Israel’s XBRL adoption history began in 2008 when the country mandated the use of XBRL for financial reporting by public companies. This move was part of a broader effort to increase transparency and attract foreign investors to the Israeli capital market.
Implementation:
The ISA implemented XBRL by integrating it into its electronic filing system, MAGNA. Companies were required to submit their financial reports in XBRL format, which were then made available to the public.
Benefits:
The adoption of XBRL in Israel aimed to improve transparency, comparability, and efficiency in financial reporting. It also facilitated the analysis and comparison of financial data, making it easier for investors to make informed decisions.
Taxonomy and Data Elements
IFRS taxonomy: EZ XBRL uses the IFRS taxonomy adopted by the ISA for XBRL reporting.
Data element mapping: We map the client’s financial data to the required data elements in the IFRS taxonomy.
Quality Assurance and Support:
Quality assurance: EZ XBRL performs quality assurance checks to ensure the XBRL reports meet the ISA’s requirements.
Client support: We provide client support and guidance throughout the XBRL filing process.
Benefits of Using EZ XBRL:
1. Expertise: EZ XBRL has expertise in XBRL reporting and the ISA’s requirements.
2. Efficiency: They provide efficient and accurate XBRL reporting services.
3. Compliance: EZ XBRL ensures compliance with the ISA’s XBRL filing requirements.
4. Cost-effective: Their services are cost-effective and help clients reduce their XBRL reporting costs.