How To Make Your iXBRL Transition Smooth?
- Are you still submitting your Annual Financial Statements in PDF format?
- Is your PI score above 350 but you’re not getting your AFS audited?
- Is your company eligible to file AFS in the iXBRL format but you’re not fulfilling the requirements?
If your response to the questions mentioned above is affirmative, you are not compliant with the CIPC’s filing requirements. This essentially means that your company may have to face serious consequences, even potential legal consequences. So if you want to avoid that, read on and make your transition to iXBRL TODAY and make it smooth.
Since 2018, iXBRL has been mandated by the CIPC all throughout South Africa. So it’s not an option; you need to make the transition as soon as possible and as smooth as possible. Keep on reading, this article can help you.
To Ensure Smoothing iXBRL Filing, Here’s a Small Checklist for Your Company to Follow:-
- Automate Everything You Can and Delegate the Rest of iXBRL Filing
First things first, filing AFS is a tedious and strenuous task; it requires collation, review, and analysis of financial information repeatedly by different team members. This is why experts advise automating anything and everything you can and delegating the rest.
If not everything, at least the things you can control like collation of data, processing of financial data, entry, re-entry, removing duplications, etc. These are just some things you can automate or delegate, so do that, because iXBRL filing is a long road, and you can’t do everything yourself.
- Make Sure You Have a Dedicated Team for CIPC Filing
Teamwork divides the tasks and multiplies the chances of success.
So make sure you have a dedicated team of financial experts who have prowess in iXBRL and the South African taxonomy. Furthermore, every team member should be on the same page and aware of the compliance requirements laid down by the CIPC. This team of yours can be in-house or of outsourced service providers, depending upon your choice. However, if it’s in-house, the next point is for you…
- Invest in a Robust XBRL Software
If you have an in-house team of iXBRL experts, you’ll need a robust software or solution that can support the filing.
Here are some interesting and essential features you must look out for while picking an iXBRL software:-
- In-built validation engine
- Collaboration and co-authoring
- Data cloning
- Multiple input capability
- Access restriction and Audit Trail
- Powerful formatting options
- Test File Early With CIPC & Backup
After curating the final report, submit a test filing to determine the errors or warnings. This allows you ample time to resolve any issues before it’s time to submit the final report. In addition, you must also have a local backup of every filing document, which can come in handy if an unlikely event occurs and you are unable to file through the CIPC website.
Want to Make It Hassle-Free? Outsource
If you don’t want any troubles when it comes to iXBRL filing and compliance, outsourcing is the ideal choice. A trusted partner like DataTracks is all you need. With 16+ years of commendable experience and catering to 19,900 clients worldwide, DataTracks has set a reputation for itself in the financial reporting industry.
To know more about what they have to offer, speak to an XBRL expert @ +27-10-446-9061 or email at email@example.com.