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iXBRL and the Detailed Profit & Loss account

iXBRL and the Detailed Profit & Loss account

iXBRL and the Detailed Profit & Loss account

iXBRL (Inline eXtensible Business Reporting Language) is widely used by companies around the world to prepare financial statements in a format that is both human-readable and structured, machine readable.

Revenue has been rolling out the obligation for companies to file iXBRL financial statements as part of their corporation tax return for a number of years now.

In May 2018, Revenue eBrief No. 80/18 announced that the Revenue Online Service (ROS) will accept submissions using the updated FRS 101 + DPL, FRS 102 + DPL and EU IFRS + DPL taxonomies. These updated taxonomies are mandatory for all iXBRL filings with Revenue from 1 August 2018.

KPMG’s Linda Sidebottom and Paul Braden provide a refresher on Revenue’s iXBRL requirements and an overview of the impact of these new taxonomies.

Read the article in full below:

This article was originally published in tax.point by Chartered Accountants Ireland and has been republished here with their kind permission.

How KPMG can help

KPMG offers its iXBRL conversion services to Republic of Ireland and United Kingdom tax resident companies. Our team of experts have developed a suite of iXBRL solutions and services to help businesses in an easy and cost-effective manner.

Since 2010, our iXBRL accounts conversion team, with a local unit based in Belfast, has tagged thousands of Republic of Ireland and UK financial statements using its XME software.

Contact us

John Poole
+44 289 089 3854

Linda Sidebottom
+44 289 089 3786

Paul Braden
Associate Director
+44 289 089 3807