How to prepare iXBRL accounts
What are the documents to be put together in compiling AFS for iXBRL ?
Minimum tagging for AFSs will comprise of individual tagging of all applicable facts of the Primary Financial Statements (PFSs) and a set of disclosures/explanatory notes as listed below.
All Accounting Policies, Directors Reports, Directors Responsibility Statements, Independent Auditors/Reviewers Reports, Company Secretary Reports, Corporate Governance Reports, and Notes other than listed above are allowed to be block tagged only, meaning the full text thereof can be tagged as single text blocks to the first relevant text block of the specific report.
Taxonomies and accounting regulations in the South Africa
The CIPC taxonomy’s scope main focus is on covering the reporting requirements of domestic entities as prescribed by Companies Act, No. 71 of 2008. Apart from the SA-specific requirements, the IFRS taxonomy (as on 31 March 2016) has been incorporated.
As a concession to ease the introduction of iXBRL, CIPC has initially set a 'minimum tagging requirement'. This allows companies to use a reduced set of tags from the taxonomies. Minimum tagging will comprise of individual tagging of all applicable facts of the Primary Financial Statements (PFSs) and a set of disclosures /explanatory notes. All accounting policies and notes are to be block tagged. 61 Existence Assertion data elements (included in the minimum tagging requirements and representing validation rules) will be mandatory. Other data elements should be tagged where applicable
What data needs to be tagged?