Glossary

A quick-reference list of key Draftworx domain terms. Each entry links to its full concept note where one exists.

Terms

• Trial Balance — A listing of every general-ledger account and its debit or credit balance, used to verify total debits equal total credits.
• Journals — Adjusting accounting entries (debits = credits) posted against trial-balance accounts to correct, reclassify, or accrue balances.
• Consolidation — Combining the financial statements of a parent and its subsidiaries into one set, with intra-group balances and transactions eliminated.
• Disclosures — The narrative notes and supporting schedules that accompany primary financial statements as required by the applicable reporting framework.
• Working Papers — The evidence files (schedules, memos, confirmations) that support the figures and conclusions in a set of financial statements or an audit file.
• Audit vs Review — Audit: reasonable assurance via substantive testing. Independent review: limited assurance via enquiry and analytics.
• Reporting Frameworks — The accounting standards under which a set of financials is prepared (e.g. IFRS, IFRS for SMEs), governing disclosures and presentation.
• IFRS — International Financial Reporting Standards; the global set of accounting standards issued by the IASB, required or permitted for listed entities in over 140 jurisdictions.
• IFRS for SMEs — A simplified, self-contained version of IFRS designed for private companies that do not have public accountability, with reduced disclosure requirements.

XBRL terms

• XBRL — eXtensible Business Reporting Language; the open global standard for tagging business and financial data so software can read it. In South Africa, CIPC filings use it.
• Taxonomy (XBRL) — A dictionary of reportable concepts plus the relationships between them; defines what can be reported.
• Instance document — A specific report containing the actual reported facts, tagged against a taxonomy.
• Concept / fact — A concept is a definable item in a taxonomy; it becomes a fact when an entity reports a value for it.
• Linkbase — A file expressing one type of relationship between concepts (label, presentation, calculation, definition, reference).
• Inline XBRL (iXBRL) — XBRL tags embedded inside a human-readable HTML document, so one file is both readable and machine-processable.
• DTS — Discoverable Taxonomy Set; the full set of taxonomy files reachable from an entry point.

Source

General accounting knowledge; Draftworx product context.