Seahorse® for Revenue filers – iXBRL document creation
Revenue introduced its second phase of iXBRL filing of Financial Statements for Corporation Tax payers in October 2014. This now encompasses all companies, except those that meet all three of the following criteria: a balance sheet total less than 4.4M euros, turnover less than 8.8M euros and average number of employees less than 50.
All other Revenue filers must now submit their accounts in iXBRL format. Seahorse® provides the complete solution to the challenge of applying and reviewing tags, and validating documents before submission to ROS (Revenue Online Service). With Seahorse, iXBRL document creation could not be simpler.
Seahorse tagging process
Predictive iXBRL tagging
Seahorse adopts a unique, predictive tagging approach to apply tags against Irish GAAP or IFRS taxonomies. (Please see the note below about the arrival of the new FRS 101 and 102 taxonomies). Seahorse offers tag suggestions, as it “learns” from the results of all the iXBRL documents created by the accounting professionals who have used it to tag their accounts.
There is no software to install, run or maintain, as users log on to Seahorse over the internet using a standard internet browser, and all updates are carried out transparently.
Once the tagging is completed, all tagging decisions can be reviewed using an offline Excel spreadsheet, also containing any preparer notes explaining the tagging choices. This is also useful where higher management needs to sign off the final document. Any amendments can then be made and the document regenerated without losing any of the existing tags. Similarly, tagging decisions can be re-used in subsequent years to accelerate the tagging process or as a starting point for tagging across a number of similar company accounts.
Full iXBRL validation
iXBRL accounts documents created in Seahorse are subject to stringent validation, both of the XBRL and against the filing rules imposed by Revenue. Once successfully validated, documents can be exported and filed ready for submission via the Revenue Online Service gateway.
Coming soon – new FRS taxonomies
Tagging against the new FRS 101 and 102 taxonomies will shortly be required. The UK versions have now been released and specific taxonomy extensions for the Irish market will be available shortly. Once they are made available, they will be incorporated into Seahorse. If you wish to learn more about the new provisions, please download our whitepaper Introduction to FRS 101 and 102.
Why use Seahorse?
Seahorse greatly simplifies the accounts tagging process. Filers will find many advantages in using this easy approach to iXBRL document tagging.