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iXBRL Filings
The starting point for any entity is to check the Qualifying Criteria outlined above. For private entities and close corporations the manner in which the AFS is compiled and Public Interest Score (PI Score) become important factors that decides the if the entity is required to file in iXBRL or not.
How to ease the process of converting your AFS to ixbrl
2019 has seen the CIPC roll out the second phase of the iXBRL mandate with the updated IFRS taxonomy. The objective of the cipc ixbrl format mandate is to accomplish the goal of gathering accurate financial data and to instill transparency through standardized financial reporting. AFS is a comprehensive document providing crucial information on the financial status of entities. The process of converting AFS to iXBRL should thus, be well understood. The ease and success of converting AFS to iXBRL completely depends on how well you understand the iXBRL reporting guidelines.
There are various aspects of the AFS to iXBRL conversion process that you need to acquaint yourself with. These include understanding the mandate itself, keeping yourself abreast of the updates in the CIPC taxonomy, understanding the scope of tagging and knowing the different tagging approaches (On-document or template tagging). The overall process of learning and preparing your AFS to iXBRL might prove daunting. All of this especially true if your organization has decided to take the entire process in-house. In case you’re outsourcing the AFS to iXBRL conversion to a solution/service provider, then it is imperative that you at least understand the basics of all the afore-mentioned aspects, so that you can verify the work done by the service provider.
The process of conversion of AFS to iXBRL South Africa can be made easy if planned well in advance and in detail.. Having a strategy to prepare your iXBRL reports will alllow you to file your reports with the CIPC without any hassles.
Plan for a timely Submission
To ensure that your iXBRL report gets submitted without a glitch, you will need to put in prior efforts to plan the implementation of the CIPC directives. The first thing you need to do is to find out if your entity is eligible to file the AFS in iXBRL as per the CIPC mandate. The CIPC has issued a set of guideline stating that only the entities that meet a certain Public Interest (PI) score are required to file their AFS in IXBRL. Find out your eligibility through our Public Interest (PI) score calculator.
Choose between an Outsource and an In-house option
The next thing you need to ascertain, once you find out you’re eligible, is to decide if you want to undertake the conversion process in-house or outsource it to a solution/service provider. If you choose the in house process, you will need a well-qualified team with people who have an in-depth understanding of XBRL/iXBRL, CIPC taxonomy and the expertise in the tagging process. If you outsource, you need to ensure that you’ve done the due diligence on the vendor so you get an accurate, timely, valid document that you can file in time.
Either way, it is best to test run your strategy – if you are planning an in-house conversion approach, use an iXBRL tool and try part of the conversion. Or if you are planning an outsourced conversion approach, ask your shortlisted vendor to test drive you through how the process would work. Also, ask for references and speak with other users of the vendor / solution to determine the pros and cons for yourself.
Plan a Calendar
Whichever path you choose to get your final iXBRL report, it is good to have a calendar in place. In an inhouse conversion option, you will need to consider the amount of time that your team would need to train and understand the conversion process. It will also include the actual iXBRL preparation time. But if you’ve decided to outsource the conversion, have a review calendar planned and agreed upon with your service provider. As a rule of thumb, if you select an in house conversion option, try and start a month ahead of your submission deadline. And if you are outsourcing, and only need to review the final iXBRL document, set aside a week to review the final iXBRL document once it comes back from your provider. This should give you sufficient buffer to pull together what is missing, seek clarifications and make sure you have the perfect report that can be lodged smoothly with the CIPC.
Have a budget chalked out
One of the most important factors that you need to consider is your budget. When you pick an in-house option, don’t forget to add the costs of your internal resources that will need to work on your iXBRL conversion. The internal costs should include manpower, training on XBRL, and time to constantly stay abreast of the latest CIPC taxonomy and filing rules, so that your inhouse team can tag, validate and create the right document for your CIPC filing. Outsourcing your iXBRL conversion to service providers may seem like a higher cost option (or not, depending on the service providers’ pricing), but may actually result in a total cost which is less, if they don’t demand your team’s time and attention except for the final review.
