iXBRL financial statements are submitted as part of the CT1 tax return through Revenue Online Service (ROS). If financial statements are submitted and fully tagged in iXBRL there is no need to complete the “Extracts from Accounts” section of the Form CT1.
- Compare key accounting ratios across companies;
- Automatically prepare company profiles;
- Automatically generate statistical information for management purposes;
- Perform basic audit checks / reconciliations (e.g. reconciling loss relief/claims within a group); and
- Develop predictive analytical models to identify risk.
In addition, electronic Financial Statements will be available to help caseworkers prepare for audits and other Revenue interventions.
The obligation to file electronic Financial Statements was introduced on a phased basis. All Corporation Tax payers meeting the Phase I or Phase II criteria are affected by the changes. These include:
- Irish Tax Resident Companies
- Parents & Subsidiaries
- Branches/Agencies of Non-Resident Companies
- Companies not bound by the Companies Acts
Inactive companies and companies in liquidation may not be required to file electronic Financial Statements with their Form CT1. However, in exceptional circumstances, Revenue retains the right to request electronic Financial Statements from such companies.
SIMPLIFY XBRL REPORTING.
Report Authority has been designed by accountants, for accountants and minimises any complexity that XBRL reporting has been known to introduce.
With a focus first and foremost on being a tool that can assist an accountant prepare and automate sets of financial statements, Report Authority can successful integrate XBRL into the accounts production process with minimal fuss.
CONVERT OR CREATE.
If your accounts have already been produced but you require iXBRL versions of them, you can import entire Microsoft Word documents or content from Microsoft Excel workbooks to be XBRL tagged and converted to iXBRL format. This is useful if;
- you need the previous period’s accounts in iXBRL format prior to the implementation of Report Authority; or
- you do not have control of the creation of the AFSs.
Alternatively, you can utilise the full set of functionality to create, automate, validate and replicate your accounts from within Report Authority itself.
EFFICIENT AND CONSISTENT REPORTING.
Companies may have to produce many iXBRL documents for submission to the Irish Revenue on ROS – one for each entity in the group. This can be a significant burden on finance teams because;
- manually XBRL tagging each entity is time-consuming, and;
- it is difficult to achieve consistency in content and XBRL tagging across all entities in the group.
Report Authority’s templating functionality alleviates this burden because the content, XBRL tags and data mappings of a segment can be determined by the template – any changes of which will be cascaded automatically and consistently to all entities in the group.
LINKS TO ORACLE EPM AND MORE.
Automate your Annual Financial Statements (AFSs) by linking facts in the report to external data sources such as Oracle HFM, Planning & Essbase, and Microsoft Excel.
Easily calculate facts based on values of others, cross-reference facts and mix presentation scale – without introducing rounding differences.