iXBRL (in-line Extensible Business Reporting Mark-Up Language) is the template for accounts and tax tagging systems (taxonomies) that utilises thousands of tags to identify specific information in a set of filed accounts and tax computations, so that tax authorities, investors and others can process and compare that information. The in-line aspect adopted in Ireland and the UK allows the tagged financial statements to be viewed in HTML format (i.e. on a web browser). As of 1st of October 2014, Phase 1 and 2 are in effect in Ireland. iXBRL will soon become compulsory for all Irish and UK companies.
| PHASE 1 | 1st of October 2013 brought about the mandatory introduction of iXBRL for companies dealt with by the Large Case Division of Revenue. |
| PHASE 2 | 1st of October 2014 brought about mandatory iXBRL filing for all medium sized companies. |
| PHASE 3 | Phase 3 will see compulsory iXBRL filing for all limited companies. |
There are several thousand tags and the tagging process which can be complex, so the only cost effective and secure way for implementation is to use an Accounts Production software product (a product that processes statutory as well as management accounts) and that most importantly incorporates automatic tagging. There is no necessity to understand all the intricacies of tagging, no necessity to spend a large amount of additional time manually tagging and no necessity to lose control of information and costs with Relate Accounts Production’s 1 Click iXBRL
Just one click and let RAP do the rest. No lengthy coding process,
No manual tagging, No assisted tagging.
“There has been a high % of failures so far with Large Cases and we are urging practices to implement a solution as a matter of the
highest priority.”
Revenue Online Service, Revenue.ie
“We were the first in Ireland to file a set of iXBRL accounts to ROS. Since then we have continued to file voluntarily through Relate’s One Click Solution.
It is very easy to use.”
David Jones, PGL Accountants, PGL.ie
iXBRL (in-line Extensible Business Reporting Mark-up Language) is the template for accounts and tax tagging systems (taxonomies) that utilise thousands of tags to identify specific information in a set of filed accounts and tax computations, so that authorities, investors and others can process and compare that information. The in-line aspect adopted in the UK allows the tagged financial statements to be viewed in HTML (i.e. on a web browser). Each accounting regime utilises a different taxonomy. From 1st April 2011 in the UK, it became compulsory for all UK companies to file iXBRL accounts along with tax returns and iXBRL tax computations with the tax authority, HMRC, using the appropriate taxonomy for the accounting and tax regimes, i.e. UK GAAP, UK IFRS or UK CHARITIES for accounts and CT for tax computations. UK Companies House (where company information is filed) has agreed to use the same taxonomies in future.
There are several thousand tags and the tagging process which can be complex, so the only cost-effective and secure way for implementation is to use an Accounts Productions software product (a product that processes statutory as well as management accounts) and the importantly incorporates automatic tagging. There is no necessary to understand all the intricacies of tagging, no necessity to spend a large amount of additional time manually tagging and so necessity to lose control of information and costs with Ralate Accounts Production’s 1 Click iXBRL.
Just one click and let RAP do the rest. No lengthy coding process,
No manual tagging, No assisted tagging.
