The conference is jointly organised by Eurofiling and XBRL Europe. Eurofiling has been around since 2005, and seeks to encourage collaboration around European and National Regulatory Reporting and associated matters, whilst XBRL Europe seeks to “foster European XBRL efforts.”

Thе Companies and Intellectual Property Commission (CIPC) hаѕ mаndаtеd submission оf Annuаl Financial Stаtеmеntѕ (AFS) in the iXBRL format fоr аll qualifying еntіtіеѕ frоm 1 Julу 2018. Thіѕ article аіmѕ tо explain the concepts, rеquіrеmеntѕ аnd рrосеѕѕ to follow іn оrdеr tо соmрlу wіth thе CIPCs mandate of Digital Financial Reporting.

Regulators in South Africa and other parts of the world still collect Annual Financial Statements (AFS) in PDF and paper formats. However, there is increasing need for adapting to an international standard of accurate, efficient and fast digital business information exchange, like XBRL (eXtensible Business Report Language).

In March 2018, the Financial Accounting Standards Board (FASB) stated that the United States Securities and Exchange Commission (SEC) confirmed its approval of the 2018 U.S. GAAP taxonomy. The FASB is an independent not-for-profit organization that sets accounting and reporting standards under U.S. GAAP

A deadline of 2020 is set for all tax returns to be digitised. However, the Brexit split will delay the MTD (making tax digital) mandate and its implementation which might extend the timeline for digitisation of the tax returns.

The IFRS Foundation, which is a not-for-profit public interest organisation that oversees the International Accounting Standards Board (IASB), recently released its 2017 annual report and financial statements.