iXBRL Reporting – What Is XBRL?

Caseware’s iXBRL reporting eases the process of manual reporting and collection of data. As a business, you probably find yourself having to send out a lot of reports every year and often have to manually collect all the data. When it comes to analysing and comparing the data, you find yourself reading a lot of paper-based reports, which increases your chance of making mistakes.

The logical step to overcome this would be to use digital reporting tools. Problem is, everyone uses different software tools. This means nothing is consistent and makes it just as difficult to compare and analyse various reports.

This is why CIPC has made XBRL reporting mandatory and why Caseware Africa has made sure that our solutions give you everything you need to be compliant.

What Is XBRL?

Essentially, XBRL is a structured way of digital reporting. It’s an open, international way of structuring information, managed by a global consortium. It enables software such as Caseware Africa to tag all financial items in business reports with relevant taxonomy.

  1. First, you tag the data you want to report on, for example: financial statements and the various line items they’re in.
  2. The data is then automatically extracted from your Caseware Working Papers file.
  3. All you then have to do is send it.

Because of the fact that everyone is using the same tags and format, as set up by your reporting frameworks taxonomy, it’s easy to use and compare the data.

At Caseware Africa, we help our clients to meet their mandatory deadlines quickly and easily.

Contact us today and we will be more than happy to explain it all to you so that you can achieve more.

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