Financial statement submission in iXBRL format is voluntary in the beginning, but will be made mandatory in due course for most of the companies. Companies dealt by the Large Cases Division (LCD) will be impacted in first mandatory phase.
Financial Statement Submission in iXBLR: Implications
• The new process would help in reducing turnaround time for matters like repayment claims.
• iXBRL filing would also help the Irish Revenue department for efficient assessments.
• It would also help in reducing audits and interventions for the most of compliant taxpayers.
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