There are times when technology meets a significant milestone. And for South Africa-based companies, that milestone was the introduction of iXBRL for financial reporting. This was when digital transformation moved to the forefront of many organizations.
To avoid disruption, many companies have increased their focus on automation and technology. This rapid shift from PDF to iXBRL has come as a blessing in disguise. It offers a solution wherein massive amounts of financial data can be easily and accurately processed to identify insightful information. These factors help turn around the quality of your company’s financial data into a key competitive advantage.
Using Inline XBRL
iXBRL data are used by financial analysts, credit risk agencies, industry researchers, auditors, investors, regulators, and other users to gain insights that influence crucial business decisions. Companies that consistently report high-quality iXBRL data can set themselves apart from the marketplace. It can also benefit the investors more broadly because iXBRL data helps in making better decisions.
iXBRL Data Quality
By imposing several quality checks, the CIPC makes sure that data quality is maintained. Additionally, since the financial reports cannot be submitted until every quality check is met, regulators and data users can rest assured that it is error-free.
High-quality data allows users to quickly and easily analyze financial data without going back and forth from page to page, which is the case with PDF format.
How can a Robust iXBRL Tagging Quality Control Process Help?
iXBRL tagging is a compliance exercise. A robust quality control process with correct tagging can enhance the wholesomeness and accuracy of the reports. Although the iXBRL tagging is often applied at the end of the reporting process when the conversion is done from a particular format to iXBRL, companies should consider executing it with the same rigour as other reporting processes. This can not only help them maintain the quality of their financial data, but also streamline their reporting processes.
Prioritize iXBRL Data Quality Now
As the use of iXBRL increases in South Africa, companies implement strong iXBRL quality review checks to help them manage their data effectively. With a partner like DataTracks, you can be market-ready to implement iXBRL and leverage all its benefits. If your company is ready to leverage iXBRL reporting, contact an expert @+27 10 446 9061 / email@example.com.