If your current financial reporting process includes a lot of back and forth-ing of updates, versions, emails and documents across different teams checking, re-checking and triple checking; you might want to consider changing your process. Having a cloud-based platform solves many of these problems. Any number of members can work on the document with changes and comments reflecting in real time.
How to produce clear, concise iXBRL Reports
The CIPC rolled out a full scale implementation of Inline XBRL in South Africa a year ago under which, entities were mandated filing of their AFS in iXBRL format. The second phase of this transition is already underway and the CIPC has rolled out an updated taxonomy. The intent has always been to go beyond streamlining a regulatory process. You can explore all the benefits of transitioning to iXBRL South Africa here.The success of phase two and the subsequent benefits depend on the submission of clear, concise iXBRL reports that meet the CIPC guidelines. This makes preparing your iXBRL report the right way, very important.
In this article, we will walk you through the five things you must know about iXBRL report preparation.
Five things you must know about iXBRL Reporting preparation
iXBRL format
iXBRL or Inline XBRL is an open standard technology used to create financial reports that are both human and machine-readable. The transition to iXBRL will improve data quality substantially and make XBRL data visible in the document in a comprehensible manner. More about iXBRL, and its underlying standard XBRL, can be found here.
The CIPC Taxonomy
Taxonomy is like a dictionary, comprising a collection of financial and business reporting terms. It provides the user with background information on the meaning of the term and the relationship of one term with another.
The CIPC taxonomy primarily derives its concepts from the IFRS taxonomy. In fact, as part of phase 2, the taxonomy will now include the 2017, 2018 and 2019 updates of the IFRS taxonomy. The number of elements in the new taxonomy has also increased from the original 4783 elements to 5515 elements. It is, therefore, important to get yourself familiarized with the new taxonomy as well, so you can produce reports on par with the latest standards.
Scope of Tagging
The CIPC has clearly defined the scope of tagging on their website and it extends beyond just tagging mandatory elements in the iXBRL report. This includes – tagging all the applicable facts of the Primary Financial Statements (PFS), text block tagging the disclosures and explanatory notes, and tagging the concepts that are within the text blocks. The CIPC has listed 51 elements that have to be mandatorily tagged before filing the iXBRL document. Out of the 51 elements, there will be at least a few items that may not have anything specific to report. In such cases, you will have to add an explanation in the footnote to ensure a successful submission.
The Different Tagging Approaches
Confirm with your iXBRL solution provider if they do on-document tagging or template-based tagging. Here’s why:
Template-based tagging requires the user to key-in the data for the whole document manually. It is not just time-consuming and prone to errors, but may also impact the format of the AFS.
On-document tagging, on the other hand, requires the user to apply tags on the AFS document itself. This helps in maintaining the format of the AFS.
Every iXBRL solution provider promises a hassle-free and quick AFS filing. However, knowing the different tagging approaches will help you identify the right provider for preparing your report.
Review and Validation
There may be errors and warnings in the iXBRL report that you create. Warnings could be related to elements such as assets, liabilities, or revenue. Errors include elements such as PI score, business address, customer code, etc. It is important that you review the AFS for accuracy and validate the data for errors and warnings before filing it.
Note: You will not be allowed to file your iXBRL – AFS unless you rectify the errors. So, check the document thoroughly before filing.
Knowing these five essential points will help you to be better prepared while submitting the next iXBRL report. If you are looking for an iXBRL partner, who can help you to prepare an error-free, high quality and CIPC compliant iXBRL report, look no further. We have helped some of the largest South African entities such as Nedbank, Redefine, and Old Mutual file their AFSs in iXBRL format. Moreover, the CIPC uses our platform to receive and analyse the iXBRL reports submitted by entities in South Africa. So you can rest assured that your filing will not just be compliant with the CIPC mandate, but you will also have a smooth lodgement at first attempt.
