What should be included in iXBRL accounts for CT1 filing with Revenue?
How to put together statutory accounts in iXBRL
Financial statements must be filed in inline eXtensible Business Reporting Language (iXBRL) through Revenue Online Service (ROS). Revenue has mandated the full tagging of Financial Statements and must include:
- Directors' Report
- Auditor's Report
- Statement Of Profit Or Loss, And Other Comprehensive Income
- Statement Of Financial Position (Balance Sheet)
- Statement Of Cash
- Statement Of Changes In Equity
- Notes To The Accounts
- Detailed Profit And Loss Account
This list is not exhaustive. Except Detailed Pension Notes and Detailed Financial Instrument Notes each item in the financial statements must be fully tagged, including comparators (previous accounting period figures).
As per the information made available in the Revenue website, it may also be noted that
- If a data item appears more than once then it must be tagged each time.
- In circumstances where a financial report data item or concept does not have a relevant taxonomy tag, the data concerned should simply be left as plain text. Completion of the “Extracts from Accounts” section of the Form CT1 is not mandatory where the Financial Statements are submitted and fully tagged in iXBRL.
- There should be no loss of detail in the iXBRL Financial Statements in respect of items which previously would have been declared in the Form CT1.
Minimum Content and Tagging Required in iXBRL Returns
The following guide will assist in determining the minimum content and tagging in iXBRL returns required by Revenue:
|Form CT1 Filer- Company Category||Auditors Report||Directors Report||Detailed Profit or Loss||Balance Sheet||Disclosure Notes|
|Preparation and publication of financial statements required under (ROI) Companies Act (CA)- subject to CA Statutory Audit||Yes||Yes||Yes||Yes||Yes|
|Preparation and publication of financial statements required under (ROI) Companies Act (CA) - not subject to CA Statutory Audit||Yes||Yes||Yes||Yes|
|Preparation and publication of financial statements required under (ROI) legislation other than the Companies Act (e.g. Industrial and Provident Societies Acts 1893-2014)||Yes,if applicable||Yes,if applicable||Yes||Yes||Yes,if applicable|
|Tax Resident in ROI - not required to prepare and publish Financial Statements under legislation in country of incorporation or in ROI.||Yes||Yes|
|Tax Resident in ROI - Preparation and publication of Financial Statements required under legislation in another jurisdiction (e.g. UK incorporated company bound by the UK Companies Act)||Yes,if applicable||Yes,if applicable||Yes||Yes||Yes,if applicable|
|Not Tax Resident in ROI - Operating a Branch or Agency in ROI||Yes||Yes,if applicable|
|Group Holding Company (Consolidated Financial Statements prepared and published)||Yes||Yes|
Revenue accepts iXBRL financial statements that have been tagged with the following taxonomies.
- FRS 101 Irish Extension For periods commencing on or after 1 January 2018
- FRS 102 Irish Extension for periods commencing on or after 1 January 2019
- EU IFRS Irish Extension For periods commencing on or after 1 January 2018
- FRS 101 + DPL for periods ending on or after 1 January 2015
- FRS 102 + DPL for periods ending on or after 1 January 2015
- EU IFRS + DPL for periods ending on or after 1 January 2015
- IE GAAP for periods ended on or before 31 December 2014.
- IE IFRS for periods ended on or before 31 December 2014
Please note that some taxonomies cannot be used for all years. For example, the IE GAAP taxonomy can only be used for accounting periods ended on or before 31 December 2014.
It may also be noted that Revenue does not accept iXBRL financial statements that have been tagged using only the DPL extension. This extension must be combined with one of the FRS 101, FRS 102 or EU IFRS taxonomies published in 2016.