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XBRL

In line with the global trend towards the adoption of business reporting standards, Ince is proud to present the introduction of eXtensible Business reporting Language (XBRL), as an addition to our suite of Investor Communications solutions.

China and Japan have used XBRL for quite some time and many more stock exchanges are moving to legislated use of XBRL in listed companies.

Following an announcement by the US Securities and Exchange Commission (SEC) that all companies will be required to provide financial statement information using XBRL, South African organisations have been preparing themselves to provide these statements in an interactive data format that uses this technology.

Although not yet mandatory in South Africa, the use of XBRL is becoming more commonplace in many organisations. This has been done in an effort to make it easier and more efficient for investors and analysts to search, compare and analyse financial data across multiple companies, reporting periods and industries.

XBRL is currently being tested in the back offices of the Financial Services Board (FSB), the South African Revenue Service (SARS); the South African reserve Bank (SARB); and Government.

Hailed as the business technology of the future, XBRL is a reporting language – a shorthand system for the accounting profession, used by regulators and financial institutions.

Ince already offers extensive experience in the arena of financial reporting (offering SENS and EDGAR filing) and is a member of the XBRL steering committee.

Benefits:

  • Cuts auditors time by up to 57% and highlights errors
  • Follows the IFRS, GAAP and other taxonomies. You can create your own definitions if these do not exist in the taxonomy already.
  • Information is provided in an easy to use format
  • Assists knowledge capital to keep up with financial capital as both flows more easily around the globe.

Visit xbrl.investorportal.co.za

What is XBRL?  click here for more info