How Can a Private Company (Pty) Ltd File AFS to CIPC in iXBRL Format?
The CIPC mandates all businesses to file their Annual Financial Statements (AFS) to CIPC in iXRBL format, including private companies. The mandate has been made to ensure the efficient and quick filing of a company’s Annual Financial Statements, which makes it easier for every party involved in the use and assessment of these sensitive and important financial statements.
Private Companies Checklist for CIPC iXBRL filing:
As a private company working in South Africa, you must adhere to the provisions and guidelines by the CIPC for filing the AFS in the iXBRL format.
What is iXBRL filing?
It is an electronic file format used for business reporting. The objective of the format is to enable quick, efficient, and accurate business and financial reporting and to bring in a global standard for it.
How can a private company file AFS to CIPC?
All businesses incorporated in South Africa must file their Annual Financial Statements at CIPC annually within the time prescribed by the CIPC. This helps the CIPC update the business’ contact information, as the law needs, and keep the company’s business status ‘active’.
The AFS filed by a private company must:
- Be done within six months after the financial year ends.
- Be as per the prescribed standards, if any, in content and form.
- Include the statement date when it was produced and the corresponding financial year.
- Indicate whether the statements are audited as per the requirements of the law.
- Be independently reviewed as per the requirements of the law if the statements are not audited.
- Include the name and designation of the person who prepared and supervised the AFS.
- Be signed by the authorized director, approved by the Board, and shared with the shareholders.
- Be compiled internally if the PIS is below 100 and independently if the PIS score falls between 100 and 249. Auditing needs to be conducted if the PIS score is above 350.
Refer to Page (7): CIPC Guidelines for Filing AFS in XBRL Format for the Private Companies
Filing the AFSs in the iXBRL format brings various advantages to the business and the commission. Despite the constant efforts of the commission and related government entities, not all businesses are satisfied with the move. However, the common consensus among the industry is that it has helped make filing more streamlined and can bring more advantages in the long term.
If you are a private company looking for help with filing, DataTracks can help you. Having served the industry for more than 17 years, we can help you with all your requirements for AFS filing with CIPC in iXBRL format.
We have extensively worked with 22K+ clients worldwide, so we have the proficiency and industry insights to help you.
Call us at +27-10-446-9061 or email email@example.com.