As from 1 October, if filing a corporation tax return for accounting periods ending on or after 31 December 2012 on behalf of a company handled by Revenue’s Large Cases Division (LCD) then the company’s financial statements must also be filed with Revenue in iXBRL format.

Phase 1 of mandatory iXBRL filing applies to LCD corporate taxpayers filing corporation tax returns on or after 1 October 2013 and with respect to accounting periods ending on or after 31 December 2012. Financial statements for such companies must be filed in iXBRL format via Revenue Online Service (ROS) before, within one week after, or simultaneously with the filing of the Form CT1. Taxpayers and agents filing financial statements in iXBRL will not have to complete the accounts menu pages on the ROS return. Further details on the iXBRL filing process are available from the Revenue website.

Following representations made at the iXBRL subgroup, Securitisation Special Purpose Vehicles (SPVs)/Section 110 Companies are excluded from the 1 October 2013 mandatory date. Such companies will be subject to mandatory iXBRL filing on or after 1 May 2014 with respect to accounting periods ending on or after 31 July 2013.

Phase 2 of mandatory iXBRL filing will include all corporate taxpayers, other than those meeting three specific criteria, akin to the audit exemption criteria.

For further details on iXBRL filing visit our dedicated iXBRL web centre at www.charteredaccountants.ie/iXBRL. The iXBRL web centre contains previous reports on iXBRL, links to the Revenue’s iXBRL and FAQs and Chartered Accountants Ireland’s XBRL webpage.