Israel transitions to XBRL
Israel takes another step towards full XBRL-based digital reporting this week, as the Israel Securities Authority (ISA) dropped requirements to publish financial reports in PDF format. As of this week, entities can select whether to publish their reports in PDF or Inline XBRL format, with the eventual aim being a transition to full mandatory iXBRL reporting in the coming years.
The ISA announced the move to iXBRL reporting in 2019, as part of a series of measures designed to establish an attractive and innovative public capital market that will appeal to global investors. ISA eventually aims to completely phase out PDF disclosures, facilitating investor access to data and increasing the transparency and attractiveness of Israeli markets.
Last year companies interested in experimenting with iXBRL were given the greenlight to begin reporting voluntarily. As ISA will eventually mandate iXBRL, early adoption was attractive for companies seeking to prepare for a smooth reporting process. Demand has led to this latest legislation, with companies wishing to switch to full iXBRL voluntarily before the mandate encouraged to register at the following email address: iXBRL@isa.gov.il
Read more here (in Hebrew) and refresh yourself on Israeli implementation here.