ISA stands for the Israel Securities Authority, which is the regulatory body responsible for the registration and administration of securities and corporate reporting in Israel.

The ISA requires companies in Israel to file their financial statements in eXtensible Business Reporting Language (XBRL) format. This is part of the ISA’s efforts to improve the quality and accessibility of financial information, reduce the time and costs associated with financial reporting, and facilitate the analysis and comparison of financial data across companies and industries.

The use of XBRL for financial reporting is mandatory for certain types of companies in Israel, including companies listed on the Tel Aviv Stock Exchange, and companies with total assets or revenue above certain thresholds. The XBRL format is used to report financial data as per the Israeli Accounting Standards (IAS) in Israel.

Overall, the adoption of XBRL in Israel through the ISA has been successful in improving the efficiency and effectiveness of financial reporting for companies, and it is expected to continue to play a significant role in the future of financial reporting in the country.

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. Listed companies are required to submit their annual as well as interim report in iXBRL. The Israel Securities Authority (ISA) both collects and publishes filings via its Magna portal, where the Inline XBRL reports are published.

Read more about the mandate here