Companies and Intellectual Property Commission (CIPC), South Africa has recently announced that all companies that currently submit their Annual Financial Statements (AFS) need to report their financial information in iXBRL.
Who are covered under this mandate?
All companies currently required to submit AFSs according to the Companies Act in PDF format will be required to submit in iXBRL.
When does this mandate kick in?
1 July 2018
What is the taxonomy used
CIPC taxonomy which is based on IFRS taxonomy
Scope of Tagging
Since companies would be required to report in iXBRL, the companies are required to follow a minimum tagging approach covering tagging of all applicable facts of Primary Financial Statements (PFSs) and a set of disclosures/explanatory notes.
Core benefits CIPC has seen in iXBRL
- Availability of smart data without the need of re-keying or re-formatting
- Reduced costs
- Ability to quickly and automatically identify problems with filings
- Ability to monitor data, activities and arrive at conclusions with far greater speed and confidence
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