{"id":1708,"date":"2020-04-03T17:32:56","date_gmt":"2020-04-03T17:32:56","guid":{"rendered":"https:\/\/prathamconsult.com\/ie\/?page_id=1708"},"modified":"2025-04-18T13:05:38","modified_gmt":"2025-04-18T13:05:38","slug":"introduction","status":"publish","type":"page","link":"https:\/\/prathamconsult.com\/ie\/introduction\/","title":{"rendered":"Introduction"},"content":{"rendered":"\t\t
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Introduction<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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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.<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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For better understanding, please refer the below mentioned various aspects related to iXBRL Filing:<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\tWhat is XBRL?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tAll you need to know about \u2013 i.e. XBRL, iXBRL, Taxonomy, Tags, Instance Document, Validation etc\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhy XBRL is required?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tiXBRL offers many benefits viz. Improved reporting, Automated data collection, Reliability & accuracy, Cost effective, Time saving, Better decision making\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWho need to file in XBRL?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tAll companies required to prepare accounts under the Companies Act 2014 must submit their Financial Statements in iXBRL to Revenue...\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhat is required to be filed?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tFull set of financial statements is required to be filed in iXBRL format through Revenue On-line Service\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhen you need to file?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tAll the Companies required to file their financial statements must file the financials after the end of its financial year\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tHow to prepare and\/or file?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tPreparing financial statements in XBRL mode: The process for creation and filing of Financial Statements in iXBRL mode is as under\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhat if there is delay or non-filing?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tIn case the Company makes delay in filing or fails to file the financial statements, late fees and penalty is applicable\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tHow we can serve?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tXBRL Experts offers full service for all of your iXBRL filing needs. We provide compliance with the most current filing requirements\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\tWhat is our process?\t\t\t\t\t<\/a>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tIt is a simple 4 step process to convert your financial statements to iXBRL format for filing with Revenue Ireland\u2026\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Introduction The Revenue Commissioners (Revenue), is the Irish Government agency responsible for customs, excise, taxation and related matters. Its core […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"yoast_head":"\nIntroduction - Pratham Consultants Ireland<\/title>\n<meta name=\"description\" content=\"All the Companies registered with MCA are required to file the financial statements with MCA. 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