Resolving iXBRL tagging errors before final submission still remains a major concern for businesses in South Africa, especially for state-owned companies, as it’s still in the voluntary phase for them. However, it’s better than submitting inaccurate data, right?
And since the iXBRL filing is being mandated for state-owned companies, w.e.f. October 2021 as per the new mandate from CIPC, it’s a good idea to get a hold of your finances while it’s still in the voluntary stage. With the help of iXBRL experts and outsourced service providers, this transition can be smooth sailing. But is it really as better than the PDF format as they say?
At its core, iXBRL boasts quality and high authority data. Not to mention, it gives you a 360-degree view of your company’s finances so you can not only make better business decisions but create robust business strategies. Now the difference that lies between generating PDF and iXBRL AFSs is that with PDF, you cannot experiment much. However, with iXBRL data, you can analyse the data to get a fair view of your company’s financial position.
1. Which is better for Different Users?
The most significant upside about using iXBRL is that whenever you feel the need to expand business operations or introduce a new product, your data reports can provide a 100% accurate picture of your company’s financial position. This generates trust among potential investors and existing stakeholders as they can be assured that the data being presented is accurate and of high quality, which is not the case with PDF.
2. End-to-End Data Security
Isn’t that the whole point of implementing a new reporting system? Hackers and fraudsters are threatening organisations all over the world. By enabling restricted access to financial data, iXBRL also boasts of data security. That doesn’t mean you cannot exchange financial data freely, but the access is restricted to specific users. On the other hand, PDF can ensure no such data security.
Say Goodbye to Discrepancies
High-quality financial data is crucial to making the right business decisions, but it is challenging! With iXBRL, not only is the source of data accurate, but it is also error-free. There are so many rigorous quality checks that the chance of errors is minimised by the time you end up submitting the final report to the CIPC.
Over to You
It’s evident that iXBRL has a lot to offer, be it in terms of data quality, security, or accuracy; it is a fine choice for reporting financial statements. DataTracks, a service provider operating in this domain, is geared up with the latest tools and software to cater to the iXBRL filing requirements of eligible South-African entities. Boasting 15+ years of commendable experience in iXBRL tagging and conversion services, DataTracks can not only help your company transition into the iXBRL reporting format but also comply with all the CIPC regulations. For more information about their services, please speak to an expert @ +27-10-446-9061.