What are the limitations of XBRL?

Not all accountants possess prowess in the XBRL language; some have only heard about the taxonomy and language. XBRL’s complexity, combined with the inexperience, can create discrepancies in the financial data, which can lead to bad decision-making.

What is iXBRL instance on CIPC?

CIPC mandated the digital reporting system for all qualifying entities from 1 July 2018. iXBRL is an Inline eXtensible Business Reporting Language for electronic communication of business information providing major benefits in the preparation, analysis, communication of Annual Financial Statements.

Who benefits from XBRL?

It offers benefits to a range of users. In fact, anyone that wishes to analyze or compare data can benefit from XBRL, as it makes information more readily accessible to anyone – from stakeholders in a business to investment analysts and government agencies.

Who is required to file iXBRL?

Revenue’s Large Corporates Division companies must submit iXBRL financial statements for accounting periods ending on, or after, 31 December 2012. S. 110 Special Purpose Vehicles must submit iXBRL financial statements for accounting periods ending on, or after, 31 July 2013.

Who has to file an iXBRL?

all corporation tax payers
Filing of financial statements in iXBRL format is mandatory for all corporation tax payers with the exception of companies who meet all three of the following criteria: balance sheet total ≤ €4.4 million; annual turnover ≤ €8.8 million annually; and. average number of employees ≤ 50.

What entities will be impacted by XBRL?

XBRL does not define particular taxonomies. Rather, this responsibility lies with those who manage the information supply chains—banks, regulators, financial institutions, stock exchanges or a single organization that wishes to improve its own internal information supply chain.

Who needs to file iXBRL accounts?

The accounts sent with your return need to be in iXBRL format if they are required to be prepared under any of the following legislation:

• individual accounts required to be prepared under Chapter 4 of Part 15 of the Companies Act 2006.
• Building Societies Act 1986.
• Friendly and Industrial and Provident Societies Act 1968.

What are iXBRL accounts?

Inline XBRL (iXBRL) – HMRC has adopted the internationally recognised form of XBRL called inline XBRL (iXBRL), which allows the computer-readable tags to be attached to an electronic file which can also be read by people on screen or in printed form.

Does anyone use XBRL?

There are roughly 150 people in the Division of Economic and Risk Analysis, and many of them use the ‘as reported’ XBRL structured disclosures almost daily. Commission Staff recognize that data quality is an important issue.

Where is XBRL required?

Since June 16, 2011, all US companies (other than investment and business development companies) must follow XBRL reporting requirements. After the SEC adopted Inline XBRL, companies moved to the use of Inline XBRL.

What is the purpose of iXBRL tagging?

What is the difference between XBRL and iXBRL?

Whereas an XBRL report provides only the tagged data, an iXBRL report is a human-readable report with tagged data embedded in it. The tagged data in an iXBRL report can be extracted and converted into an XBRL report by an iXBRL processor.

For which company XBRL is applicable?

Applicability of XBRL filing All public companies listed in the stock exchange in India and their Indian subsidiaries. All companies with a turnover of Rs 100 crores or more. All companies with a paid-up capital of Rs 5 crores or more.

When must iXBRL be filed?

iXBRL is an important aspect of Revenue’s corporation tax compliance obligations and while there have been no significant changes to their requirements, the new + DPL taxonomies are mandatory for all iXBRL filings from 1 August 2018.

Who has to file iXBRL accounts?

Filing of financial statements in iXBRL format is mandatory for all corporation tax payers with the exception of companies who meet all three of the following criteria:

• balance sheet total ≤ €4.4 million;
• annual turnover ≤ €8.8 million annually; and.
• average number of employees ≤ 50.