EDGAR Filer Manual by John W Via Flickr: EDGAR Filer Manual and iXBRL Conversion Service How much effort does it take to make sure your XBRL and HTML filings are in sync with each other? Here are some ways to make the process smoother. http://bit.ly/2Vv2lWe #edgar #XBRL #html #SEC #AnnualFilings #QuaterlyFilings #inlinexbrl #10K #10Q #iXBRL
Your ESEF Reporting Questions Answered
With ESEF reporting now a law, that requires companies to submit their IFRS Annual Financial Reports (AFR) in a new format named EXtensible HyperText Markup Language (XHTML), with XBRL tags embedded in it and submit an Inline XBRL (or iXBRL) document. This means that PDF submissions will no longer be allowed to be filed with the national regulator. Here are some common questions that companies have on ESEF reporting.
ESEF Reporting With ESEF Compliance reporting now a law, that requires companies to submit their IFRS Annual Financial Reports (AFR) in a new format named EXtensible HyperText Markup Language (XHTML), with XBRL tags embedded in it and submit an Inline XBRL (or iXBRL) document. This means that PDF submissions will no longer be allowed to be filed with the national regulator. Here are some common questions that companies have on ESEF reporting.
ESEF Reporting
10 Common Questions on ESEF Reporting
Who needs to comply with the iXBRL ESEF mandate?
All public listed companies who have securities or bonds listed on capital markets and who prepare financials using IFRS have to comply with the iXBRL tagging requirements.
What happens to a public company following local GAAP? Are they exempted?
If you are a public company, however have standalone results published in local GAAP, your Annual Financial Statements (AFR) still needs to be submitted in XHTML format just that the XBRL tagging requirements does not apply to you.
What is XHTML? What is iXBRL?
XHTML is simply a document format, it is a superior version of HTML. When an XHTML document has XBRL tags embedded in it, such document is called an Inline XBRL (iXBRL document). In simple words,
iXBRL= XHTML+ XBRL
While iXBRL, Inline XBRL and XHTML are used interchangeably by many people in the context of ESMA ESEF reporting, you need to remember these are not the same.
How is iXBRL different from XBRL?
XBRL and iXBRL are two different reporting formats. XBRL is only machine readable however iXBRL is both machine and human readable.
To further explore the difference between XBRL and iXBRL, head over to our blog.
What is the scope of iXBRL tagging?
Detailed tagging of Financial Statements (from 2020)
Block tagging for notes (from 2022)
Detailed tagging of notes (voluntary)
Do I need to submit only Financial Statements only or whole Annual report?
The whole AFR needs to be submitted in XHTML format; however the tagging requirement is only for the Financial Statements.
Can all XBRL softwares handle iXBRL?
No, not all XBRL softwares can handle iXBRL.
iXBRL requires the tagging to be done on the face of the AFR so that the iXBRL output reflects the layout and formatting of your report. It also requires the output to have XBRL tag embedded in the HTML document and such HTML document needs to conform to the Inline XBRL technical specifications.
If the XBRL software is an excel tool, it cannot certainly handle iXBRL. If the XBRL software accepts uploading word report with the layout and formatting and tagging can be done on the face of the document, then such softwares have the ability to be customized to generate valid iXBRL documents. However it is important to note that softwares which support Inline XBRL technical specifications can only generate a valid iXBRL document.
Can ONE solution handle both AFR Preparation and iXBRL?
If you are using Microsoft word, excel or Google docs for AFR preparation, this is the best time to look for disclosure management solutions in the market that will allow you to handle both AFR preparation and iXBRL in one centralized place. There are varieties of options with a wide spectrum of functionalities and price ranges as well.
You can make any number of changes to your documents and the various output file formats such as PDF, Word (for internal review purposes) and iXBRL generate with the latest numbers and text. You need to check your numbers just once!
