From 1 August 2018, Revenue will mandate the use of the updated DPL (DPL + FRS 102) for all iXBRL submissions relating to accounting periods ending on or after 1 January 2015. At the same date, Revenue will restrict the use of the older IE GAAP and IE IFRS taxonomies to accounting periods ended on or before 31 December 2014.
Revenue have advised that they expect the descriptions used on the Supplementary Pages to match the tag being used in the back ground, so for example, items such as light and heat should be referred to as Utilities Costs. This description will now replace ‘Light and Heat’ on the supplementary pages. This type of change will affect a number of items on the supplementary pages.
To accommodate the above changes which must be applied Relate Accounts Production will provide the user with certain options relating to the supplementary pages for printed financial statements, but for iXBRL all such options will be overwritten and replaced with a page which meets Revenues mandated structure.
In the Compliance Database you will have the usual options for supplementary pages, plus one additional option, to produce the supplementary pages as per Revenues mandated requirements.
This will provide the preparer with the option of including this page in printed accounts for circulation, or alternatively by not selecting this, the preparer can continue to use the formats which their clients are used to. It is very important to remember, regardless of the options selected in the Compliance Database, the iXBRL file will only contain the layout which suits Revenue requirements.
This change in iXBRL filing will be included in Build 19 of Relate Accounts Production due to be released on the 30th July. This build will contain all of the necessary changes to ensure smooth transition to the new DPL taxonomy. Build 19 will be a mandatory update for all clients, as with all updates we advise everyone to have their IT available to assist should any issues arise. In advance of the update we urge all users to read our ‘Updating Relate Accounts Production’ guide and forward to your IT.
Download here the guide to Updating Relate Accounts Production.
The new legislation will usher in the most comprehensive overhaul of Irish company law in over 50 years and we will provide you with a detailed synopsis of the highlights and notable changes that are to be introduced.
ACIS, Corporate Law & Company Secretarial Practice
A concise guide to the practical measures that Accounting Firms need to take from a tax perspective in adhering to FRS102.This will link up and follow on smoothly from the earlier presentation on the Accounting implications of FRS 102 covered by previous speakers.
The Statement of Recommended Practice applies to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and ROI (FRS 102) - effective date January 2015.