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 of the Companies Act 2008. With a primary focus on covering the reporting requirements of the Companies Act 2008, the iXBRL taxonomy is also catering to the reporting standards of the IFRS (International Financial Reporting Standards).
Since the introduction of iXBRL format, the big question being asked repeatedly is: “Does my company need to file the iXBRL way?” Let’s find out:-
Does Your Company Need to File Financial Statements the iXBRL way?
- Is your company registered in South Africa?
- Is your company public or state-owned?
- Does your company have a PIS (Public Interest Score) of more than 350?
- Does your memorandum of incorporation state that the company needs to undergo an audit?
- Is your company a non-profit organization that is directly owned by the state, an organ of the state, a foreign state entity, an international entity, or a foreign company?
- Is your company a profit or non-profit organization that holds assets in a fiduciary capacity for unrelated persons for which the aggregated value at any time during the financial year exceeds R5 million?
If your company satisfies any of the above-mentioned criteria, then in terms of regulation 28, 29, & 30 of the Companies Regulations of 2011 and section 33 of the Companies Act 2008, you are required to submit AFSs through the new iXBRL way.
Will Closed Corporations be affected by this Roll-out of iXBRL?
According to the latest amendment to section 58 of the Closed Corporations Act 69 of 1984, members of a corporation are required to submit annual financial statements in respect of the financial years to be made out within six months after the end of every financial year. Therefore, the submission of annual financial statements for closed corporations is mandatory in the iXBRL format.
A New Update is Coming Your Way
In order to secure and streamline the filing process, CIPC has made some changes. One of these important changes encompasses an alteration in the update process of resetting the password, email id, or phone number. Now, customers are required to send a request via email to reset the password or phone number along with a password reset form and a certified ID copy as attachments. This process change will be in effect from 1st June 2020.
File AFSs the iXBRL way
By mandating the use of iXBRL format, the CIPC has intelligently enabled South Africa based companies to submit AFSs following a streamlined approach that is not only effective for companies but also for the government. And, with a dependable and reputed partner like DataTracks by your side, you can get personalized support on iXBRL reporting for when you need it the most. In accordance with over 180,000 compliance reports, DataTracks is offering a detailed evaluation and error-free iXBRL conversion of your financial statements in compliance with the CIPC.
Make your way to error-free iXBRL reporting by speaking to an expert at +27 10 446 9061 or write to firstname.lastname@example.org.