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1 Questions to Consider: How might the ixbrl tagging of tax returns and company financial statements be harnessed to deliver benefits to us? Increased Year 2 compliance requirements often result in company reassessment of prior period bolt-on implementation Built-in Benefits include: Effectiveness and efficiency in the financial close last mile of report assembly and review processes via reduction of manual effort XBRL Ireland through automation & Revenue Report assembly Report review Spreadsheet aggregation and analysis Enhanced controls Over edit process and related turn-around time Automating manual controls Roadshow Enhanced ability to benchmark, analyse and access data March April EDUCATING SUPPORTING REPRESENTING

2 Chairpersons Introduction Agenda for the Roadshow: Revenue s ixbrl filing requirements ixbrl A Practitioners Experience Questions and Answers Session Coffee with the software vendors Housekeeping matters!

3 Questions to Consider: How might the ixbrl tagging of tax returns and company financial statements be harnessed to deliver benefits to us? Increased Year 2 compliance requirements often result in company reassessment of prior period bolt-on implementation Built-in Benefits include: Effectiveness and efficiency in the financial close last mile of report assembly and review processes via reduction of manual effort Revenue s ixbrl through automation Filing Report assembly Report review Spreadsheet aggregation and analysis Enhanced controls Over edit process and related turn-around time Automating manual controls Requirements Enhanced ability to benchmark, analyse and access data

4 ixbrl Filing Requirements Revenue ixbrl Business Team Pat Mulhall Greg Whooley ixbrl Roadshow March/April 2014 XBRL Roadshow 4

5 Content in a nutshell Revenue Rationale Current Position ixbrl Roll-Out Schedule Who is Affected? Accessing the Service More Information 5

6 in a nutshell What is ixbrl filing all about? Legislative changes in the Finance Acts 2012 and 2013 extended the definition of a Corporation Tax Return to encompass financial statements. Revenue require mandated companies to submit these financial statements through ROS in ixbrl, a format that may be read and accessed by computers and humans

7 Building Blocks Rationale Legislation Finance Acts 2012/2013 & e-filing Legislation Technology Maturity and availability of tools/supports Business Reporting Language International Best Practice Benefits Fast Accurate Data Sharing Better Service Turnaround Better Risk Focus

8 Live Filings Current Position Optional since Nov 2012 Phase 1 of Mandatory ixbrl Filing has commenced Manage Financial Statements ROS Facility Before/With/After Corporation Tax Return (CT1) Within normal Corporation Tax filing period + 21 days Fully Tagged GAAP & IFRS Taxonomies No Tax Computations yet 8

9 ixbrl Roll-Out Schedule 1 Oct 2013 Phase 1 Large Cases Division (LCD) Corporation Tax Filers 1 May 2014 S.110 Companies (Securitisation Special Purpose Vehicles) 1 Oct 2014 Phase 2 Non-LCD Corporation Tax Filers (not meeting Audit Exempt criteria ) 2015 Phase 3 Balance of Corporation Tax Filers

10 ixbrl Roll-Out Schedule Phase 2 Mandate Applies to Corporation Tax Returns where: The Accounting Periods ends on or after 31 st Dec 2013, And Corporation Tax return submitted on or after 1st Oct 2014 Phase 2 Exemption/Deferral available if Balance Sheet value < 4.4m; Turnover < 8.8m; Average number of employees < 50 Correspond to the audit exempt criteria BUT All criteria must be satisfied!

11 Who is Affected? All Corporation Taxpayers Irish Tax Resident Companies Parents & Subsidiary Branches/Agencies of Non-Resident Companies Exemptions available in the case of.. Inactive Companies Companies in Liquidation Income Tax ixbrl Filing Optional

12 Accessing the Service In ROS Manage Financial Statements Service available from My Services Screen or Agent Services Screen

13 Accessing the Service

14 More Information Revenue ixbrl Webpage : Revenue ixbrl FAQ Webpage : Revenue ixbrl 14

15 Thank You 15

16 Questions to Consider: How might the ixbrl tagging of tax returns and company financial statements be harnessed to deliver benefits to us? Increased Year 2 compliance requirements often result in company reassessment of prior period bolt-on implementation Built-in Benefits include: Effectiveness and efficiency in the financial close last mile of report assembly and review processes via reduction of manual effort through automation Report assembly Report review Spreadsheet aggregation and analysis ixbrl Enhanced controls Over edit process and related turn-around time Automating manual controls Enhanced ability to benchmark, analyse and access data A Practitioners Experience EDUCATING SUPPORTING REPRESENTING

17 Content ixbrl The Challenge A glance under the bonnet Your implementation options What you should be considering now Tagging the lessons learnt so far Where to find more information Q&A

18 The Challenge The Challenge: Create a set of tagged financial statements XBRL tagging is a matching process: performed by people using software using a measure of skill and judgement CT1 form (No Change) Tax computation (No Change) Statutory financial statements (ixbrl) Company tax return

19 ixbrl at a glance ixbrl documents contain embedded tagged information information ixbrl Document ixbrl does not affect account content or disclosures

20 ixbrl Computer Readable & Human Readable The places where tags have been applied are shown here with blue background shading. Some of the XBRL attributes of a single fact are summarised in the cloud. Tag Name: Turnover / Gross operating revenue Taxonomy: Irish GAAP Date Context: Current year duration Scale: Units Decimals: Zero Currency: Pound sterling Reversed: False Default dimensions: Continuing Operations

21 Your Implementation Options How? Bolt-on tagging: outsourced Bolt-on tagging: in-house Built-in tagging

22 Bolt- On Tagging Options Outsourced or in-house options available Involves taking final signed accounts, typically in Word or Excel format Using a combination of predictive/manual tagging software to apply the tags and convert the financial statements to ixbrl. Main advantage of this option is that the existing process for preparing financial statements is maintained. However it is an additional task required to be performed at the end of the accounts preparation process.

