What is XBRL?
XBRL stands for eXtensible Business Reporting Language. It is not a software package. It’s a way of ‘tagging’ data within a computation or a set of accounts so that as a figure (e.g. Profit Before Tax) moves between different software packages, each package recognises what it represents.
Download our simple introductory guide to the basics of XBRL
Impact of XBRL in Ireland
Companies in Ireland are currently impacted by XBRL in the following areas:
- Mandatory Filing of UK Corporation Tax returns and the related statutory accounts from 1, April 2011
- SEC registered companies. The SEC mandated the use of XBRL for filing quarterly and annual statements (10-K, 10-Q, 20-F, and other forms). This mandate not only affects US firms and US GAAP filers, but also Foreign Private Issuers filing IFRS accounts
- COREP/FINREP reporting (EU)
In addition to this we understand that the Irish Revenue Commissioners is moving to XBRL filing with voluntary implementation expected in 2012 and mandatory implementation subsequently.
|Harry Goddard, Partner
T +353 1 417 2589
|Simon Murphy, Director
T +353 1 417 3868
|John McCarroll, Partner, Audit
T +353 1 417 2533