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JSE reports under IFRSs using XBRL

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23 Dec 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).

XBRL is an electronic format or language that aims to streamline and simplify the flow, preparation, and analysis of financial reports and accounting data. The JSE's announcement said:

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.

Click for JSE Press Release (PDF 24k).

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