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 iXBRL taxonomy and solution providers offering iXBRL conversion and tagging services, things started to pick up. And today, after two years of iXBRL introduction, it wouldn’t be erroneous to say that it has become the method of choice for financial reporting in South Africa.
South Africa Leads the Way in iXBRL Reporting.
This leap taken by the CIPC into the 21st century has been an immensely successful one. By mandating the filing of Annual Financial Statements (AFS) from 2018, CIPC has automated the entire filing process. Earlier, the financial statements were reported in the PDF format, which used to differ from company to company. This made readability and analysis of data difficult. However, iXBRL has a standard format of submission, which is both machine and human-readable.
As a business owner, you may complain about the added burden and additional filing requirements, but it is the way forward, and change does not come easy.
Quality of the Data Submitted
The best part about the introduction of iXBRL is the improvement in the quality of data being submitted. By using cutting-edge technology solutions, stringent quality checks, and re-capturing of data, the CIPC ensures that the data being submitted by companies are of high authority. Furthermore, the CIPC has provided easy access to external users of the financial statements, so they can make a well-informed and data-driven decision. This one is for the stakeholders and investors.
The Road Ahead
Times when things are evolving rapidly, a move towards accountability and transparency is an essential step taken by the CIPC, and it further needs to leverage the evolving iXBRL technology to lead the way in digital financial reporting.
Upload Financials and Download iXBRL- A Dream Come True!
With a partner like DataTracks, boasting 15+ years of commendable experience in iXBRL reporting, you can keep your worries at bay. A one-stop solution for all your iXBRL needs ranging from conversion, error-less tagging to filing support, DataTracks takes care of it. Leverage the wide range of benefits and solutions offered by DataTracks and make your way to the future with iXBRL.
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