Following on from last week’s Part 1, let’s break this down into its constituent parts, to try and make sense of what is going on.
ix:nonFraction name = “uk-gaap:ProfitLossForPeriod”
This is the start of the tag label for Profit or Loss in the Period, under UK GAAP Accounting rules. It’s a definition of what the tag stands for and a collection of tags make up a ‘Taxonomy’ (another phrase you will hear bandied about!), in this case the Taxonomy that represents UK and Irish GAAP Compliant Accounts
This basically sets up the timeframe for the tag, ‘CurrP’ being Current Period, whereas your comparative figure for the previous period would have the property ‘PrevP’
Pretty self explanatory, this sets the Currency for the information being tagged
This means that the degree of accuracy that is applicable to the nearest thousand
The scale value of 3, tells us that the figure is being reported in thousands (€ ‘000s)
The value itself of 100, is thenfollowed by </ix:nonFraction>, which signifies the closing of the tag.
Now, in case you are wondering why the tag name is ‘uk-gaap’ and not ‘irish-gaap’, there are Irish GAAP and IFRS taxonomies but they are extensions to the UK taxonomies. Because UK and Irish GAAP are virtually identical, there was very little point in developing a new, full blown taxonomy for Ireland – instead the UK taxomony is used as a base, with uniquely Irish tags appended in.
And now, to what end ?
It means that accounting information will be presented to Revenue (and eventually the Companies Registration Office, though not yet), on a consistent basis, in a format that can be ‘scooped’ into their database, without the need for rekeying.
This in turn will help Revenue improve their Business Intelligence capabilities and should allow more refined profiling of Audit cases.
Eventually, the CRO and indeed the CSO (Central Statistics Office), will take in iXBRL financial statements, to help them with statutory compliance but also for the CSO in particular, it should improve the reporting of trade statistics and therefore ultimately, planning for the economy.
I hope that the above article has helped in your understanding of what iXBRL is about and the drivers for it. For our next Blog, we will be looking at where you can get practical information on how iXBRL will work in Ireland.