News

Tax RoI

Following changes to accounting frameworks in Ireland which include the introduction of IFRS 9 Financial Instruments, IFRS 15 Revenue and IFRS 16 Leases, Revenue have developed three new taxonomies. Since 17 June 2019, Revenue will accept iXBRL submissions tagged using the FRS 101 Irish Extension, the FRS 102 Irish Extension and the EU IFRS Irish Extension. The older taxonomies will still be accepted by Revenue.   Revenue guidance has been updated and the structure of the taxonomies can be viewed on Taxonomy Viewer.  Read Revenue’s eBrief.

Jun 24, 2019
Tax

In advance of the 23 December iXBRL filing deadline for companies with December 2017 year ends, filers are reminded that since 1 August 2018, the FRS 101+DPL, FRS 102 + DPL or EU IFRS +DPL taxonomies must be used for iXBRL submission for accounting periods ending on or after 1 January 2015. More information can also be found in e-Brief 154 of 2018.   

Dec 10, 2018
iXBRL

As we approach peak filing season for iXBRL returns, Revenue have tidied up the iXBRL Tax and Duty manual.  iXBRL FAQs have been amalgamated into the guidance.  You can still see the original FAQs in Appendix II and details of other changes to the manual are listed in Appendix III.  Read Revenue’s e-Brief on the new Tax and Duty manual.

Dec 10, 2018
Tax RoI

We are aware of a small number of instances where uploads of iXBRL tagged financial statements are becoming stuck at the ‘processing’ stage of the upload on ROS.  Revenue has informed us that they aware of this issue and have advised impacted filers to contact the ROS help desk when they become aware that this problem has occurred in order to get it resolved.  

Sep 03, 2018
Tax RoI

As we approach the deadline for filing corporation tax returns for companies with a year ended 31 December 2017, just a reminder for those companies obliged to file their financial statements in iXBRL, iXBRL returns are due within three months of the corporate tax return filing deadline. However, refunds won’t be paid until the iXBRL financial statements are filed.   If the iXBRL financial statements are not filed on time, the corporation tax return is deemed to have been filed late and a surcharge may be imposed, a restriction of group loss relief could apply and tax clearance could be affected.  Further information on iXBRL filings and important information on taxonomies is available on our iXBRL webcentre.   

Sep 03, 2018
iXBRL

Since 1 August 2018, some taxonomies (the codes used in iXBRL to identify accounts items when submitting accounts) are no longer accepted by Revenue.  In addition, Revenue are making the use of the updated DPL (Detailed Profit and Loss) taxonomy mandatory.  Revenue have issued eBrief 154/18 highlighting these changes. Details of these restrictions and the mandatory use of the updated DPL taxonomy were flagged back in Chartered Tax News in May.  We also reported that section 110 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.  You can read more on iXBRL and the changes from 1 August on our iXBRL webcentre. 

Aug 07, 2018
Tax

From 1 August 2018, some taxonomies (the codes used in iXBRL to identify accounts items when submitting accounts) will no longer be accepted by Revenue.  In addition, Revenue are making the use of the updated DPL (Detailed Profit and Loss) taxonomy mandatory.  Details of these restrictions and the mandatory use of the updated DPL taxonomy were flagged back in Chartered Tax News in May.  We also reported that section 110 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.  You can read more on iXBRL and the changes from 1 August on our iXBRL webcentre.  

Jul 23, 2018
iXBRL

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: Tax and Duty Manual 41A-03-01   iXBRL FAQs  iXBRL FAQs change doc v1.8 Error Messages Technical Note Style Guide  

May 08, 2018
Tax

We have confirmed with Revenue that there is currently a technical difficulty with the format of their new DPL Taxonomy on the Revenue website and this means that there is no direct access to the new schema necessary to adopt the DPL.   We expect a solution from Revenue shortly.    As we reported last month, Revenue released their DPL taxonomy for use with the FRS 101, 102 and EU IFRS taxonomies when tagging financial statements for iXBRL filings.  At the moment, this DPL taxonomy is not working as intended.  Until such time that Revenue has fixed the error with their DPL taxonomy, the DPL information will be accepted if the information is tagged using typed dimension tags as follows: Further item of operating income/gain [income statement item, component of operating profit (loss)]; Further item of operating expense/loss [income statement item, component of operating profit (loss)]; and Further item of non-operating gain (loss) before tax [income statement item, component of profit or loss before tax]. We expect an eBrief to issue from Revenue shortly on this difficulty. We will report of any developments in Chartered Accountants Tax News.  

Dec 04, 2017
Tax

Revenue has released their DPL taxonomy for use with the FRS 101, 102 and EU IFRS taxonomies when tagging financial statements for iXBRL filings.  We will be meeting with Revenue to discuss the use of the DPL taxonomy as well as a number of current iXBRL filing issues in the coming weeks.   The DPL taxonomy is now accepted by Revenue although it is published as a wording draft to allow for consultation.  The DPL taxonomy is available to download from the Revenue website.   Revenue has confirmed with us that they updated their iXBRL FAQs in October 2017 for the following: Addition of new FAQ “The CT1 “Extracts from Accounts” menu contains mandatory fields for Turnover, Gross Profit and Profit (Loss) Before Tax etc. Does the DPL contain any mandatory fields?” to introduce mandatory tags in DPL. Update of table of accepted taxonomies in the question “What taxonomies will Revenue accept?” to incorporate the combined taxonomies for FRS101/102/EU IFRS + DPL. Addition of the term “Detailed Profit and Loss” on two lines of the question “Do I need to tag data which is listed in a Financial Statement but is not reported, such as data represented by a dash or a blank in a table?” to align this FAQ with the introduction of the DPL mandatory tags. Updates were also made to the FAQs in September 2017.  Details of the changes are available here.  Revenue has published information on the DPL taxonomy in eBrief No. 96/17.

Nov 06, 2017
Tax

As we approach the corporation tax return filing deadline for companies with a 31 December 2016 year end, just a reminder for those companies that file their financial statements in iXBRL that iXBRL returns are due within three months of the filing deadline.  However, refunds won’t be paid until the iXBRL financial statements are filed.   We would also like to remind you that if you miss the iXBRL filing deadline, a surcharge may be imposed, a restriction of group loss relief could apply and tax clearance could be delayed.  Further information on iXBRL filings is available on our iXBRL webcentre.   

Sep 18, 2017
Tax RoI

Revenue are currently examining options for the provision of a Detailed Profit and Loss (DPL) taxonomy for use with the Irish taxonomies for FRS 101, FRS 102 and EU IFRS. In the meantime, Revenue have confirmed to us that they will accept DPL information, for which there is no appropriate tag available, where the information is tagged using certain typed dimension tags.  If you were previously using the IE GAAP taxonomy, in the absence of a specific tag, you may have used tuple tags (group tags) when tagging the DPL. The taxonomies for reporting under FRS101, FRS102 and EU IFRS do not contain such group tags; rather the advice from Revenue is that typed dimension tags or “further” tags should be used as follows: Further item of operating income/gain [income statement item, component of operating profit (loss)]; Further item of operating expense/loss [income statement item, component of operating profit (loss)]; and Further item of non-operating gain (loss) before tax [income statement item, component of profit or loss before tax]. We will keep you informed of any updates on a specific DPL taxonomy.  Further information on iXBRL filing and tagging accounts is available on our iXBRL webcentre.  

Jul 24, 2017