Ireland
Country: Eire
Status: Full Jurisdiction
Jurisdiction Name : xbrl.ie
Website : http://www.xbrl-ie.org
Membership Count: 9
IFRS Adoption for Public Companies: Required for all domestic listed companies
XBRL PROJECTS OVERVIEW:
| Companies Registration Office Ireland | Development |
| Government of Ireland- Dept. Enterprise | Development |
| Irish Financial Service Reg Auth. | Voluntary Filing |
| Revenue Commissioners Ireland | Development |
| XBRL Ireland | Development |
JURISDICTION MEMBERSHIP:
| Central Statistics Office (Ireland) |
| Chartered Accountants Ireland |
| Companies Registration Office |
| Deloitte (Ireland) |
| Global Business Registry |
| Institute of Taxation Ireland |
| KPMG Ireland |
| PricewaterhouseCoopers Ireland |
| Revenue Commissioners Ireland |
XBRL Ireland has been incorporated as a not-for-profit consortium since 2004 as is a full voting member of XBRL International. XBRL developments in Ireland are currently being driven by colloborative engagements between the accounting and taxation professions along with Companies House, the Central Statistics Office and the Revenue Commissioners as part of the EU Reduction in Administrative Burden Program announced by the European Commission in 2007. Significant liaison continues with the Irish Government Department of Enterprise Trade and Employment in supporting the European Community target of reducing the compliance burden on business by 25% by 2012. The inclusion of these discussions represents a growing endorsement of XBRL within the Irish Government.
XBRL Adoption in Ireland
The 2009 Irish Government review by the Department of Enterprise Trade and Employment (DETE) Higher Level Group (HLG) report on business reporting regulation has endorsed the early adoption of mandatory electronic filing along with XBRL financial statements. The DETE reports calls for Companies Registration Office (CRO) and Revenue Commissioners to work closely together and to engage with accountancy bodies to produce a crossagency result which can be replicated by other Government agencies through their existing customer service mechanisms. Any necessary legislative change should be made as part of the proposed Companies Consolidation and Reform Bill. The High-level Group also suggests that companies that maintain the e-profile and file accounts through XBRL should not be required to file duplicate information with any other Government Department, Agency or Office. In summary, the Group believes that by introducing a simultaneous return date to CRO and Revenue, by phasing in mandatory e-filing, including accounting data in XBRL-format, and by ensuring that agencies can cross-access data, the burden on Irish business will be considerably reduced. Pilot studies in support of this have been conducted colloboratively by KPMG, PWC and Deloitte with CRO, CSO and Revenue.
Several Irish agencies and SMEs are also contributing to both MUSING and BRITE projects, endorsed by the European Business Register, a collaboration of leading European Companies Registration Offices in the electronic exchange of business registry and companies information. Several Irish SME, taxation and corporate secretarial software packages have been developed to support both XBRL and iXBRL in the Irish market and are already in production in Australian, Asian and other European Markets.
The Irish delegate to XBRL International is currently serving a third term as Vice Chair of the XBRL International Steering Committee and Board of Directors. This engagement focuses on close liaison with XBRL Chair and CEO in the devleopment and delivery of membership services within XBRL International, the oversight of governance issues and the XBRL International Strategic Planning Process
Taxonomy Development
Plans for the 2011 suite of Irish GAAP and IFRS taxonomies are under development by XBRL Ireland and due to be announced in Q2 of 2010. These are expected to be compliant with GAAP pronouncements for 2011.
The previous 2007 Irish GAAP 2.1 Taxonomy has reached acknowledgement stage providing a reliable platform for the reporting of Irish GAAP financial statements in XBRL. A suite of XBRL v2.1 Irish GAAP financial statements for Irish public companies has been developed to support the taxonomy.
For more information on XBRL in Ireland please visit
http://www.xbrl-ie.org or contact
Conor O’Kelly
Richard Day
