What You Need to Know About iXBRL : A Post-Covid-19 Refresher
Since the Covid-19 pandemic is almost over, hopefully, lives can get back to normal. Businesses can operate with full thrust and get their annual filings back on track. Due to the pandemic, annual filings came to a halt, and several changes were made to the reporting requirements. So before its time to file annual financial statements again, let’s take a quick refresher of the iXBRL world:-
Processes that need the iXBRL Edge
iXBRL can be applied to several business processes and financial data, including:-
● Company’s internal and external financial and business reporting
● Exchange of information with all types of regulators such as tax authorities, financial authorities, central banks, stakeholders, government, etc.
● Filing of loan reports and applications
● Credit risk assessments
● Authoritative accounting literature wherein iXBRL provides a standard way of describing relevant documents.
Minimum Tagging Requirements
The CIPC’s taxonomy’s scope extends to include the reporting requirements as prescribed by the Companies Act, No. 71 of 2008. Apart from the above-mentioned, CIPC has also incorporated the IFRS taxonomy.
Minimum tagging for annual financial statements comprises:-
● Individual tagging of applicable facts of primary FS
● Set of disclosure/explanatory notes
Furthermore, along with the notes, the auditors’ reports, company secretary reports, and corporate governance reports can be block tagged. This means that full text thereof can be tagged as single text blocks to include only the most relevant information.
What About Data Elements?
There are 61 Existence Assertion data elements that all entities must include in their annual filings. These elements are included in the validation rules of the taxonomy. Omitting any of these elements may result in the rejection of the final submission. This brings us to the next point.
Are You Doing it Right?
Several reporting requirements need to be fulfilled for a successful submission to CIPC, especially post Covid-19. Doing it all in-house can be pretty taxing. With a dependable partner like DataTracks, you can submit accurately tagged and consistent iXBRL AFSs to the CIPC, mitigating the risk of filing inaccurate information.
Boasting an experience of 15+ years, 1,85,000 compliance reports, and an army of finance professionals, DataTracks can improve your end-to-end process of filing AFS for regulatory compliance purposes.
For more information about our XBRL services, please speak to a DataTracks expert TODAY @ +27-10-446-9061.