What should be included from financial statements in iXBRL filing?
How to put together statutory accounts in iXBRL
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.
- Statement of financial position, current/non-current;
- Statement of financial position, order of liquidity;
- Statement of comprehensive income, profit or loss, by function of expense;
- Statement of comprehensive income, profit or loss, by nature of expense;
- Statement of comprehensive income, OCI components presented before tax;
- Statement of comprehensive income, OCI components presented net of tax;
- Statement of cash flows, direct method;
- Statement of cash flows, indirect method;
- Statement of changes in equity;
- Statement of changes in net assets available for benefits.
- Notes – Sub-classifications of assets, liabilities and equities
- Notes - Analysis of income and expense
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?
- All elements (financial facts) listed in the statements above are required to be tagged on an individual basis, except where a specific data element doesn’t apply to a client company.
- Although the minimum requirements for every entity are determined as explained above, there are 61 Existence Assertion data elements that will be mandatory to ALL entities. The mandatory elements are all included in the validation rules of the taxonomy, and omitting any of these elements, will result in the rejection of a submission.
- Other data elements part of the minimum tagging requirements should be tagged where applicable to a specific entity.
- The 12 elements from the Companies Act are also defined both in the IFRS-FULL and the IFRSSME definitions, and the elements in the IFRS-FULL and IFRS-SME definitions are also the same. They only have different technical ID’s, but there are only 61 unique elements mandatory for reporting.
- In the event that a company wants to report on a financial fact that is not represented in the taxonomy, they can report on that fact by using the most relevant “other” data element of the relevant report. In such cases the nature of the fact needs to be explained via a footnote linked to "other".
- Banks and Insurance Companies who may not be in a position to report on actual data elements in the Primary Financial Statements, can paste whole statements in the first text block after the heading element of every report (headings are labelled as "Abstracts")