What is Inline XBRL iXBRL?

In case the companies are having a share capital and keeping a branch register outside Singapore, then the annual returns should be filed within 60 days after AGM. IXBRL lets companies tell their financial story directly to the public, using consistent tags that enable the audience to directly understand and compare financial information. On June 28, 2018, the Commission adopted amendments requiring the use of Inline XBRL for operating company financial statement information and fund risk/return summary information. Caseware iXBRL Reporting enables users with an automated solution to prepare CIPC iXBRL reports. The iXBRL platform is live now and more than filings have been submitted successfully on the platform.

We offer xbrl tagging services for filing statutory reports with the regulators

IXBRL overcomes this by blending machine-readable data with human-readable text, making it easier for users to comprehend the information. In the UK, both HMRC and Companies House accept iXBRL tagged sets of accounts and introduced a joint filing service in 2010. Since then, most companies file their company tax returns online in iXBRL, including financial accounts and computations.

This can not only help them maintain the quality of their financial data but also streamline their reporting processes. By mandating iXBRL, the CIPC enabled South African companies to file their financial statements in a unified format that is effective for both companies and the government. And, by having a trusted partner like DataTracks by your side, you can get error-free, compliant iXBRL files to be submitted with CIPC. With a record of 200,000+ compliant reports for 19,900+ clients, DataTracks provides high-quality, reliable iXBRL filing services. A subset of these entities (around 100,000 entities) are required to submit AFS’s.

Free iXBRL Conversion

Reporting companies use software like the True North Data Platform to review these reports or to produce embedded viewers for publication on their website. The primary distinction between XBRL and iXBRL lies in their format and presentation. XBRL operates as ixbrl instance cipc a separate file format, encoding financial data exclusively for machine readability. In contrast, iXBRL integrates XBRL tags into HTML documents, combining the strengths of both XBRL and HTML to deliver a format that is both machine-readable and human-readable.

Do NPC’s in South Africa Mandated to Comply with CIPC Filing in 2024?

The South African government has taken the initiative to move from a paper-based reporting system to a structured data reporting system with iXBRL (Inline XBRL). Effective 1st July 2018, the CIPC has mandated companies to file their annual financial statements in a new format, i.e., iXBRL. This new format has replaced the traditional PDF format in which the CIPC annual returns earlier used to be filed. The primary purpose behind the CIPC’s drive to introduce iXBRL was to simplify the financial reporting information electronically for South African-based companies. IXBRL or Inline eXtensible Business Reporting Language, is a revolutionary format that integrates traditional financial reporting with the power of the internet. This format allows companies to present their financial statements in a way that is both human-readable and machine-readable.

These include all public listed entities, state-owned companies, private companies with a 350 Public Interest Score, and companies whose Memorandum of Incorporation prescribes filing of audited financial statements. The operational efficiency and regulatory effectiveness of the CIPC were very limited due to the unstructured format that AFS were submitted. Effective mapping requires an in-depth knowledge of the taxonomy’s structure, elements, and extensions that are applicable to the financial data being reported. The goal is to create a comprehensive map that accurately reflects the financial narrative in a structured, machine-readable format. The mapping must be done meticulously to ensure that it reflects the SAFRS and meets the specific reporting requirements of the CIPC for companies in South Africa.

Today, all that information is digitally available to the public through the EDGAR system. IXBRL uses xHTML to place XBRL tags “in line” (in the metadata layer) with the visible text. Like a modern web page, iXBRL provides both human and machine readers with the information they want, all in the same document. Our team of experts have developed a suite of iXBRL solutions to help businesses meet their compliance requirements in an easy and cost-effective manner.

• TaxonomyCIPC started by using the IFRS 2016 as base for the taxonomy built for IFRS-FULL and IFRS-SME reporting.
• I used your service for a few of our entities now and have been very pleased with your work both in terms of speed and quality.
• Today, all that information is digitally available to the public through the EDGAR system.
• In response to the stock market crash of 1929, the SEC drafted the Securities Exchange Act of 1934.

Why has the reporting format changed?

