Why XBRL / iXBRL is required?

The Revenue Commissioners (Revenue), is the Irish Government agency responsible for customs, excise, taxation and related matters. Its core activity is the assessment and collection of taxes and duties. Since 2013, Revenue has implemented a phased introduction of the requirement to file electronic Financial Statements as part of the Form CT1. All companies that are required to prepare accounts under the Companies Act 2014 must submit their Financial Statements in iXBRL format to Revenue. However, Revenue has progressively mandated the submission of Financial Statements in iXBRL format on a phased basis for Corporation Tax filers. There will be a gradual transition until eventually all Corporation Tax payers will submit their Financial Statements in iXBRL format.

Beneficiaries of XBRL data:

Regulators:

  • Greater transparency through ease of analysis of the regulated entities filings
  • Increase data accuracy
  • Dramatically reduced the time to process filings from weeks to days
  • Rise in analyst productivity
  • Validate and review data much more efficiently and usefully than they have hitherto been able to do.

Corporate Community:

  • Cost savings in preparation, report creation, analysis. High flexibility through the use of dashboard based business rules. This leads to significant savings in man hours and lead time in compliance and consolidation
  • Faster availability of data into standard reports
  • Extracts data from accounting packages and makes it standardized and portable
  • Provides a common framework of definitions
  • Easy data handling due to standardization and automation, centralization of delivery
  • A pioneering status among enterprises in the use of XBRL. Image enhancement in the marketplace through Increase of quality and consistency of data

Auditors:

  • Automate financial statements handling, cutting out time-consuming and costly collation and re-entry of information.
  • Accurate and Quality Data
  • Facilitates audit trail

Equity Analyst/Investment Banker/Credit Analyst/Investors:

  • Easier access to financial data
  • Easier analysis and comparison of financial data
  • Utilizing a publicly available XBRL database of Risk Return filings or prospectuses, could easily, in a matter of minutes, identify funds for review based upon fund type, return history and expense information
  • Simplify the selection and comparison of data, and deepen their company analysis
  • Time required for analysis, validation and arranging financial information according to the needs is greatly reduced.

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