iXBRL Filing – Dissecting Facts from Myths
Since the introduction of iXBRL, companies, regulators, and even accountants have built several myths around the reporting standard.
Let’s differentiate these facts from the myths and try to get a better understanding of iXBRL.
iXBRL is Not Challenging to Learn – Fact or a Myth?
iXBRL is not rocket science and definitely not that challenging to learn. It’s all just a matter of interest and time. If you fancy accounting, iXBRL is not that difficult to understand. However, yes, some tagging intricacies can be tricky, but nothing that training and experience cannot handle.
In-house iXBRL Tagging is Too Complicated and Time-consuming – Fact or a Myth?
If you have a broken sink, would you call a man, or will you do it yourself? Even though iXBRL is not a broken sink, it does require skills and specialised software you simply might now possess. So you can work on iXBRL tagging in-house, but not as efficiently as the professionals can.
There are fully integrated iXBRL tagging solutions that make the task easy. However, to use those solutions, you need prowess in iXBRL and IFRS taxonomy. In retrospect, in-house iXBRL tagging can be a nightmare if you don’t have the knowledge or understanding of the domain.
iXBRL is Not Going to Increase Compliance Burden – Fact or a Myth?
The CIPC has recently reduced the number of elements to be submitted by the issuers. This means regulators are constantly working towards reducing the compliance burden for the filers. However, the load may be higher in the first year due to the transition to iXBRL, but it will be smooth sailing thereafter.
iXBRL is Not Just About Financial Reporting & Compliance – Fact or a Myth?
The primary objective behind introducing iXBRL was to improve and streamline compliance. However, the scope of iXBRL goes way beyond that. Almost every company in South Africa is leveraging iXBRL to enhance their decision-making, better exchange of financial information, and of course, data analysis.
So no, iXBRL is not just about financial reporting & compliance; it’s so much more than that; it’s about efficient processes and better data analysis; it’s about streamlining the entire reporting system.
iXBRL Is The Glue Holding Your Financial Reporting System Together
And with a reputable partner like DataTracks, you can reap the maximum benefits of iXBRL filing. You don’t need to learn about iXBRL tagging or worry about compliance because the experts at DataTracks have prowess and years of experience in iXBRL taxonomy. That’s right; DataTracks has successfully delivered over 1,95,000 compliance reports worldwide with a significantly high satisfaction rate.
So leave your iXBRL worries with DataTracks and focus on your core business.
To know more about DataTracks iXBRL solution, please speak to an expert @ +27-10-446-9061.