IN LINE WITH THE GLOBAL TREND TOWARDS ADOPTING BUSINESS REPORTING STANDARDS, INCE IS PROUD TO OFFER XBRL AS AN ADDITION TO OUR SUITE OF INVESTOR COMMUNICATIONS SOLUTIONS.
Ince already has extensive experience in the arena of financial reporting, offering both SENS and EDGAR filing, so the addition of XBRL (eXtensible Business Reporting Language) is a natural progression for us.
- Cuts auditors’ time by up to 57%
- Follows the IFRS, GAAP and other taxonomies
- You can create your own definitions if these do not already exist in the taxonomy
- Information is provided in an easy-to-use format
- Assists knowledge capital to keep up with financial capital as both flow more easily around the globe
- Automatic checking
- Cost saving
- Cuts out the laborious/time-consuming process of manual re-entry and comparison
- Improved accuracy as probability of errors is reduced
- Find, compare, receive and analyse data
- Increased speed of handling financial data
South African organisations have been preparing themselves to provide financial statements in an interactive data format that uses XBRL technology, and ince is part of the South African Steering Committee.
Although not yet mandatory in South Africa, the use of XBRL is becoming more commonplace in organisations. This is because XBRL makes it easier and more efficient for investors and analysts to search, compare and analyse financial data across multiple companies, industries and reporting periods.