Business Issues -> Compliance
Released: 14th February 2013
AMOSCA are pleased to announce that their XBRL report authoring tool, Report Authority can now be used to produce or convert accounts into iXBRL format for submission to the Irish Revenue.
Report Authority is 100% compliant with the rules and guidance on the preparation of Inline XBRL documents for submission to the Revenue, as outlined in the iXBRL Style Guide published on 13th December 2012.
Report Authority incorporates the taxonomies mandated by the Irish Revenue and the related business rules enforced on ROS, so Irish filers can now produce and validate accounts ahead of live submission.
The Irish Revenue performed a number of road shows at major centres in Ireland during August and September 2012 with a view to educating Irish filers on the implications of this new requirement and their various options to comply. The initial onus will fall upon companies dealt with by the Large Cases division at the Irish Revenue. These companies will have to submit statutory accounts on ROS in iXBRL format with effect from September 2013.
Most aspects of the mandate are very similar to that of HM Revenue and Customs in the UK, where all taxpayers have had to file their tax returns, including supporting financial statements, in iXBRL format since March 2011. One of the key exceptions is that, unlike HM Revenue and Customs, financial statements submitted to the Irish Revenue can be done so independently of the tax return. This presents a significant advantage, since the tax return and financial statements are usually produced by entirely different teams at different times.
About Report Authority
Report Authority is an XBRL report authoring tool designed for authoring any type of regulatory report for submission to authorities across the globe. Incorporating flexible data adaptors and templating functionality, Report Authority effectively transforms and streamlines the statutory accounts production process.
For more information about Report Authority, visit www.reportauthority.com
This document is for informational purposes only and may not be incorporated into a contract or agreement.
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