Detailed Trading and Profit & Loss A/C in iXBRL

Readers will be aware from previous reports that one of the key areas of our engagement with Revenue on iXBRL returns is the Revenue’s requirement for a Detailed Trading and Profit and Loss A/C or “DPL” in iXBRL format. We understand from Revenue’s response to representations made by this Institute that if the DPL information submitted in iXBRL format provides the same level of information submitted by the taxpayer previously then the iXBRL filing will be sufficient for Revenue’s requirements.

According to the Revenue correspondence “we do not believe that it is necessary for Revenue to be prescriptive about what individual line items should be tagged in the DPL. However, by way of general guidance which might be helpful to your members, if a tagged DPL broadly provides the same level of information received from the taxpayer in previous filings then it should be sufficient for our purposes at this point.”

Members are reminded that the Form CT1 for 2014 and 2015 now include fields for iXBRL filing requirements. Corporate taxpayers subject to mandatory iXBRL filing under phase 1 or phase 2, or taxpayers electing to file iXBRL returns, must select a company category which determines the information required to be filed in iXBRL format. For each category, a DPL is required.

Phase 2 exemption criteria

Revenue has added a new iXBRL FAQ which deals with the phase 2 “Balance Sheet Total” exemption criterion. Revenue’s meaning of “Balance Sheet Total” changed from ‘Total Net Assets’ to ‘Aggregate of Assets without deduction of liabilities’. Transitional arrangements will apply until 31 October 2015 which means that corporate 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. Revenue has added a new FAQ on their meaning of Balance Sheet Total.

Companies in liquidation

A revised FAQ on the iXBRL filing requirements for companies in liquidation is also included in the FAQs. Also there is a change to the iXBRL filing requirements for companies in liquidation. Following representations made at the TALC iXBRL forum Revenue will accept that an iXBRL return need not be filed for companies in liquidation and the accounts extract on the Form CT1 should be fully completed instead. The FAQ has been revised to reflect this position.

For more information on iXBRL and to access the Revenue FAQs visit our dedicated iXBRL web centre at www.charteredaccountants.ie/iXBRL