What is iXBRL / XBRL ?
Terminology and Background Information
XBRL - eXtensible Business Reporting Language (XBRL) is a standard for reporting financial data that using 'tags' that computers can readily understand
iXBRL - Inline XBRL which allows the computer-readable tags to be attached to a file which can also be read by people.
Taxonomy – a ‘directory’ specifying the items to be tagged.
The two terms iXBRL and XBRL are used interchangeably, although iXBRL is probably more technically correct to use when referring to implementation for HMRC purposes.
XBRL is a derivative of XML (eXtensible Markup Language), which itself has its roots in SGML (Standard Generalised Markup Language), invented in the 1970’s by a team from IBM.
Another well known implementation of SGML is HTML (Hyper Text Markup Language), the language used for generating web pages.
How does it impact you ?
Revenue will eventually require that all corporation tax returns are filed online in iXBRL format. It is being introduced on a phased basis starting 1 October 2013 - for full details, see our PDF brochure.
How do you know what to tag ?
Revenue have defined a ‘directory’ of items to be tagged using iXBRL. Our managed tagging solution is designed to meet the full standards set out in the Irish taxonomy for accounts prepared under Irish GAAP & IFRS. If we require clarification on a particular item for tagging that we are unsure of, we will contact you.
Do you file my CT1 with Revenue ?
No, we only provide the iXBRL file for your Accounts. You will need to attach the file to your CT1 submission to Revenue.
Where is my iXBRL file prepared ?
All files submitted to us are prepared in Ireland. We have experience and an accounting practice Client base in both Ireland and the UK, so you can be sure that we are technically competent to deal with your business.
What formats do you accept ?
We accept documents files from Excel, Word or PDF, whether generated by PC or Mac. Please contact us if you have a different format before purchasing our service – we will let you know if it can be accommodated before you commit to buy.