Companies and Intellectual Property Commisison (‘ClPC’) in South Africa has decided to implement iXBRL in order to keep up with how the rest of the world is doing things, and to improve efficiency and effectiveness in collecting and analyzing big volumes of data. This will ensure transparency and compliance.
iXBLR incorporates both machine readable and human readable formats, whereas standard XBRL is only machine readable. The submission of AFS data will technically be facilitated via xHTML (eXtensible Hyper Text Markup Language) files with iXBRL incorporated into the xHTML files.
CIPC has officially roll out XBRL reporting as of 1 July 2018
The benefits of iXBRL are that investors and stakeholders will have more reliable information and therefore be able to do analysis and decision more effectively. It is aimed at larger non-owner- managed entities.
Public Interest Score and your Memorandum of Incorporation plays a role.
The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison.
iXBRL filing is required when any of the following apply:
- The entity has a Memorandum of Incorporation that prescribes filing of audited financial statements.
- The entity is a private or personal liability company and, in the ordinary course of its primary activities, it holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R5 million.
- The entity is a private or personal liability company that compiles its AFSs internally (for example, by its financial director or one of the owners) and has a Public Interest Score (PIS) of 100 or more.
- The entity is a private or personal liability company that has its AFSs compiled by an independent party (such as an external accountant) and has a Public Interest Score (PIS) of 350 or more.