Leaderex Conference.

Lofty Brainchild was invited to participate at the Leaderex Conference on 3 – 4 September 2019. Thusho, Lofty’s Financial Director, presented a short talk to the audience titled “Understanding the XBRL Architecture Framework.”

It was noted that the XBRL Architecture Framework consists of various elements, primarily, XML – General Syntax which is designed to store and transport data and is the general Syntax for XBRL reporting; XBRL Specifications – these are the fundamentals on XBRL functionalities and are developed and published by XBRL International; XBRL Taxonomy – the collection of financial and business reporting terms which are equivalent to dictionaries used by the XBRL community;  XBRL Instance Documents  - Operate within the context of XBRL specification; XBRL Members - 700+ members involved in the development and proliferation of XBRL, including commercial companies, non-profit organisations, and public authorities; XBRL Jurisdictions - Local entities represent their country at international consortium with XBRL SA being a member of XBRL International.

Thusho then posited that with the likelihood of other regulations requiring the submission of information in XBRL format, companies would have to consider whether to use either the built-in or bolt-on approach. The built-in approach requires companies to build in-house capacity by integrating iXBRL in the report creation process. The bolt-on process occurs when companies outsource the generation of iXBRL files after AFS are published.