This will help you to save lot of time, you can focus on other important things needed or atleast get some more quality time with family to spend with.
Does the XHTML/iXBRL document need to be audited?
Yes, the iXBRL document needs to be audited which means that your auditors also need to be fully aware of this new reporting.
How do I get started with ESEF iXBRL Reporting?
Primarily it is the consolidation teams in the Company who are involved with the external reporting process. It is important that the CFOs office and the consolidation teams start taking a look at their existing process for AFR preparation and also look for solutions and services in the market.
To get started with the ESEF Compliance Reporting, here is an interesting read.
We hope this helps you with a fair bit of idea on what the mandate is all about, stay tuned for more educational content on the ESEF Reporting. If you have any questions around this mandate feel free to drop in an email to [email protected] and we promise we will get back to you.
10 Common Questions on ESEF Reporting
Who needs to comply with the iXBRL ESEF mandate?
All public listed companies who have securities or bonds listed on capital markets and who prepare financials using IFRS have to comply with the iXBRL tagging requirements.
What happens to a public company following local GAAP? Are they exempted?
If you are a public company, however have standalone results published in local GAAP, your Annual Financial Statements (AFR) still needs to be submitted in XHTML format just that the XBRL tagging requirements does not apply to you.
What is XHTML? What is iXBRL?
XHTML is simply a document format, it is a superior version of HTML. When an XHTML document has XBRL tags embedded in it, such document is called an Inline XBRL (iXBRL document). In simple words,
iXBRL= XHTML+ XBRL
While iXBRL, Inline XBRL and XHTML are used interchangeably by many people in the context of ESMA ESEF reporting, you need to remember these are not the same.
How is iXBRL different from XBRL?
XBRL and iXBRL are two different reporting formats. XBRL is only machine readable however iXBRL is both machine and human readable.
To further explore the difference between XBRL and iXBRL, head over to our blog.
What is the scope of iXBRL tagging?
Detailed tagging of Financial Statements (from 2020)
Block tagging for notes (from 2022)
Detailed tagging of notes (voluntary)
Do I need to submit only Financial Statements only or whole Annual report?
The whole AFR needs to be submitted in XHTML format; however the tagging requirement is only for the Financial Statements.
Can all XBRL softwares handle iXBRL?
No, not all XBRL softwares can handle iXBRL.
iXBRL requires the tagging to be done on the face of the AFR so that the iXBRL output reflects the layout and formatting of your report. It also requires the output to have XBRL tag embedded in the HTML document and such HTML document needs to conform to the Inline XBRL technical specifications.
If the XBRL software is an excel tool, it cannot certainly handle iXBRL. If the XBRL software accepts uploading word report with the layout and formatting and tagging can be done on the face of the document, then such softwares have the ability to be customized to generate valid iXBRL documents. However it is important to note that softwares which support Inline XBRL technical specifications can only generate a valid iXBRL document.
Can ONE solution handle both AFR Preparation and iXBRL?
If you are using Microsoft word, excel or Google docs for AFR preparation, this is the best time to look for disclosure management solutions in the market that will allow you to handle both AFR preparation and iXBRL in one centralized place. There are varieties of options with a wide spectrum of functionalities and price ranges as well.
You can make any number of changes to your documents and the various output file formats such as PDF, Word (for internal review purposes) and iXBRL generate with the latest numbers and text. You need to check your numbers just once!
This will help you to save lot of time, you can focus on other important things needed or atleast get some more quality time with family to spend with.
Does the XHTML/iXBRL document need to be audited?
Yes, the iXBRL document needs to be audited which means that your auditors also need to be fully aware of this new reporting.
How do I get started with ESEF Reporting?
Primarily it is the consolidation teams in the Company who are involved with the external reporting process. It is important that the CFOs office and the consolidation teams start taking a look at their existing process for AFR preparation and also look for solutions and services in the market.