23 Built-In Tagging Options: Accounts production software: Maps each company s trial balance into a pre tagged accounts structure At the time of printing the final financial statements for signature, the software can also produce an ixbrl version at the click of a button. This method completely replaces any typing of financial statements in Word. Embedded Process Solution involves automatically tagging the financial data at the source in the ERP/Accounting system. The key advantage for companies that go with a built-in solution is that they can leverage the standardisation that ixbrl brings to streamline and automate some of the last mile financial report assembly and review activities.

24 The XBRL Maturity Curve In House Bolt-On Tagging Built-in Immature Built-in Mature Outsourced Bolt-On Tagging Built-in Moderate Fully Integrated A fully integrated solution: Allows management to benefit from real-time access, analysis and reporting using standardised company information.

25 What you should be considering now.

26 What should I do first. Appoint a manager responsible for devising a plan and budget - real planning doesn t start until someone knows ixbrl is part of their day-job - set a date to deliver a plan and budget

27 And after that? Gather internal stakeholder perspectives Determine the preferred solution: Bolt- On: Outsourced In-house Built- In Draft selection criteria Meet with relevant solution providers Consider appointing implementation advisers

28 Do I need to purchase and implement new software to do this? You need to investigate to what extent are existing providers of your tax/accounting software doing to meet the new standard. If using Accounts Production Software already there may be an upgrade available with the ixbrl tagging functionality. Tip:- Engage early with your software providers. Planning ahead is key

29 Some questions to ask your solution provider Does the software currently support ixbrl? Is the software tool simply a bolt on that creates ixbrl documents, or does it support the full creation of financial statements? Does the software allow you to tag the data using Revenue accepted taxonomies (e.g. UK IFRS, Irish IFRS, Irish GAAP)? Does the software tool suggest tags for the various concepts in the report? Is the search tool for tags easy to use? Is there taxonomy mapping wizard functionality? If so, how robust are its capabilities? How does the software tool allow you to roll-forward from one period to the next?

30 Some questions to ask your solution provider Does the software enable workflow processes around the creation, maintenance and review of company reports? What kind of validations does the software tool allow you to perform on the XBRL document? The software should validate that the instance document will be accepted by Irish Revenue. Does the tool allow you to easily identify the attributes of each fact (e.g. data type, unit, decimals, balance, etc.) in a standard report? How quickly does the company respond and provide updates related to new issuances of the taxonomy and Tax reporting requirements.

31 Who will conduct the work to tag the financial statement? In our experience the people responsible for tagging need to have: Knowledge of the Accounting Concepts Basic knowledge of the Taxonomies A good understanding of the mandate & tagging requirements - including dimensions Have access to technical ixbrl support - NB Sign-off by financial accounts team required

32 How will the tagging and review process work? You should consider what controls you need to put in place to ensure the correct application of the XBRL tags, how would you normally treat a Revenue return. Determine how any judgements necessary in the tagging of the financial information will be identified, considered and resolved. Identify what level of testing of ixbrl tagging will be appropriate. Tip:- Use the Revenues Test facility to test the validity of your files and eliminate failures on the live submission.

33 Tagging, the lessons learnt so far.

34 Tagging What to watch out for. Use only the taxonomies accepted by the Irish Revenue. Check your Corporation Tax No & Company Registration No. Make sure the numbers tagged are valid for the return being filed on ROS. Accounting period for the Accounts must tie to the accounting period on ROS. Full tagging of the financial statements is required: Text and Figures Cover to Cover Directors Report, Auditors Report, Financial Data and Disclosure notes* *Detailed Pension Notes and Detailed Financial Instrument Notes are the only items with tags on the taxonomies that do not have to be applied.

35 Tagging What to watch out for. Some tags need to be reversed Check your reversals: Tag Profit (Loss) for the period you need to reverse the tag if it is a loss Tag Tax on profit/loss on ordinary activities you need to reverse the tag if it is a tax credit Check your tag rounding you don t want to report incorrect figures to a factor of millions! Where tags have been reversed

36 Tagging What to watch out for Check that the mandatory tags that Revenue require in every ixbrl file have been included in your ixbrl deliverables. If the same tag & tag attributes are applied to different values in the financial statements it will fail Revenue validations The error message will indicate an Inconsistent duplicate fact. An ixbrl deliverable will have a.html file extension- anything else will fail revenue validations. If sending ixbrl deliverables via e.g to your tax provider to file for you - you should zip the attachments firewall checks can cause ixbrl documents to become corrupt.

37 Where to find more information about ixbrl Irish Revenue: XBRL Ireland: XBRL International:

38 Thank you

39 Questions to Consider: How might the ixbrl tagging of tax returns and company financial statements be harnessed to deliver benefits to us? Increased Year 2 compliance requirements often result in company reassessment of prior period bolt-on implementation Built-in Benefits include: Effectiveness and efficiency in the financial close last mile of report assembly and review processes via reduction of manual effort Questions through & automation Answers Report assembly Report review Spreadsheet aggregation and analysis Enhanced controls Over edit process and related turn-around time Automating manual controls Session Enhanced ability to benchmark, analyse and access data

40 Coffee with Revenue & the Vendors

41 BRIL/Revenue XBRL Roadshow 2014 Links to vendor websites: 123XBRL ALUI Arkk Solutions PDF2ixbrl Relate Sage Tax Computer Systems Wolters Kluwer Caseware

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