AMOSCA are pleased to announce that 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 Revenue as outlined in the iXBRL Style Guide published on 13th December 2012.
The Irish Revenue performed a number of road shows at major centres in Ireland during August and September of 2012 with a view to educating Irish filers on the implications of this new requirement and what the various options are 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 can be submitted independently of the tax return.
This is a significant improvement since the tax return and financial statements are usually produced by entirely different teams and 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 can help transform the statutory accounts production process and eliminate the often negative impact that XBRL reporting can bring.
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.
For more information about Report Authority, visit http://www.reportauthority.com.