To get started with the ESEF Compliance Reporting, here is an interesting read.
We hope this helps you with a fair bit of idea on what the mandate is all about, stay tuned for more educational content on the ESEF Reporting. If you have any questions around this mandate feel free to drop in an email to [email protected] and we promise we will get back to you.
ESMA 2020 iXBRL Mandate: The shift towards digital reporting for public companies across Europe is underway. The wave of standardized reporting is set to
How much effort does it take to make sure your XBRL and HTML filings are in sync with each other? Here are some ways to make the process smoother.
Also know more about how EDGAR XBRL Software not only helps companies for effective filling solutions but also providing SEC XBRL Previewer for more transperency of services
Blockchain in Financial Reporting - A replacement or a boost for XBRL?
Blockchain has been dominating various discussions in conferences and board room meetings with industry leaders proposing to make it a part of compliance reporting. In 2017, the International Monetary Fund (IMF) published a paper describing how distributed ledgers can improve global economy.
But what is blockchain?
Blockchain is a decentralized, digital ledger that distributes and manages information across many computers using cryptography. It makes the data easily accessible to all the stakeholders and promotes transparency and accountability among stakeholders.
Considering that blockchain uses cryptography to safeguard data, many companies are toying with the idea of using it for financial reporting.
Blockchain in Financial Reporting - A replacement or a boost for SEC XBRL Mandate?
However, can it replace XBRL – a framework widely accepted and used globally for preparing standardized financial reports?
Let’s dive into it to understand further.
XBRL, Blockchain and their role in financial reporting
Every company has a unique way of reporting its financial data. The unstandardized format of financial reporting can be time-consuming for regulators as they end up spending more time understanding the data instead of analyzing the industry trends. To add to the woes, there are also chances of errors and frauds seeping in, which can escalate into bigger economic frauds if ignored. That’s why standardization and digitization of business reporting are so important. Since 2000, more than 60 countries have successfully adopted XBRL – an XML-based language to standardize financial reporting. XBRL(EDGAR Filer Manual) provides machine-readable data that enable regulators to detect frauds at an early stage, reduce errors, and improve operational efficiency. The standardization simplifies the comparability of trends and data analysis for the regulators.
Blockchain, on the other hand, saves all the necessary data in shared ledgers that can be accessed in real-time by various stakeholders. It is a technology used to store data in a safe way.
What makes block-chain unique is its feature of immutability. The data is verified cryptographically. So, as soon as the data is grouped into blocks and added to the database, it is almost impossible to modify the data fraudulently. It cannot be changed or deleted. It creates an audit trail for regulators to verify the data.
Will blockchain replace or boost XBRL as a standard for financial reporting?
As XBRL has been in use since 2000, many companies consider it to be an old technology that can be replaced with new technology such as blockchain. However, Mohini Singh, Director, Financial Reporting Policy at CFA Institute; says it is unlikely that blockchain will replace XBRL.
Mohini explains that although both XBRL and Blockchain are used to communicate, they cannot be replaced with one another. XBRL is a data standard, while blockchain is a technology that requires a data standard to record information.
However, both can work together. Deloitte mentioned in its paper that XBRL could provide high-quality structured data to make blockchain more efficient. Using both together can boost real-time reporting and accounting as different stakeholders will be able to access blockchain for accounting purposes directly. Combining both the technologies will not just accelerate the process of verifying and validating the data, but will also improve data security.
A use case of combining blockchain and XBRL
Reportix, a Germany-based Regtech company, demonstrated how they used iXBRL and Blockchain to automate the process of creating smart contracts to improve the insurance contract management system. They combined blockchain technology with iXBRL to automatically verify and validate machine-readable data and eliminate invalid data from the database to reduce errors.
Blockchain may have become a buzzword in the fintech and regtech ecosystem. However, it can be used only if the data collected is of good quality, consistent, and clean. This can be achieved only with the help of XBRL as it has the ability to streamline and convert a humungous amount of data into a machine-readable, unambiguous data that can be easily processed by blockchain technology. So, if you are toying with the idea of replacing XBRL with blockchain, you have your answer in front of you!
