DataTracks Rainbow - A software that makes iXBRL filing successful with CIPC

JOHANNESBURG, Dec. 2, 2021 /PRNewswire/ -- DataTracks, a global leader in providing compliance and regulatory reporting solutions, has announced an improved version of its cloud-based DataTracks Rainbow iXBRL software to convert AFS to iXBRL for successful filing with CIPC (Companies and Intellectual Property Commission). Being the first vendor to be certified and recommended SSP by CIPC, DataTracks has proved its standpoint in South Africa as an iXBRL service provider. Now in adherence to the market requirements and price compatibility, DataTracks is ready to serve with a new version of iXBRL software.

With an advanced algorithm, Rainbow has compatibility with both IFRS and GRAP taxonomies created by CIPC, facilitating a smooth iXBRL preparation. An expert team of iXBRL-SME (Subject Matter Experts), R&D, and software development has worked together to ensure that the features have been designed for companies to use in-house to convert AFS from Word/PDF to iXBRL format in a secure and faster way.

Key features of DataTracks Rainbow South Africa iXBRL software are:

• Multiple user engagement - Grants section-specific access to users
• Roll-forward report creation - The ability to carry over iXBRL tags from the previous period
• Pre-validation with CIPC taxonomies - With our preventive validation mechanism, most errors will be filtered as and when you tag. Users will also be able to pre-validate with the CIPC gateway before generating iXBRL output assuring zero filing rejection
• Content Layer for easy fixes - Our application is tuned to retain the format as in word document and to make any last minute changes without a need to re-upload the source
• Easy tagging – Simply drag-and-drop function allows users to quickly select multiple facts at the same time and tag XBRL attributes
• ISO certified for Quality and Data Security – Assured secure and quality iXBRL report

Chandrasekaran Jothi, South Africa Head, said: "Our clients have been using the Rainbow software globally to produce 200,000+ compliance reports and growing. In continuation to the existing growth and for the benefit of the huge customer base who wants to do the iXBRL conversion in-house using cloud-based software at ease, this would be the right option to consider."

Pramodh Vittal, Vice President for Product Management, said: "DataTracks Rainbow iXBRL software has been packed with features to serve the South African market efficiently. Functionality, reliability, efficiency, and usability factors were considered a priority during this tool's development." He also added: "By watching a demo and with minimal efforts, an individual accountant/auditor can tag and generate iXBRL."

Abreast to the latest version of CIPC taxonomy, DataTracks Rainbow will have consistent updates to serve seamlessly.

About DataTracks

Head quartered in Singapore, DataTracks is a pioneer in providing software and services to help business enterprises prepare and file compliance reports with regulators. As a global leader in disclosure management software, DataTracks serves more than 19,900 business enterprises in 26 countries. DataTracks software and services have been used to prepare more than 200,000 compliance reports so far for filing with regulators such as CIPC in South Africa, SEC in the United States, ESMA in European Union, HMRC in the United Kingdom, ACRA in Singapore, SSM in Malaysia, and MCA in India.

For more information: http://www.datatracks.com/za
For business enquiries: enquiry@datatracks.co.za or +27104469061

Media contact: mediarelations@datatracks.com

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