JSE reports under IFRSs using XBRL
Dec 23, 2004
The JSE Securities Exchange of South Africa is the first major stock exchange in the world to report its financial statements according to International Financial Reporting Standards (IFRSs) using eXtensible Business Reporting Language (XBRL).
In an IFRS context, XBRL offers many benefits. For example, for fund managers, analysts, and retail investors, financial reporting in XBRL format will improve their ability to analyze companies, make appropriate comparisons, and thus improve their investment decision-making. Essentially, XBRL's data tagging acts like a bar code, identifying the various components making up financial statements. The tags allow the data's meaning to remain clear and contextually accurate, even when data is transferred between various parties. XBRL allows for easier adaptation of changing reporting needs, including the conversion from local GAAP to IFRS.