How Non-Profit Companies (NPC) Can File Annual Financial Statements (AFS) to CIPC in iXBRL Format?
The Companies and Intellectual Property Commission (CIPC) of South Africa have made it mandatory for all businesses, including non-profit companies, to file their AFSs in the iXBRL format. This has been done to ensure quick, efficient, and accurate filing of Annual Financial Statements. If you are a non-profit company looking to file AFS to CIPC in South Africa, you must do it in iXBRL format.
The iXBRL format is a widely accepted format for electronic business reporting in the world for reasons such as cost and time savings, faster assessment, better report analysis, and more accurate reporting.
How can a non-profit company file AFSs to CIPC?
When trying to file the Annual Finance Statements of your NPC to the CIPC, consider the following:
- Every NPC must file its financial statements within 6 months from the financial year’s conclusion.
- NPCs need not conduct an audit unless.
- It passes a public interest score,
- It meets any requirement, as set forth by Regulation 28 of the Act,
- It chooses to conduct an audit voluntarily.
- The NPC must file an annual return within 30 days of its date of incorporation. If the NPC must require an audit, the return needs to be filed along with the AFS in iXBRL format.
- Neither a Company Secretary nor an Audit Committee is mandatory for the filing.
- The NPC must convene an Annual General Meeting only if it has been stated in the NPC’s Memorandum of Incorporation.
- An NPC may choose to register itself as a non-profit organization as per the Non-Profit Organisation Act, although it is not mandatory. However, in doing so, it becomes eligible to receive governmental benefits and acquire the status of a registered NPO entity.
- An NPC must maintain the records of all grants, donations, members’ fees or funding arrangements or contracts with any third party, as per Regulation 25(4).
Bottom line
Filing the AFSs in the iXBRL format to the CIPC has ensured a stride of benefits for businesses and the commission. Although, not every business is on board yet with the mandate, the filing process has become more streamlined, and many businesses opine that the move can bring in more long-term advantages for everyone. If you are looking for support with your AFSs filing, hire an experienced vendor like DataTracks to meet your iXBRL requirements. DataTracks has been at the forefront of filing compliance reports to the CIPC, South Africa, with over 17 years of hands-on experience in diverse countries worldwide.
Having worked on over 220K compliance reports for 21K+ clients, DataTracks has the knowledge, insights, and technical expertise to help you.
Talk to the Client Support Desk at DataTracks to learn more at +27-10-446-9061 or email enquiry@datatracks.co.za.