acknowledged

Revenue eBrief 94/15 – Extension of filing date for iXBRL Financial Statements just announced

Hot off the Press this afternoon !

Revenue have just announced that they will allow iXBRL tagged accounts / financial statements due with CT1′s to be filed around 23 September to be submitted without penalty up to 31 October 2015.

This gives a very welcome extra 2 weeks to Accountants at what is traditionally a very busy time of year in the Irish Accountancy calendar

You can find the eBrief here

We will also reproduce the text of this eBrief on our next post.

Happy Tagging !

Revenue Ebrief 78/15 – Detailed P/L tagging concession

Just a quick update to let you all know that Revenue issued Ebrief 78/15 yesterday evening (26 August 2015), reaffirming the extra 3 weeks after CT1 due date to get tagged iXBRL Accounts into them, but the news part of it is a concession that Detailed Profit and Loss Accounts will not be mandatory up to 30 November 2015, but will be from 1 December 2015.

You can find the Ebrief here.

IFRS for SMEs and FRS 102 are here…..

By now, you should have heard something about Irish & UK GAAP being superseeded at some point by IFRS but its buried deep in the recesses of your mind, behind that CT1 return thats due by the 21st/23rd of the month or that pesky ARD date that keeps nagging you on CORE, that could end up as an audit, row with the Client over late CRO fees and a general train wreck, but you just cannot quite get into it…..

Well, somewhere along the line, you really do need to find sometime to think about IFRS for SME’s and FRS 102. We will be blogging a series of articles over the next few months about where IFRS came from, how you measure the most important elements of the financial statements under it, point out some of the key differences with Irish GAAP and where to find out more details.

So lets ease into this nice and gradually, not too much for your first day……

FRS 102 is the Financial Reporting Council’s derivation of the IASB’s IFRS for SME’s. You fall under it’s remit if you don’t use EU-adopted IFRS, FRS 101 or FRSSE. Its principles should be applied to all accounting periods that start after 1 January 2015.

For example,if your accounting period started on 1 January 2015, then you will apply to your financial statements period ending 31 December 2015 or if your accounting period starts on 1 May 2015, your financial statements ending 30 April 2016. You are also obliged to prepare comparative figures for the previous period based on FRS 102 (so when you present your financial statements for the year ended 31 December 2015 under FRS 102, you will also need to show comparatives for the year ended 31 December 2014 on a FRS 102 basis).

Now you may well be wondering how FRSSE 2015 fits into the picture – well it is a little confusing. You can still apply FRSSE if your company is under two of three criteria of Turnover €8.8m pa, Balance Sheet Total €4.4m, Employees 50.

But the FRC have not only signalled the intention to move away from FRSSE, they have issued FRED 59 Draft amendments to FRS 102, the comment period for which closes on 30 April 2015, proposing that FRS 102 replace FRSSE for accounting periods commencing 1 January 2016 onwards. There is also FRED 58 Draft FRS 105, which proposes micro entity IFRS reporting (‘FRS 102 Lite’), with possible criteria being under two of three of Turnover €700,000 pa, Balance Sheet Total € 350,000, Employees 10.

With the historically low take up of FRSSE in Ireland this may not be a huge issue. But it seems safe to say that if you aren’t using FRSSE up to now, there is very little point adopting it, as it will quickly be replaced.

Grasp the nettle, adopt FRS 102 !

Copyright © 123 XBRL

 

The Irish iXBRL market – what’s next ?

It’s 1st of August, sort of summer-ish outside, the kids are off school and you are either sifting through the memories of your just past annual hols or planning the shortly upcoming one.

So who in their right mind wants to talk about iXBRL tagging in Ireland ?

We do (surprise, surprise) !

Phase 1 of Revenue’s implementation plan is upon those who fall into Large Cases Division.

With a large number of those companies on a 31 December period end, Corporation Tax returns are due in by 21 September, with an extra 2 days for those who do all payments and filing via ROS. There is then up to an extra 21 days period of grace for putting in iXBRL tagged Accounts.

If you aren’t ready yet, better get your skates on – get in touch with us at 123xbrl.ie !

But publicity aside, have you ever wondered how many companies are involved in each phase, and following on from that, when exactly you have to start worrying about it ?

We did a quick guide based on Revenue’s explanations in our leaflet for the iXBRL Roadshows of March / April 2014, which you can download here.

As for market sizing, everyone seems a little in the dark on this;

  • According to the CRO Annual Report for 2013 (which you can access yourself here, there are 187,000 companies registered, of which 173,000 were ‘Active’.
  • Revenue’s Large Cases Division covers approximately 11,000 companies, so these are the numbers affected by Phase 1
  • And the stab in the dark ? Revenue after consulting the with the CRO, reckon that about half the remaining companies (circa 80,000) will fall into Phase 2 and the remaining half into Phase 3, but it is a guess.

Now your own viewpoint depends on the type of company that you do work for either as an internal accountant or an external practice accountant but from my own experience, I would have thought that the number of companies that fall into Phase 3 is far more than half of all companies at the CRO.

The fact that nobody is sure what size our companies are, in what is a low population country, is of itself indicative of the need to gather standardized, correct information in order to more successfully plan for all our futures. But, unfortunately, somebody has to pay to gather this information and the burden is falling on businesses, especially small one’s.

