Extension of the iXBRL Pilot Phase for Co-operatives in South Africa
On 1st April 2022, the Companies and Intellectual Properties Commission (CIPC) launched a pilot process for co-operatives to file their Annual Financial Statements (AFS) in the iXBRL format. The pilot project entailed testing by a subset of participating entities. It was intended to continue until 1st October 2022, after which the iXBRL mandate for co-operatives would have become effective.
CIPC has extended iXBRL Pilot Phase for Co-operatives in South Africa:
However, due to the slow uptake in the pilot phase, CIPC has decided to extend the iXBRL pilot process for co-operatives in South Africa till 2nd January 2023. The decision is taken considering the interest of those who want to test the system. This will help co-operatives get acquainted with the system before mandatory submission starting from January 2023. Here’s a quick recap of the cooperative categories that need to file AFS in iXBRL format with CIPC.
Categories of Co-operatives
South African co-operatives are divided into categories based on revenue and CIPC compliance requirements.
- Category A1: Co-operatives with less than R1 million of annual revenue fall in this category.
- Category A2: It includes co-operatives with annual revenue of at least R1 million but less than R10 million.
- Category B: Co-operatives with annual revenue of at least R10 million but less than R25 million constitute category B.
- Category C: It includes co-operatives with annual revenue of R25 million or more.
Secondary, Tertiary, and National Apex Co-operatives
All the secondary, tertiary, and national apex co-operatives are included in Category C.
Which Categories of Co-operatives Must Follow the iXBRL Mandate?
All audited co-operatives (Category C – primary, secondary, tertiary, and national apex) must submit their AFS in iXBRl format with CIPC from 2nd January 2023. Furthermore, independently reviewed co-operatives (Category B) can voluntarily submit their annual financial statements with CIPC.
Fees for Filing iXBRL Annual Returns With CIPC
The co-operatives in South Africa need to file a prescribed fee for filing annual returns with CIPC.
Tariff (if lodged within 30 days of the due date)
Penalty Fee (if lodged more than 30 days after the due date)
Secondary, Tertiary, National Apex (less than R25 million)
Secondary, Tertiary, National Apex (R25 million or more)
Outsource Your iXBRL Requirements to Make a Smooth Transition
The objective of iXBRL-based reporting for co-operatives is to simplify the accessibility and use of financial data. While CIPC has extended the pilot phase to acquaint everyone with the system, co-operatives in Category C will be mandated to file iXBRL AFS with CIPC from 2nd January 2023. Looking for a trusted partner to help you convert AFS from other formats into iXBRL format? DataTracks can be your ideal choice!
With experience in filing more than 220,000 compliance reports for 17+ years, DataTracks can help you prepare high-quality, error-free reports. So if you want to make a smooth transition to iXBRL filing, contact a DataTracks expert @ +27-10-446-9061 or email firstname.lastname@example.org.