So now that we know what it is, how it works and the objective of XBRL, how do get our financials in
The first step is to ensure your annual financial statements are prepared and finalized. Once this is completed then only can this be translated in an iXBRL ready format after the tagging process is completed.This can be done in several ways:
If your financial statement drafter (in house or external) is using a specialized accounting software which has the XBRL conversion tool embedded, the drafter will be able to tag mandatory information required to generate the iXBRL file for submission to CIPC.
If your financial statement drafter (in house or external) does not have software which has the XBRL conversion tool embedded, then the drafter would have to obtain an XBRL ready input sheet and thereafter manually tag the necessary information on this. Once completed, this input sheet can be generated into an iXBRL file and then submitted to CIPC.