iXBRL preparation

All corporate tax payers in the Ireland need to file their CT1 form with Revenue including the Accounts, in iXBRL format. There are several ways corporations can fulfil this requirement including, in-house, getting it done through the Accountants/Tax Advisors, or outsourcing to managed tagging service providers like DataTracks. i. Saves your precious time Outsourcing your iXBRL work means you do not have to spend time in tagging, reviewing and generating iXBRL files. ii. Helps you focus on your core business Outsourcing your iXBRL work lets you focus on your core activities, be it Accounting, Auditing, tax, etc. iii. Saves you money iXBRL preparation cost starts as low as €185. Volume discounts are provided. iv. Expertise When you outsource your iXBRL work, they are handled by specialists with expertise in various taxonomies approved by Revenue and industry best practices. v. No need for specialised software There is no need to buy iXBRL software license year on year. Outsourced vendors have in-house software arrangements. There is no need to invest time in knowing how these software work. vi. Guaranteed filing with Revenue All iXBRL files are test filed with ROS for guaranteed successful filing. vii. Revenue best practices Outsourcing partner has a rich repository of experiences gathered over the years with thousands of iXBRL preparations. They can be relied upon to adhere to industry best practices, including Revenue recommendations. viii. Supporting files to review When you use a professional service, you not only get the iXBRL file for filing with Revenue; you will also receive supporting files with XBRL tags for review and an additional file to exchange comments during the review process. ix. Flexible turnaround time When you outsource your iXBRL work, you have the ability to meet your filing deadline. For example, at DataTracks, we have two turnaround options – 3 or 10 business days. x. Flexible input file format Professional service providers have the capability to accept any input file formats. For example, at DataTracks, we accept input files in Word, Excel or even in PDF file formats. About DataTracks: DTracks Limited is a subsidiary of DataTracks Services Limited. With more than 10 years track record, DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as Revenue in Ireland, HMRC in the United Kingdom, SEC in the United States, ACRA in Singapore and MCA in India. The views expressed are that of the author’s and DataTracks is not responsible for the contents or views expressed therein. If any part of this blog is incorrect, inappropriate or violates the IP rights of any person or organization, please alert us at ceo@datatracks.com. We will take immediate action to correct any violation. To find out more about DataTracks, visit www.datatracks.ie or send an email to enquiry@datatracks.ie