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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 as a guide to the duties and responsibilities of company directors and accountants.

● Properly monitors and fulfills the iXBRL requirements with the Companies Act.

Requirement #1: According to Section 30 of the Companies Act, all South African companies are required to furnish financial statements within six months from the financial year-end. 

Has your company prepared financial statements within the stipulated time? Also, it is critical to note that the private and personal liability of your company is required to be audited as per the Companies Act, 2008, wherein you are required to file a copy of the latest approved AFS (Annual Financial Statements) with the CIPC.

Requirement #2: As per Section 4, you need to conduct a liquidity and solvency test. 

To comply with this requirement, you must furnish relevant documents in order to confirm that you have performed the requisite tests and are therefore in compliance with Section 4 of the Companies Act, 2008.

Requirement # 3: Your company must maintain financial records for a period of seven years. 

This requirement has been enforced by the CIPC to ensure that you have all the requisite documents in case you are required to furnish them in front of the SARS (South African Revenue Service).

These are some of the requirements you need to check for compliance with the CIPC. For a detailed understanding of the checklist, please refer to the CIPC website.

Is Your Company Eligible to Follow this Checklist?

If your company is registered in South Africa and is an:-

● Incorporated – Inc.

● Proprietary Limited – (Pty) Ltd

● Limited – Ltd

● State-owned company – SOC

● Non-Profit Company – NPC

Then yes, your company is eligible to comply with this checklist provided by the CIPC.

What’s Next?

Failure to comply with this checklist may lead to non-submission of AFS with the CIPC, which can impose hefty penalties related to non-compliance. Boasting 15+ years of commendable experience in preparing compliance reports, DataTracks, a global iXBRL software service provider, can ensure your filings comply with all the mandatory requirements of the checklist laid down by the CIPC.

If you are looking for a trusted iXBRL solution, speak to an expert @ +27-10-446-9061.

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