Question 1

Who Need to file AFS with CIPC in iXBRL format?

Accepted Answer

All entities—be they companies, closed corporations, publicly or privately listed organizations, or non-profits with a PI Score exceeding 350—must submit their AFS in iXBRL format to the CIPC. The same mandate applies to companies conducting internal audits with a PI Score above 100, cooperatives boasting an annual turnover greater than 10 million Rands, and any organization that has specified in its Memorandum of Incorporation (MOI) an intent to file their AFS using iXBRL.

Question 2

Who is the trusted CIPC iXBRL Convertors in the South Africa?

Accepted Answer

DataTracks the trusted CIPC iXBRL conversion specialist in South Africa can convert your annual financial statements into iXBRL format with 100% error free reports within 3 to 7 days of turnaround time.

Question 3

Why should you outsource iXBRL Conversion & Tagging Service with DataTracks?

Accepted Answer

Outsourcing iXBRL Conversion & Tagging to DataTracks brings unparalleled expertise with a global track record of over 23,400 clients and 348,000 reports, assuring you of our proven reliability. Outsourcing iXBRL preparation will drastically help you to reduce your resource overhead. Our commitment to accuracy ensures 100% error-free conversions at a cost-effective rate, simplifying compliance for your business.

Question 4

When is the deadline for filing annual returns with CIPC in iXBRL format?

Accepted Answer

Entities are required to submit their annual returns to CIPC within 30 business days after the year-end, with the exception of Close Corporations, which have 60 business days for the submission of their annual financial statements. The submission should include the latest final approved audited or independently reviewed annual financial statements, and both the annual returns and financial statements must be filed on the same day.

Question 5

What are the consequences of not submitting CIPC Annual Returns?

Accepted Answer

Failure to submit Annual Financial Statements (AFS) leads to an investigation, followed by a compliance notice with a specified deadline. Non-compliance may result in fines or formal prosecution. Additionally, not submitting CIPC Annual Returns may lead to entity de-registration and the imposition of penalties.

Question 6

What is CIPC iXBRL Mandate for the Cooperatives in South Africa?

Accepted Answer

Cooperatives are the group of individuals doing business together registered under the Cooperative Amendment act of 2013 to meet the collective economic objectives in South Africa. All Coops making turnover of above 10M Rands must file their AFS with CIPC in the iXBRL format, mandated from 2nd Jan, 2023.

Question 7

Which types of Cooperatives to file CIPC in South Africa?

Accepted Answer

Cooperatives are entities are run by group of people with same interest. The Cooperative is classified in to various categories based on the annual revenue turnover.
Category A / Primary – (A1: R1 Million and A2: R10 – R1 million),
Category B / Secondary – (R25 – R10 Million) Revenue turnover per annum
Category C / Tertiary – Annual revenue of R25 million and more.
National Apex Cooperatives.

Question 8

How the cooperatives need to implement the CIPC iXBRL Mandate?

Accepted Answer

Category A need to file their AFS – Annual Financial Statements in the Inline XBRL Format to the CIPC – Companies and Intellectual Property Commission (CIPC)

Category B need to file their AFS in the iXBRL format (Filing not mandate/Voluntary filing)

Category C Cooperatives (include secondary, tertiary and National Apex Cooperatives) (Filing not compulsory)