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DataTracks Rainbow for CIPC Reporting

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DataTracks Rainbow for CIPC Reporting

The latest version of our AI-driven automated iXBRL conversion tool – DataTracks Rainbow. With this enhancement, we’re now able to generate iXBRL files in under 15 minutes, with full compliance with CIPC requirements and uncompromised accuracy.

DataTracks Rainbow is a secure cloud-based iXBRL tagging tool certified by South Africa’s CIPC (Companies and Intellectual Property Commission). It empowers companies and audit firms to convert financial statements prepared in Word or Excel into fully compliant iXBRL format, supporting both IFRS and CIPC taxonomies.

With the capability to support multiple input types, including rich-design PDFs and an embedded spreadsheet editor, Rainbow presents a single-source application platform that simplifies collaborations and content management. Leveraging AI/ML-driven tagging and a smart roll-forward feature, users can save up to 70% of time while ensuring consistency in XBRL tags.

The advanced Online Reviewer’s Guide streamlines the report-preparation process. Built with enhanced data security and detailed audit trail, Rainbow ensures transparency and elevates user accountability. Ideal for corporate and fund reporting in XBRL/iXBRL formats across global regulatory frameworks.

CiPC iXBRL Reporting

FATCA/CRS Reporting

Who Need to file AFS with CIPC in iXBRL format?

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.

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

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.

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

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.

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

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.

What are the consequences of not submitting CIPC Annual Returns?

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.