What is XBRL?

GET STARTED NOW

XBRL stands for eXtensible Business Reporting Language and is the global standard for exchanging business information digitally; iXBRL (Inline XBRL) is the specific format of XBRL that companies need to submit annual financial statements in (to the Companies and Intellectual Properties Comission portal).

The concept explained (in short) ...

  • The CIPC has defined a library of reporting concepts to which the annual financial statements of the qualifying Companies are to be mapped. The library of concepts is referred to as Taxonomy and represents the standardised view of a Companies' financial and mandatory information (for investors; analysts; regulators and revenue services). Each concept provides the meaning for a fact (for example: 'Revenue'; 'Profit'; or 'Assets'). The CIPC taxonomies can be downloaded from the CIPC website.
  • Companies will then be required to map their financial and mandatory information to the relevant library/taxonomy. This is achieved by electronically tagging the various elements represented in the annual financial statements. For example: tag 'Turnover' with the 'Revenue' fact.
  • Once all the financial and mandatory data for a Company has been tagged, a digital file with all the tags is generated. The digital file, also called an 'Instance' document, is generated in an html (.xhtml file) that can be opened in any standard browser. The instance document is the file that is uploaded to the CIPC website.

 

Finnivo is XBRL ready and will enable you to seamlessly generate the iXBRL instance document (XHTML file) that is to be uploaded to the CIPC portal…

Where the Finnivo software is used to collate and consolidate your financial / year-end results (from which the annual financial statements can be generated):

  • Download and import Taxonomies directly from the CIPC website;
  • Tag your financial information with the concepts from the Taxonomy (in other words map your annual financial statements to the Taxonomy).
  • Information can be mapped from one or multiple report templates used to collate and consolidate the financial and statutory data for the Company;
  • Capture mandatory (non-financial) information relative to the Company. Most of this information is selected from ‘pre-defined’ drop down lists;
  • Generate (at the click of a button) the Instance document (XHTML file) that you can upload to the CIPC portal.

Where the Finnivo software is not used to collate and consolidate your financial / year-end results:

  • Capture your financial information to a report template that contains input areas for all the minimum required concepts (as currently required by the CIPC).
  • Upload the report template for your Company to the Finnivo software platform. The report template has already been ‘PRE-TAGGED’ to the relevant Taxonomy. (you can also map and import data to the report template within Finnivo)
  • Generate (at the click of a button) the Instance document (XHTML file) that you can upload to the CIPC portal.
 

  Increase organisational value while reducing costs

Or contact us: 087 135 0921