The Companies and Intellectual Property Commission (CIPC) embraces international best practices and the impact of the use of XBRL when submitting Annual Financial Statements (AFS) online and in improving efficiencies. XBRL will make it easier for Companies to report their financial information in an electronic format. CIPC will mandate the digital reporting system for all qualifying entities on 1 July 2018.
XBRL is an Extensible Business Reporting Language for electronic communication of business information providing major benefits in the preparation, analysis, communication of Annual Financial Statements.
The digital reporting will be in the form of XBRL and will assist companies with filing their Annual Financial Statements to egress from a PDF reporting format to a more structured format. This will ultimately reduce the burden of multiple submissions to different regulators.
XBRL Programme Objectives are:
- To reduce the administrative burden on businesses when they report financial information to government for regulatory compliance. Achieving this goal requires reducing duplication and inconsistency in business information reported to various government agencies - thus, a national (local taxonomy becomes a necessity; and
- To achieve regulatory compliance to accomplish the mission of the government agency. The CIPC's primary mission is to provide business and financial information to investors for better transparency and to reduce the administrative costs of reporting businesses.
For more information, please refer to the links below or contact Mr Joey Mathekga - (Programme Owner) - e-mail email@example.com, or Mr Hennie Viljoen (XBRL Programme Manager) - e-mail HViljoen@cipc.co.za, or send a query to XBRL@cipc.co.za.
Details of the XBRL Programme
- List of Successful Test Filings as on 14 May 2018
- Recorded Demonstration of XBRL Portal
- Guidelines to Register as a Customer to use the XBRL Portal
- User Manual for XBRL Portal
- Validation Service User Manual
- Filers Guidelines: Business Aspects
- Frequently Asked Questions (FAQs)
- Companies Selected for Pilot Testing
- Did You Know? - Quick Reference to Important Facts
- Filers Guidelines: Technical Aspects
- Taxonomy Release Notes
- Taxonomy Illustrated
- Taxonomy for Download
- Taxonomy Sample Files
- Taxonomy Summary Document
- Taxonomy Data Model
- Taxonomy Mandatory Data Elements
- Taxonomy Architecture Framework
- Recommended Software Service Providers for Provisioning of XBRL Client-side Solutions
General, Articles & News
- XBRL Opinion Piece by the Commissioner of the CIPC
- The CIPCs XBRL Programme Explained in a Nutshell
- XBRL Newsletter - April 2018
- XBRL Facilitates Standardised Business and Financial Reporting Globally
- What is XBRL? Animation video by courtesy of Deloitte
- Letter of Appreciation to Pilot Companies
- Analysis: Digital Financial Reporting for XBRL
- CIPC Implements XBRL
- XBRL International announces first XBRL Certified Software
- Submission of Annual Financial Statements (AFSs) Using XBRL is Mandatory from 1 July 2018
- Appointment of software service provider for development of the CIPCs XBRL reporting platform
- Why the CIPC Decided to Mandate XBRL
- Did you know that CIPC is introducing XBRL - Filing of Annual Financial Statements using an innovative platform?