The filing of financial statements in iXBRL is mandatory for corporate taxpayers dealt with by Revenue’s Large Case Division. All other corporate taxpayers currently have the option to file iXBRL financial statements with Revenue. However, such corporate taxpayers, other than those meeting three specific criteria, akin to the audit exemption criteria, will be subject to mandatory iXBRL filing from October this year. Among the iXBRL filings to date, Revenue have recorded a number of common errors such as documents uploaded in pdf format or in respect of the wrong taxpayer.

Among the common errors recorded by Revenue are:

• filing financial statements in the wrong formats such as word, pdf or xml,
• the accounting period per the financial statements not matching that filed on the CT1,
• use of the UK GAAP taxonomy,
• statements filed for a different taxpayer to that on the form CT1.

Revenue also advised that the filing period for iXBRL financial statements has been extended to within 21 days of the filing of the CT1 or after the due date for the return, whichever is later. The period was previously 6 days. The FAQ has been updated confirming this extended period on the Revenue website.

Further information on iXBRL including previous reports in Chartered Accountants Tax News is available is available from our iXBRL centre.