- Our Case
Reason for XBRL
Reason To XBRL
1. Your XBRL business report complies with IFRS and Companies Act.
2. Avoid company deregistration or prosecution..
3. Different solutions offered for varied business filers by the pool of software service providers..
4. File once, use many times..
5. XBRL is embedded within your existing company software packages..
6. XBRL enables CIPC to monitor financial and company regulatory compliance..
7. Some of the 2 million registered companies have to file based on mandatory or voluntary audit..
8. Phase 2 of XBRL will be rolled out from 01 October 2019..
9. XBRL is compulsory for all businesses that submit audited financial statements..
10. XBRL applies to all companies with a Public Interest Score (PIS) over 350.
11. You can choose either full IFRS or IFRS for SME’s as an entry point for your company..
12. XBRL filing is linked to your business anniversary date and annual return submission..
13. Lodge company annual returns and financial statements in XBRL format within 30 days of your companies aniversary..
14. Extentions to the XBRL Taxonomy will be made till 01 October 2019..
15. XBRL Taxonomy revisions will be finalised through the Financial Reporting Standards Council..
16. Taxonomy changes will be publicised and enough time given for software adaption..
17. CIPC ensures that changes in IFRS and IASB standards are incorporated into XBRL Taxonomy regularly.
18. Go to www.cipc.co.za for XBRL information or to download the XBRL Filers Techinical guidelines.
19. CIPC will host informative seminars and conferences on XBRL updates for the public.
20. After 1 January 2018 entities can file annual returns and financial statements simultaneously.
21. Avoid additional surcharges by filing 21 on time.
22. Uploaded XBRL file will not require auditing as they are checked by the company representatives.
23. XBRL software service providers can assist with XBRL Taxonomy Compliant software.
24. This Eco-friendly solution means you only need to retain digital copies for 7 years.