iXBRL: Mandatory use of Detailed Profit and Loss taxonomy and other matters

May 08, 2018

From 1 August 2018, Revenue’s updated Detailed Profit and Loss (DPL) taxonomy must be used for all iXBRL submissions relating to accounting periods ending on or after 1 January 2015.  Also from 1 August 2018 Revenue will restrict the use of the IE GAAP and IE IFRS taxonomies.   Section 110 companies are also subject to the mandatory use of the DPL taxonomy and restriction. 

Per eBrief No. 80/18, Revenue will now accept submissions of iXBRL returns which have been tagged using the updated DPL taxonomy.   The updated DPL taxonomy is for use with the Irish-extension taxonomies for FRS 101, FRS 102 and EU IFRS.   Use of the updated DPL taxonomy will be mandatory for all iXBRL submissions from 1 August 2018 where the accounting period ends on or after 1 January 2015.

Also from 1 August 2018, the FRS 101, FRS 102 or EU IFRS taxonomy must be used for iXBRL submission for accounting periods ending on or after 1 January 2015.   This is because Revenue will restrict the use of the IE GAAP and IE IFRS taxonomies for all iXBRL submissions to accounting periods ended on or before 31 December 2014.  This restriction is published in Revenue’s iXBRL FAQs (page 19). 

Section 110 companies who prepare their corporation tax returns on the basis of single entity accounts prepared under ‘Old Irish GAAP’ would generally use the IE GAAP taxonomy to tag their accounts.   However such companies will be obliged to use the updated DPL with either the FRS 101, 102 or EU IFRS taxonomies for their iXBRL submissions for accounting periods from 1 August 2018.  Following engagement with Revenue at TALC Revenue have confirmed that this will not constitute an election to file returns on the basis of single entity IFRS Financial Statements or modified Irish GAAP.   Such confirmation is published in Revenue’s iXBRL FAQS (page 21).

Revenue have amended their following related iXBRL guidance as a result of the above changes: