With effect 1 July 2018 the CIPC’s Digital Financial Reporting Programme using iXBRL came into operation.
The system allows companies to file their Annual Financial Statements using this solution. It will align the submission of annual financial statements with that of the global reporting standards for businesses.
iXBRL simplifies the preparation, analysis and communication of the information contained in the Annual Financial Statements whilst ensuring greater transparency in reporting. The programme will also reduce the administrative burden when reporting financial information to government for regulatory compliance.
“The digital financial reporting is introduced via the internationally acknowledged best-practice technology standard. XBRL is for electronic communication of business information and what it does is that it simplifies the preparation and analysis of data, providing major benefits in the communication of annual financial statements, and a step towards absolute connectivity between all our entities,” said Rob Davies, Minister in the Dept of Trade and Industry..
iXBRL will assist companies with filing annual financial statements to egress from PDF reporting format, to a structured format. “By using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection. This will ultimately reduce the burden of multiple submissions by different regulators” according to Rory Voller, Commissioner of the CIPC.
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