iXBRL

What is XBRL?
XBRL stands for eXtensible Business Reporting Language. In simple terms this is a language which allows accounting and tax data to be presented in a format that can be understood and analysed by computer. Pieces of data are assigned “tags” which allows them to be recognised as specific items such as gross profit etc. The XBRL “language” is interpreted through “Taxonomies” which are essentially dictionaries that identify the meaning of each tag.

What is iXBRL and why has Revenue chosen this option?
“inline” XBRL is a version of XBRL which allows XBRL documents to be presented as normal human-readable documents. In effect the “tags” which interpret the document for computer analysis are hidden in the file but each document is presented, whether on screen or in printed format, in the same manner as a non-XBRL document. This has the advantage of allowing financial statements and tax computations to be viewed in the same way as before. It also allows for the inclusion of “non-tagged” items on documents ensuring that taxpayers or agents will not have to produce any separate versions of these documents for Revenue.

What is planned by Revenue?
It is intended to provide a service for the initial optional filing of financial statements by late 2012. While initial focus will be on cases managed by Revenue’s Large Cases Division (LCD) the option to submit Financial Statements in iXBRL format will be available to all taxpayers from that time.

Revenue proposes to make mandatory the submission of financial statements in iXBRL by LCD taxpayers making returns from September 2013 onwards.
Thereafter, Revenue will implement a phased roll-out of mandatory submission of financial statements in iXBRL for all business taxpayers who are required to electronically pay and file with Revenue. The roll-out of mandatory iXBRL will follow the same general sequence as for mandatory Pay and File on ROS.

For CCH Accounts Production users
If you use CCH Accounts Production already they you don`t need to worry as iXBRL tags are automatically applied, based on the underlying accounting data. CCH Accounts Production creates a standard iXBRL accounts file that can be filed online.

For non CCH Accounts Production users
The CCH iXBRL Review & Tag tool ensures  iXBRL tags are automatically applied to figures presented in columns. Other tags can be added manually, and all tags can be reviewed and changed, simply by dragging a tag from the hierarchical list of tags and dropping it onto the appropriate paragraph, word, number or date. The software requires very little training, so you can be up and running almost immediately.

To find out how CCH can help with iXBRL

Request Information Here

Tel: (044) 9334631 or Email us at info@cchsoftware.ie  
 

iXBRL in plain English

 

Log online request here
Visit our support site here
Call us on 01-2780034
Download the latest versions here

 

 

iXBRL Resource

Download the consultaion
paper outlining the Irish
Revenues plans for the adoption of iXBRL here

1 woltersCCH software is a trading name of Wolters Kluwer (Ireland) Ltd Registered  in Ireland No. 137230 Registered office: Global House, Forest Park, Mullingar, Co. Westmeath

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