The Companies and Intellectual Property Commission (CIPC) embraces international best practices and the іmрасt of the use of iXBRL when submitting Annual Financial Statements (AFS) online and in improving efficiency. iXBRL will simplify reporting financial information electronically for companies.

Digitisation is the norm everywhere; including the agenda from European Securities and Markets Authority (ESMA), pushing for better utilisation of technology in reporting and compliance. The goal being to ensure listed companies within the EU are preparing their annual financial reports in a unified electronic reporting format.

The Organisation for Economic Cooperation and Development (OECD) is a forum that involves the governments of 35 member countries working alongside those of other 70 non-member countries, all with the aim of promoting sustainable development as well as significant economic growth. With the advent of so many businesses over the years, issues pertaining to international taxes have been part of almost every political agenda.

XBRL (eXtensible Business Reporting Language), as we all know it, is a globally accepted standard for exchanging business information. From the Regulator’s perspective, it is an interactive data format as against the merely readable formats like HTML, PDF etc.,

While iXBRL conversions of financial statements and tax computations are now routine activities for corporation tax payers in UK, new challenges await filers in the latter half of this year.

The flow of information from one point to another is important to keep the ecosystem intact, especially in the financial world. Regulators need it to regulate the enterprises; investors need it to analyze the enterprise’s performance and take an investment decision.