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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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How Can iXBRL Help Attract Stakeholders?

  What attracts potential stakeholders to invest in any organization? Accurate numbers? Easy data comparability? Good governance? None of these. What attracts them the most is a good return on their investment? However, a good return is only possible when the company has a bird’s eye view of its financials. And this is where iXBRL […]

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Most Common Challenges Faced by Businesses in iXBRL Filing with CIPC

Things were simple before the advancement of technology. Companies used to submit their Annual Financial Statements in PDF format, and everything was in order. Even though the process required constant analysis, processing, and extensive calculation, companies and accountants were set in their own ways of filing and reporting financial data. But things changed when the […]

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Market Situation in South Africa due to the COVID-19 Outspread

This pandemic has  significant implications for private businesses all around the globe, and South Africa is no exception. COVID-19 is causing a significant slowdown in world trade, disruption to the supply chains, and serious change in tourism flows. South African companies that have built their businesses based on the global trade network are being exposed […]

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Implement iXBRL and Open Doors to Great Business Opportunities

The iXBRL journey in South Africa has been a rewarding and widespread one. The standards laid down by the CIPC in terms of the iXBRL format benefit not only the South African government but also the issuers, which is why it is time to look beyond compliance and understand how the adoption of iXBRL is […]

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iXBRL Reporting Requirements with the CIPC for Companies Registered in South Africa

The CIPC – Companies and Intellectual Property Commission of South Africa launched their XBRL reporting program back in 2016 and advanced it further by introducing Inline eXtensible Business Reporting Language (iXBRL) in 2018 as the latest format for submitting Annual Financial Statements (AFSs) to the CIPC. The iXBRL taxonomy contains tags based on the requirements […]

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