• The review process involves cross-referencing the iXBRL document against the original PDF to confirm that the conversion has not introduced any discrepancies.
• To assist reporting entities in their efforts to obtain client-side software, the CIPC had established a software service provider (SSP) panel.
• Analytical SystemOn top of the filing platform, the analytical platform was built for internal consumption of CIPC.
• Also managed teams in developing XBRL solution for statutory filings such as SEC(US), ESEF(EU) COREP & Solvency II.
• A dependable and reputed iXBRL instance partner like DataTracks is all you need.

This crucial step checks the document for compliance with the CIPC XBRL taxonomy and identifies any tagging errors or inconsistencies. However, it also incorporates machine-readable XBRL tags embedded discreetly within the HTML code. These tags serve to unlock the potential for automated processing of financial information by software applications, thereby augmenting data precision and minimizing the likelihood of manual errors. It offers a comprehensive solution that enables the conversion and creation of iXBRL documents using a variety of source document formats including Microsoft Word, Microsoft Excel, and Adobe Acrobat (PDF). We have participated in early stage pilots to assist companies in preparing for go-live processes. Since July 2018, our products and services have been utilized to file hundreds of live filings to CIPC.

Can all financial statements be converted from PDF to iXBRL?

The pilot phase concluded successfully with CIPC receiving 114 successful filings through the e-filing platform. The pilot rollout helped CIPC to manage some minor technical issues, taxonomy updates. Client-side softwareEvery reporting entity is required to have XBRL-capable software in place for compiling AFS data in XBRL format, according to the CIPC’s published taxonomy. It’s essential to perform a final check in various web browsers to ensure the document displays correctly and the XBRL tags do not interfere with the human-readable content, adhering to CIPC’s submission guidelines.

This means that the resulting reports are both human-readable with free-form layout AND able to be processed by a computer. In response to the stock market crash of 1929, the SEC drafted the Securities Exchange Act of 1934. The act focused on creating greater transparency and accountability by requiring publicly traded companies to make certain financial information publicly available.

As the landscape of regulatory reporting evolves, businesses are confronted with increasingly intricate compliance demands. Ensuring accurate and timely submissions to regulatory bodies is vital for maintaining transparency and adhering to legal obligations. To support this, technologies such as XBRL and iXBRL have been developed, each designed to enhance the reporting process. With the 2024 reporting cycle approaching, it is essential to grasp the differences between eXtensible Business Reporting Language (XBRL) and Inline eXtensible Business Reporting Language (iXBRL). This blog will explore these distinctions, their implications for reporting, and how organizations can effectively prepare for compliance in 2024.

With its powerful set of features and functionality, Integix is the ideal choice for filers looking for a solution that meets all their compliance needs for iXBRL documents. Companies are required to tag all disclosures in the annual report for which there is an appropriate element in the CIPC iXBRL taxonomy. Primary Financial Statements, Auditor’s reports, Director’s reports, and notes to accounts are some examples for which iXBRL tagging is needed. Also to note is that there are 46 mandatory elements in the CIPC iXBRL taxonomy that companies will need to disclose information.

Unlike traditional formats, iXBRL combines human-readable financial statements with machine-readable data, enabling automated processing and better compliance. EXtensible Business Reporting Language (XBRL) is an XML-based standard used for the definition and exchange of financial information. Since its introduction in 1998, XBRL has been widely adopted by financial regulators across the globe. The technology uses standardized tags to identify individual financial data points, ensuring that the information is machine-readable. This capability facilitates efficient data analysis and comparison across different organizations.

As computations and accounts must be filed in iXBRL, producing them in iXBRL accounts software is far more efficient than completing them initially without software and converting them to iXBRL at a later date. Not just best price or quality, we strive to deliver wow experiences for our customers. We have a no-questions-asked refund policy if you are not satisfied with any aspect of our services. All refund requests must be made by email to and before filing with the regulator.

Guide to Filing AFS in iXBRL Format

In using iXBRL, filers will embed XBRL tags directly into an HTML document and eliminate the current two-step process. This consolidated process keeps the human-readable HTML format of the financial statements and other filings the same when viewed in a web browser while adding the XBRL tagging to those statements. IXBRL transforms national reporting by combining human-readable HTML with machine-readable XBRL, enabling countries to streamline regulatory processes and deliver corporate digital data. Use of iXBRL creates structured data for tax, financial, and ESG compliance, which benefits governments, filers and analysts.