XBRL is the global standard machine-readable language, created specifically for all forms of financial reporting. Based on the global financial reporting rules of the IFRS and GAAP accounting standards, it allows the free, computer-automated exchange of financial big data, throughout the global financial reporting world.
It can be referred to as the “barcode” for all financial information, which allows for fast, automated, accurate and comparable analysis of all types of financial data worldwide. However, people generally cannot fluently read or easily understand XBRL language in its coded format so the next step in the evolution of XBRL was developed, known as iXBRL.
The new reporting standard introduced by CIPC is coming into effect from 1 July, 2018. The standard applies to all companies that are required to have audited financial statements according to the Companies Act. Our solution allows for
- Compliant iXBRL output of financial and non-financial documents
- Instantaneous comparison of data
iXBRL expresses financial information in a clear, strictly defined, worldwide standards based,
granular way, to enable computerised transmission, compilation and analysis of large
amounts of data which produces meaningful, individually tailored, reports for multiple
management and informational consumption purposes.