DATATRACKS

iXBRL Services for CIPC, South Africa

DataTracks, CIPC’s recommended Software Service Provider for iXBRL Conversion, provides both managed tagging service and robust software that helps you meet the CIPC’s iXBRL requirements for filing

 

iXBRL Conversion - Managed Tagging Service

Convert your Annual Financial Statements (AFS) to iXBRL documents by entrusting the task to our team of experts and save time as well as resources. Our team encompasses highly skilled, qualified accountants, with in-depth knowledge and experience of iXBRL service that can support in the transition to the new CIPC compliance.

Why Managed Tagging Service (MTS) for iXBRL Conversion?

For firms and companies not using an APS, or tagging software, utilising a Managed Tagging Service (MTS) is an ideal option. By outsourcing it to adept experts, it is easy for your company to focus on operations, without wasting your time, cost and effort on non-core activities and reap more benefits while saving your business a fortune.

Advantages of Outsourcing iXBRL Conversion services:

  1. Existing processes and systems of your business are not disturbed.
  2. Competitive cost with no initial investment, so it keeps future options open.
  3. High-quality professional service and timely delivery of error-free iXBRL reports.
  4. Support from a team of experts to guide with your iXBRL filing.

How it Works?



iXBRL services


Frequently Asked Questions

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.

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.

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.

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.

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.

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.

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.

  1. Category A / Primary – (A1: R1 Million and A2: R10 – R1 million),
  2. Category B / Secondary – (R25 – R10 Million) Revenue turnover per annum
  3. Category C / Tertiary – Annual revenue of R25 million and more.
  4. National Apex Cooperatives.

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)

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