DUBLIN, September 29, 2010 – Revenue Commissioners Ireland announced today the advancement of Irish Government taskforce on Reduction of Administrative Burden after extensive collaboration with XBRL Ireland:
“In support of mandatory eFiling Revenue is planning to implement an XBRL solution to facilitate the electronic filing of financial statements and tax computations. Revenue has been following the development of XBRL since its inception. It believes given the current level of maturity of XBRL and the widespread international adoption of the standard, not least by the Securities and Exchange Commission in the United States and HMRC in the UK with whom it has many mutual customers, that the time is right to adopt the standard. In addition, in many administrations, the implementation of XBRL has been led by government organisations in recognition of the broader national economic benefits a common standard will bring. As one of the largest processors of information in the country Revenue has a role in furthering
this agenda. It also recognises the fact that a common standard, once widely adopted throughout the Community, will facilitate a reduction in the regulatory reporting burden currently endured by business. Revenue will be engaging in widespread consultation with the Institute, practitioners, software companies, and business and other representative bodies to ensure the successful delivery of this project. It is also
fully engaged with other regulators with whom business must engage such as the Central Statistics Office and the Companies Registration Office. The implementation of XBRL in other administrations has been the result of collaboration between all interested parties and there is no reason why this approach cannot be successfully applied here in Ireland.”
Conor O'Kelly - Director, XBRL Ireland
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