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iXBRL Challenges Continue

Even though it has been over 2 years since the implementation of iXBRL in South Africa, companies are still experiencing challenges related to the preparation, tagging, and conversion of their iXBRL filings. Moreover, the Covid-19 pandemic has made way for new reporting requirements to be complied with by businesses established in South Africa. This is why things have taken a turn for the worse when it comes to iXBRL reporting and compliance.

  •     Compliance with CIPC is Critical

The CIPC has been encouraging entities to reap the benefits of iXBRL reporting to improve their back-end financial reporting process for regulatory compliance purposes. However, after implementing iXBRL mandated by the CIPC, companies are looking for dependable software solution partners.

XBRL solution, which complies with the CIPC’s financial reporting requirements, DataTracks is market-ready and up-to-date with the IFRS taxonomy. What’s more is that with DataTracks, businesses can now present, review, and analyse financial data in a standardised format, both machine and human-readable.

  •     Concerns About Liability are Surfacing

With the transition to iXBRL made mandatory by the CIPC, companies express concerns related to exposure to legal liability. The submission of inaccurate financial data may lead to hefty penalties and even legal consequences. This is the major reason why businesses are stringent about outsourcing their iXBRL preparation to experts.

  •     Creating iXBRL Files is Time Consuming.

Adhering to the accounting rules and the correct taxonomy of iXBRL adds time to the financial reporting process, making it more strenuous than it already is. What’s more is that accounting professionals need to stay up-to-date with every change or compliance update issued by the CIPC, which can easily become cumbersome, considering the rapid changes due to the pandemic.

This is where a reliable iXBRL solution provider like DataTracks can help you in XBRL reporting the error-free way. DataTracks boasts of financial experts whose sole job is to stay up-to-date and help businesses comply with the latest requirements of the CIPC. So you don’t have to worry about XBRL compliance – DataTracks ensures that for you.

DataTracks’s iXBRL Solutions Include:-

  • A CIPC recognized solution
  • Easy upload of AFS and download of XBRL reports
  • Collaborative online reviewing and validation of iXBRL files before final submission to the CIPC

If data security is your concern, you need not worry as all your data is stored on secure servers certified for information security management. With a deep knowledge of accounting standards such as GAAP and IFRS, the financial experts at DataTracks produce high quality and error-free iXBRL reports for CIPC filing. To know more about the services, please speak to an expert @ +27 10 446 9061.

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