New Revenue FAQs on the Detailed Trading and Profit and Loss Account (DPL) cover the items Revenue require to be tagged, the format of the DPL and why Revenue require a DPL to be submitted in iXBRL format.

As we reported previously, one of the key areas of our engagement with Revenue on iXBRL is their requirement for a DPL. We have been making representations at TALC on the DPL and guidance from Revenue on the items required in the DPL. The recent FAQs from Revenue include a guide on the content required to be filed in iXBRL; for all corporate filers Revenue required a DPL in iXBRL. The level of detail required is illustrated by the inclusion of a sample DPL from Revenue.

We have also made representations on the iXBRL filing requirements in cases where returns are amended after the phase 2 deadline of 1 October 2014. Revenue has confirmed that iXBRL financial statements are not required where the taxpayer filed the return before 1 October 2014 and an amended return is later filed. However, note that it may not be possible to amend the Form CT1 on ROS without selecting the iXBRL option, if this happens the advice is to contact the iXBRL helpdesk. Revenue published a FAQ to confirm this position.

Revenue will carry out integrity checks on all corporate tax returns filed for periods ending in 2014 or later. The checks will flag if iXBRL financial statements are required however; Revenue warns that “it is the company’s responsibility to determine whether they are obliged to file iXBRL returns”. The FAQ provides further details on the integrity checks.

FAQS on draft financial statements and inactive companies have also been updated to clarify the iXBRL filing requirements.

In the June issue of tax.point, Nina Ramsey and Jon D’Arcy with KPMG iXBRL team, wrote on iXBRL experiences to date and recent developments.