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Do you Comply with the CIPC’s Compliance Checklist?

Are you securing the iXBRL checklist for your next filing with the CIPC? If so, it’s a great idea considering the increasing number of changes made to the filing requirements due to the pandemic. Stating the Purpose of this Compliance Checklist ● Ensures all the mandatory requirements laid by the CIPC are met. ● Acts […]

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Understanding GRAP and How Does it Affect South African State-owned Companies?

Understanding GRAP Generally Recognized Accounting Practice, also known as GRAP, is a set of fundamental concepts that serve as accounting process guidelines for South African-based companies. These guidelines laid down by the Accounting Standards Board (ASB) ensure that the public sector agencies record their financial activities accurately and consistently. GRAP and PFMA The Public Finance […]

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Filing AFS in PDF or iXBRL during Voluntary phase for State-Owned Companies.

Resolving iXBRL tagging errors before final submission still remains a major concern for businesses in South Africa, especially for state-owned companies, as it’s still in the voluntary phase for them. However, it’s better than submitting inaccurate data, right? And since the iXBRL filing is being mandated for state-owned companies, w.e.f. October 2021 as per the […]

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New Update on the CIPC’s eService Portal

The CIPC continually strives to improve the functionality and user experience for its users. In its endeavour to do so, the CIPC has introduced a new functionality wherein users can now register co-operatives electronically. What’s more, is that members of the co-operative may request copies of financial records or extract records after making a payment […]

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Submission of AFS based on GRAP in the iXBRL Format is Now Possible!

The CIPC has continually been working towards making the lives of the issuer’s easy, annual return wise. Well, here’s good news for all the South-African based companies that are required to submit their Annual Financial Statements (AFSs) based on Generally Recognized Accounting Principles (GRAP) in the iXBRL format. As reported by the commissioner of CIPC […]

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How to Submit iXBRL Financials to CIPC in a Single Go?

With all the filing requirements, complex taxonomy, and even complicated tagging, submitting iXBRL financials to CIPC is a challenging and daunting. Most business owners are concerned about their financial health when it comes to iXBRL filings. Keeping that in mind, here are some essential checks you need to keep in mind when submitting your financials […]

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iXBRL: Easing Financial Compliance in the Digital Era

Since the day iXBRL concept was introduced by the CIPC, South-African companies have been hustling with additional compliance requirements and overburdening their finance professionals. However, that’s not why iXBRL was introduced; it was instituted to standardise the financial reporting process and reduce the compliance burden of businesses. No matter what approach business owners take – […]

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Submitting Annual Financial Statement with the CIPC – The XBRL Way!

The current status of the CIPC project looks very promising, with over 24,000 successful submissions till June 2020.  The financial reporting process has never been this easy. Since the inception of iXBRL in South Africa, businesses were bombarded with compliances and filing requirements that they had to comply with. However, with the introduction of proper […]

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Walking the Tightrope – Choice Between In-sourcing and Outsourcing iXBRL Services!

Since the introduction of iXBRL in South Africa, companies and business owners have been in a dilemma between in-sourcing and outsourcing iXBRL services. This debate has been around for ages, and it’s time to put it to rest. The iXBRL Continuum As the iXBRL technology matures, companies get past the learning curve. Their processes have […]

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Converting AFS from PDF to iXBRL can Improve Data Quality

There are times when technology meets a significant milestone. And for South Africa-based companies, that milestone was the introduction of iXBRL for financial reporting. This was when digital transformation moved to the forefront of many organizations. To avoid disruption, many companies have increased their focus on automation and technology. This rapid shift from PDF to […]

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