Enjoy your summer !

Finding out how iXBRL tagging will be implemented in Ireland by Revenue

Revenue iXBRL top miniOkay, so you’ve heard about iXBRL tagging somewhere along the line but where do you start to look for the kind of information that will tell you how it relates to your own particular circumstances ?

In this article, we will try to point you to some sources of information that should help you.

The main stop is the iXBRL part of the Revenue website:

http://www.revenue.ie/en/online/ros/ixbrl/

Revenue iXBRL top miniRevenue iXBRL top miniRevenue iXBRL top miniAt the foot of this page, there is a link to a FAQ page

http://www.revenue.ie/en/online/ros/ixbrl/faqs.html

But for most businesses, the most informative document on the actual practical implementation is a copy of the presentation given by Revenue with PWC during the iXBRL Roadshow events of March / April 2014.

It’s the last link in the ‘Consultation/Communication’ section of the main Revenue iXBRL page (remember, that’s the http://www.revenue.ie/en/online/ros/ixbrl/ page), with the title ‘roadshow slideshow’

It’s a PDF of 1.99Mb, so may take a little while to download but it is well, well worth it!

It covers everything from which Accounting Notes don’t have to be tagged, to when each category of company has to file and tells you about the extra 21 day concession after the CT filing date, for getting your iXBRL tagged accounts uploaded on ROS.

That’s all for now folks, more again soon !

Eamonn

iXBRL, an Irish overview. Part 2

Part 2

Following on from last week’s Part 1, let’s break this down into its constituent parts, to try and make sense of what is going on.

ix:nonFraction name = “uk-gaap:ProfitLossForPeriod”

This is the start of the tag label for Profit or Loss in the Period, under UK GAAP Accounting rules. It’s a definition of what the tag stands for and a collection of tags make up a ‘Taxonomy’ (another phrase you will hear bandied about!), in this case the Taxonomy that represents UK and Irish GAAP Compliant Accounts

contextRef=”CurrP”

This basically sets up the timeframe for the tag, ‘CurrP’ being Current Period, whereas your comparative figure for the previous period would have the property ‘PrevP’

unitRef=”EUR”

Pretty self explanatory, this sets the Currency for the information being tagged

decimals=”-3″

This means that the degree of accuracy that is applicable to the nearest thousand

scale=”3″

The scale value of 3, tells us that the figure is being reported in thousands (€ ‘000s)

The value itself of 100, is thenfollowed by </ix:nonFraction>, which signifies the closing of the tag.

Now, in case you are wondering why the tag name is ‘uk-gaap’ and not ‘irish-gaap’, there are Irish GAAP and IFRS taxonomies but they are extensions to the UK taxonomies. Because UK and Irish GAAP are virtually identical, there was very little point in developing a new, full blown taxonomy for Ireland – instead the UK taxomony is used as a base, with uniquely Irish tags appended in.

And now, to what end ?

It means that accounting information will be presented to Revenue (and eventually the Companies Registration Office, though not yet), on a consistent basis, in a format that can be ‘scooped’ into their database, without the need for rekeying.

This in turn will help Revenue improve their Business Intelligence capabilities and should allow more refined profiling of Audit cases.

Eventually, the CRO and indeed the CSO (Central Statistics Office), will take in iXBRL financial statements, to help them with statutory compliance but also for the CSO in particular, it should improve the reporting of trade statistics and therefore ultimately, planning for the economy.

I hope that the above article has helped in your understanding of what iXBRL is about and the drivers for it. For our next Blog, we will be looking at where you can get practical information on how iXBRL will work in Ireland.

iXBRL, an Irish overview. Part 1

Hello there and welcome to the first ever blog post for 123 XBRL, your outsourced tagging provider for iXBRL

Now, where do we start?

I guess for most people reading this blog, chances are you are an accountant, you’ve heard of iXBRL, have read some stuff about it, know you have to know something about it but might still have questions about the whole thing.

XBRL(eXtensible Business Markup Language) was invented by a US Certified Public Accountant named Charles Hoffman.

iXBRL (Inline eXtensible Business Reporting Language) is a derivative of XBRL, that allows documents to be viewed in HTML (Hyper Text Markup Language, the main programming language for web pages). The idea is that by using iXBRL, documents tagged up in XBRL become more readable for people, than they otherwise would be.

XBRL, iXBRL and HTML are all markup languages that form part of the XML(eXtensible Markup Language) family.

That’s all fine and well, but what does it all mean to you, what is the big deal about getting your accounts ‘tagged’ and to what end ?

Well, lets start with what ‘tagging’ is about. Tagging is where pieces of information from your Accounts, get surrounded or contained by a tag.

Here’s an example:

Say you have a Profit for the Current Financial Period of Euro 100,000.

The tag applied to this would look something like this;

<ix:nonFraction name=”uk-gaap:ProfitLossForPeriod” contextRef=”CurrP” unitRef=”EUR” decimals=”-3″ scale=”3″>100</ix:nonFraction>

In next week’s blog (Part 2), we will analyse this into its various parts and explain the significance of each.