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Revenue has updated the Tax and Duty Manual which provides guidance on the submission of iXBRL financial statements as part of corporation tax returns. The manual has been updated to confirm that companies liable to corporation tax whose affairs are managed in either the Large Corporates Division (LCD) or the High Wealth and Financial Services Division (HWFSD) are obliged to file their financial statements in iXBRL format (Paragraph 2.1).
Following the creation of the HWFSD, changes to the most recent Form CT1 where explicit references were made to the LCD have been removed (Paragraph 3).
Guidance on what should be included in the mandatory ‘DPLTurnoverRevenue’ and ‘DPLGrossProfitLoss’ tags following the introduction of a new section of the EU IFRS taxonomy for insurance/reinsurance and life assurance entities reporting under IFRS 17 (Insurance Contracts)( Paragraph 3.1.3) is included.
Further updates include:
updated examples to reflect more recent accounting standards and related taxonomies (Paragraph 1.6.1),
Small Company turnover and balance sheet thresholds under the Companies Act 2014 (Paragraph 3.1.1), and
New guidance on the inappropriate use of taxonomies (Paragraph 4.1.2).
For further information see eBrief No.255/24.
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