Tagging your iXBRL document the right way, the CIPC way
On 1st July 2018, the CIPC, South Africa’s business registry, mandated iXBRL as the standard reporting format in which all reporting entities had to file their AFS. Based on our experience in other markets where iXBRL has been mandated, entities are often unclear about the tagging methods of their iXBRL documents. As a trusted partner of CIPC, which implemented iXBRL for them, we’ve answered many questions on this topic. One question that is asked often is about the right tagging method to meet the CIPC’s iXBRL mandate.
So, here we attempt to bring some clarity on the topic of “Tagging Methods.”
There are two approaches to applying tags in iXBRL format. Here’s an infographic that elucidates why ‘On-Document Tagging’ is better for complying with the CIPC iXBRL mandate:
If your solution provider is using a template-based tagging approach, you are NOT fully complying with the iXBRL reporting requirements. AFS is the document that shows the health and well-being of your company. Any incorrect or erroneous reporting could wrongly create a bad reputation for your company and inadvertently lead to loss of investments, contracts, etc. Remember, do not compromise on the quality of your AFS.
IRIS is a pioneer in the XBRL reporting space since 2005. IRIS has a global footprint in over 22 countries. With an experience of over 14 years and 5+ million filings for 1.5+ million entities, IRIS is a world leader in the structured data space. IRIS’ clients include security commissions, central banks, business registries, stock exchanges, public companies, private companies, banks, and mutual funds.