Members had reported to us different interpretations of the phase 2 exclusion criteria, specifically the “Balance Sheet Total”, for mandatory iXBRL filing, which came into effect from 1 October last. Following representations made via the TALC forum Revenue have implemented transitional arrangements in respect of the phase 2 “Balance Sheet Total” criterion.

As per eBrief No. 37/15, available on here, the following transitional arrangements will apply in respect of the phase 2 “Balance Sheet Total” criterion:

• No changes are required by Corporation Tax filers that used the ‘Total Net Assets’ test on Corporation Tax returns filed to date.
• For the period from the date of this eBrief to 31st October 2015, Corporation Tax filers may use either the “Total Net Assets” test or “Aggregate of Assets without deduction of liabilities” test when determining if they are excluded from mandatory iXBRL filing under Phase 2.
• From 1st November 2015, the “Aggregate of Assets without deduction of liabilities” is the only test that should be applied when considering if the balance sheet total of the company does not exceed €4.4 million.

In the same eBrief Revenue deal with the iXBRL filing requirements for companies in Liquidation. Revenue’s position is that an iXBRL return need not be filed in such cases and the accounts extract on the Form CT1 should be fully completed instead. However, they retain they can request that an iXBRL return is filed in specific cases, such cases likely to be where the company is not compliant in respect of Form CT1 obligations up to the date of liquidation.