What is Included in the iXBRL Training for Accountants in South Africa?
The iXBRL mandate by CIPC requires South African companies to prepare and file their annual financial statements in iXBRL (Inline eXtensible Business Reporting Language) format. But preparing accounts in iXBRL format is a complex task that can quickly become tricky if the accountants are not appropriately trained about iXBRL.
If you are looking to build an in-house team of iXBRL experts for filing your company’s AFS with CIPC, you must provide training to your employees. You need to spend about 2-3 weeks on iXBRL training for accountants. The accountants must be trained in the CIPC taxonomy, create compliance reports, and overcome potential challenges. Moreover, they must have a detailed understanding of the stages involved in preparing and filing financial statements in the iXBRL format. Let’s delve deeper to understand the things an accountant must know about to file AFS in iXBRL.
CIPC Taxonomy
If you are involved in the iXBRL tagging of financial accounts, you must train your accountants for the following:-
- Understanding of the fundamental concepts and principles related to iXBRL taxonomy
- Understanding how tags are defined and applied to each item in the financial statements
- Gaining a detailed knowledge of the structure of the income statement disclosure
- Learning how to best use the balance sheet or statement of financial position elements of taxonomy
- Understanding the essential structural elements of the taxonomy
- Distinguishing between tagging requirements for text, numbers, percentages, and more
- Reviewing tagged documents to ensure consistency
iXBRL Tagging Software
To work with iXBRL, you will need software. There are several iXBRL tools in the marketplace today. While some tools allow you to work with taxonomies, others focus on instance documents. You can also get tools or software specialising in rendering, analysis, and reporting. Apart from knowing the iXBRL tags for documents, the accountants must also be familiar with your company’s tagging software. It is essential to train your accountants regarding the use of the software and the software updates to ensure error-free reporting.
Latest Rules and Regulations by CIPC
CIPC continues to update its rules and regulations for preparing and filing iXBRL reports. The accountants must be trained to stay abreast with the latest regulations and taxonomies. Why? Because it helps prepare compliance reports meeting the CIPC requirements.
What Are Your Other Options for iXBRL?
If you have a pool of resources and are keen on building an in-house team of iXBRL experts, you need to train your accountants regarding the taxonomy, software, and regulation updates. However, if the cost of hiring and training accountants is something you dread, you can even outsource your iXBRL requirements to a trusted vendor. Enter DataTracks…
DataTracks is an expert in providing iXBRL solutions updated with the CIPC taxonomies. With a commendable experience of 17 years, the company has prepared more than 220,000 compliance reports for 21,500+ clients in 26 countries. So if you are looking for hassle-free reports with 100% accuracy, DataTracks is your ideal choice.
Get in touch with an iXBRL expert at +27-10-446-9061 or email @ enquiry@datatracks.co.za to know more about DataTracks’ services.