The A-Z of Submitting AFS to the CIPC in the iXBRL Format
In July 2018, the CIPC realised the impact of iXBRL for companies submitting their Annual Financial Statement (AFS) electronically. It was then that the government body embraced the international best practices of this digital reporting format to improve efficiencies.
However, even after years of introducing the mandated digital reporting system, several companies and businesses still have concerns and questions about the working, eligibility, and implementation of iXBRL, especially new business owners.
So here is a one-stop guide that can help you figure out the nooks and crannies of submitting AFS to the CIPC in the iXBRL format.
First things first, Who Needs to File in iXBRL?
If your company/business falls under any of the below-mentioned categories, you need to file AFS in the iXBRL format to the CIPC:-
- Public company
- Company with Memorandum of Incorporation stating that it should audit or voluntarily audit its AFSs
- Company with a Public Interest Score equal to or greater than 350
- Company that is holding assets in a fiduciary capacity for people who are not related to it and the aggregated value of such assets exceed R5 million anytime during the financial year
- A close corporation that meets the above-mentioned requirements
By When Do You Need to File in iXBRL?
Whether your company is active or not, you must file within 30 business days, wherein the period of filing will commence from the day of registration. On the other hand, if it is a close corporation, the period of filing will begin from the first day of the month it was registered.
What is the iXBRL Tagging Process?
The iXBRL tagging process takes place in various stages:-
- AFS is uploaded to the application for tagging
- The users then applies applicable tags based on the degree of financial data uploaded in the application
- The files are reviewed, and errors are corrected if any
- The final iXBRL file is then subject to a validation check by connecting to CIPC gateway to ensure it meets all the requirements of the CIPC
As far as the number of data elements is concerned, only the elements defined in the minimum requirements of CIPC are to be tagged.
The Road to Compliance is Not an Easy One…
But with a partner like DataTracks by your side, your AFS filing process can be smooth and error-free. DataTracks has filed 1,95,000+ reports over 16 years. Needless to say, these numbers alone speak volumes of their track record. The experience and expertise of finance professionals at DataTracks heartily contribute to the quality of their services, making the company your ideal partner for iXBRL solutions.
Speak to a DataTracks expert @ +27-10-446-9061, partner up TODAY and streamline your reporting process.