To simplify the report preparation to the XBRL reporting standard, the US market has seen a trend where more companies are moving to disclosure management sol.
EDGAR XBRL Software
iXBRL Conversion Service by John W Via Flickr: IRIS CARBON®’s XBRL/iXBRL module, disclosure management platform,and 24/7 expert conversion services are available bundled or stand-alone. We craft packages and our clients retain an option to switch between them anytime. Read zurl.co/8TRP #SEC #ixbrlmandate #iXBRL Not only customized but specialized EDGAR Filer Manual and iXBRL Conversion Service
SEC compliance reporting solution for all your requirements. IRIS CARBON® a process efficiencies, significant time and cost savings, Complete, and Unlimited
The amendments adopted by the SEC for the simplification of Regulation S-K are likely to benefit issuers in a big way. Read on to find out how! http://bit.ly/2qOs3df
Also, Know more about iXBRL Filings as well as EDGAR Filer Manual
iXBRL Conversion Service by John W Advicing to improve the quality of your annual financial reporting with IRIS CARBON which is globally trusted software solution provider..
Via Flickr: The XBRL US Data Quality Committee (DQC) has published its 11th Ruleset and also presents an update on the newly added IFRS elements. Read More about iXBRL reporting and how its works with the help of EDGAR XBRL software >>> bit.ly/35sYRay
Create, manage and finalize your iXBRL Filings documents with ease with IRIS CARBON®, a one stop SaaS and SEC filing solution for all your reporting needs.
Click here to know more http://bit.ly/2OcaXOc
Tips on How to Prepare Your Company
It truly is that time of the year again. The time of the year if you need to get your company's performance evaluated.
SEC XBRL Taxonomy is nothing but a dictionary of iXBRL Filings where you can tag your filing for more effective financial reporting
Basically, the evaluation will assist the business identify the strengths and weakness of the year's operations and then reinforce the strengths and keep the weaknesses away towards another year. This is also the time to come up with objectives from the insights gathered approach improve operations and how to achieve the new goals. It is only to say that it is impossible for that company to move forward minus the evaluation.
Most reports though do not create the right influence on the audience so in corporate settings, you will find several annual reports to be very uninteresting.
Well, it could go the same with you unless you consider the following tips:
Use annual report photography
A report that is in "lecture" format is often boring and unappealing. Having a yearly report photography instead will totally change the way you used to do your reports. Excite and motivate your listeners to pay attention to what you are presenting with engaging photos to back up information.
Most people are visually inclined so they really will be more interested to your report if you have anything that is visually appealing.
It is the job of your annual report photographer for taking photographs that give emphasis to right values and reinforce points. You can give out messages through images and since words photographs to showcase your important points, your audience will no longer have to visualize everything on their own. The images in the report must include the processes being and the results expected to be delivered by the new established initiatives and objectives.
Implement annual reports with video clip
Instead of just photographs, you can take good thing about videos for your annual reports. If you have the budget to do so, then it is best to use videos since they can present ideas, messages and also the precise product information in a very organized way. The report will be very organized that most you have to do is to respond to questions from your audience. There is nothing similar to a report that is entertaining, engaging and of course, organized.
Incorporate those two major techniques and you should find your report presentation choose ease. Make your presentation more dynamic and powerful with the aid of a professional photographer who has a specific understanding on your objectives.
iXBRL filings is soon to be made mandatory for SEC filers. Here's a closer look on why this is important and why you should adopt this format now. iXBRL is simply a computer-processable and viewable document which combines the qualities of XBRL and HTML in a single document which is viewable in a browser. An iXBRL document is a well-formatted HTML file with the XBRL information embedded beneath.
iXBRL Conversion Service
SEC EDGAR Filing Software