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 in the iXBRL format to the CIPC.
Things You Must Keep in Mind for a Successful iXBRL Submission.
● Data Accuracy
The first thing you need to ensure is that all the data being submitted is accurate and up-to-date. Missing out on crucial transactions or reporting vague figures is not going to help. So before you start converting your financials into iXBRL format, make sure the data is of high authority and accurate.
● Appropriate Tagging
Converting the financials into iXBRL format, you are required to tag the appropriate accounts, which requires software prowess and financial expertise. You can seek expert guidance from professional accountants or outsourced service providers who file iXBRL financial statements to the CIPC at reasonable costs.
● Accurate Taxonomy
When it comes to filing a financial statement with the CIPC, you need to follow the taxonomy based on the IFRS (International Financial Reporting Standards) for the definition and validation of financial facts. You must ensure that your enterprise is compliant with all the state and federal laws as well as the IFRS and accounting principles
● Who is Preparing Your Financials?
If you have an in-house iXBRL expert, you need to install a customised software package that incorporates the CIPC taxonomy and allows tagging of data elements. If you prefer the simpler option, you may want to consider outsourcing iXBRL processing altogether. This way, you don’t have to spend on software packages or hire a full-time employee.
Outsourcing: The Simpler Solution For All Your iXBRL Submissions
There are a number of intricacies you need to keep in mind when filing iXBRL financial statements to the CIPC, for which you may also need to hire a full-time expert in-house and set up the entire software package. However, if you are looking for an error-free and cost-effective solution for iXBRL filing, consider partnering up with a reputed outsourced service provider like DataTracks. DataTracks accurately tags and convert your financial accounts to an error-free iXBRL files after rigorous quality checks for successful filing with the CIPC.
For more information about DataTracks’ services and offers, please speak to an expert @ +27-10-446-9061.