The iXBRL journey in South Africa has been a rewarding and widespread one. The standards laid down by the CIPC in terms of the iXBRL format benefit not only the South African government but also the issuers, which is why it is time to look beyond compliance and understand how the adoption of iXBRL is the gateway to great business avenues?
The Motive Behind the Implementation of iXBRL
The primary reason to introduce iXBRL was to achieve the CIPC’s vision to build efficiencies in organizations by streamlining and speeding up the process of reviewing financials, improving accuracy, and building capacity for people to focus on other essential tasks that require an analytical view. Receiving data in the iXBRL format enables the CIPC to manage the data in a far more efficient way. Moreover, the standardization of the format also allows secure and error-free sharing of financial information across regulators.
So, this was a successful move from the CIPC that also offers numerous benefits to stakeholders all across South Africa.
What Does iXBRL Bring to the Table?
In the post-iXBRL era, most companies used to transmit their financial information in one digital format or the other. For instance, most companies preferred PDF format as it makes the distribution and storage of data easy. However, for companies looking to analyze or aggregate financial or non-financial information, the process became technically challenging and introduced a possibility of errors.
The best part about iXBRL is that tags can be read by humans and any machine that is equipped with an iXBRL enabled software. This means the data can be shared between systems with minimum human intervention. This entire process of easy access and sharing information reduces the cost of communicating, storing, and maintaining data, which ultimately improves the usability, integrity, and compliance of the data.
Switch to iXBRL and Expose Your Company to Great Business Opportunities
The bottom line is that when it comes to iXBRL, you need to dig deeper till you discover the incredible analytical power derived from standardizing financial reports and integrate it within your financial reporting system to make well-informed decisions. With a committed iXBRL service provider like DataTracks, you can not only choose the path to error-free iXBRL reporting but also have access to integrated data curated to help you make better business decisions. For further information about iXBRL conversion services, contact DataTracks @ +27104469061 or write to email@example.com