It’s 1st of August, sort of summer-ish outside, the kids are off school and you are either sifting through the memories of your just past annual hols or planning the shortly upcoming one.
So who in their right mind wants to talk about iXBRL tagging in Ireland ?
We do (surprise, surprise) !
Phase 1 of Revenue’s implementation plan is upon those who fall into Large Cases Division.
With a large number of those companies on a 31 December period end, Corporation Tax returns are due in by 21 September, with an extra 2 days for those who do all payments and filing via ROS. There is then up to an extra 21 days period of grace for putting in iXBRL tagged Accounts.
If you aren’t ready yet, better get your skates on – get in touch with us at 123xbrl.ie !
But publicity aside, have you ever wondered how many companies are involved in each phase, and following on from that, when exactly you have to start worrying about it ?
We did a quick guide based on Revenue’s explanations in our leaflet for the iXBRL Roadshows of March / April 2014, which you can download here.
As for market sizing, everyone seems a little in the dark on this;
- According to the CRO Annual Report for 2013 (which you can access yourself here, there are 187,000 companies registered, of which 173,000 were ‘Active’.
- Revenue’s Large Cases Division covers approximately 11,000 companies, so these are the numbers affected by Phase 1
- And the stab in the dark ? Revenue after consulting the with the CRO, reckon that about half the remaining companies (circa 80,000) will fall into Phase 2 and the remaining half into Phase 3, but it is a guess.
Now your own viewpoint depends on the type of company that you do work for either as an internal accountant or an external practice accountant but from my own experience, I would have thought that the number of companies that fall into Phase 3 is far more than half of all companies at the CRO.
The fact that nobody is sure what size our companies are, in what is a low population country, is of itself indicative of the need to gather standardized, correct information in order to more successfully plan for all our futures. But, unfortunately, somebody has to pay to gather this information and the burden is falling on businesses, especially small one’s.
Enjoy your summer !