Chartered Accountants Ireland has made representations to Revenue on the current obligations for holding companies of a group to file an individual set of accounts in iXBRL. The Institute also continue to engage with Revenue on the provision of a ROS facility for batch filing iXBRL financial statements and the adjustment of ROS accounting periods.

At a meeting of the iXBRL subcommittee the Institute set out the technical and practical difficulties being created by the current requirement for holding companies to file individual financial statements in iXBRL. The Institute continues to engage with Revenue on this matter and expect to reach a workable solution in the coming weeks. It is understood that as a temporary measure, Revenue are accepting the filing of filing statements for group companies without the holdings company’s individual financial statements. This temporary measure is being applied on a case-by-case basis.

While a batch filing facility on ROS is expected to be available in October 2015, the Institute continues to stress the need for earlier batch filing of iXBRL financial statements and have requested from Revenue that this requirement be prioritised so that the facility can be in place, at the latest by October 2014. Engagement with Revenue continues on this important requirement.

Revenue have confirmed that companies can adjust their ROS accounting periods and submit financial statements in iXBRL for the revised accounting periods. If the iXBRL financial statement covers more than one ROS accounting period, it may be submitted in respect of each of these periods. There is a FAQ dealing with this point published on the Revenue website.