CIPC's iXBRL Programme
South Africa’s Companies and Intellectual Property Commission is driving financial compliance in the digital era.
“IXBRL IS REPLACING THE PDF METHOD OF SUBMITTING FINANCIALS. THIS MORE STRUCTURED FORMAT WILL ULTIMATELY REDUCE THE BURDEN OF MULTIPLE SUBMISSIONS TO DIFFERENT REGULATORS AND MAKE IT EASIER FOR GOVERNMENT AGENCIES TO ACCURATELY AND EFFICIENTLY MINE THE FINANCIAL DATA OF COMPANIES,”
– CIPC’s Commissioner, Advocate Rory Voller
Do you need to file AFS through XBRL?
Public Interest Score Calculator
Frequently Asked Questions:
Companies, whether required to or opting to do so voluntarily, will have to submit their AFS’s through XBRL as from 1 July 2018. PDF versions will no longer be accepted.
In terms of Section 33 of the Companies Act 71 of 2008, and regulations 28, 29 and 30 of the Companies Regulations of 2011, the following entities as they submit Annual Returns they need to also submit their AFS’s through XBRL as from 1 July 2018
- All public companies;
- Private companies (qualifying and currently submitting using PDF);
- State owned companies;
- Non-profit entities;
- Close Corporations (qualifying and currently submitting using PDF)
If your entity has a Memorandum of Incorporation that prescribes filing of audited financial statements, you need to submit AFSs through XBRL.
Co-operatives will not initially be required to submit AFSs via XBRL. However, this may possible be required in future. A customer notice will be issued in the event that the CIPC decides to include Co-operatives.
Trusts are currently not regulated by the CIPC and therefore don’t need to submit AFSs.
Any entity not required to have their AFSs audited, may elect to voluntarily file their audited or independently reviewed AFSs with their annual returns.
If any of the following criteria apply to your entity, you need to comply:
- If the entity has a Memorandum of Incorporation that prescribes filing of audited financial statements, you need to submit AFSs;
- If the entity, in the ordinary course of its primary activities, holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R5 million, you need to submit AFSs;
- If the entity compiles its AFSs internally (for example, by its financial director or one of the owners) and that has a Public Interest Score (PIS) of 100 or more, you need to submit AFS;
- If the entity has its AFSs compiled by an independent party (such as an external accountant) and that has a Public Interest Score (PIS) of 350 or more, you need to submit AFSs;
Unless the entity has opted to have its Annual Financial Statements audited or voluntarily included audit as part of its Memorandum of Incorporation (MOI), a private or personal liability company that is not managed by its owners may be subject to independent review if:
- It compiles its AFSs internally and its Public Interest Score is less than 100;
- It has its AFSs compiled independently and its Public Interest Score is between 100 and 349;
Please Note: Reg. 30 (3) makes it clear that entities “may” file a copy of their AFSs when their AFSs were independently reviewed. In contrast Reg. 30 (2) says entities whose financials are audited “must” file a copy of the latest approved annual financial statements.
Therefore, usage of XBRL for filing of AFSs is mandatory for entities who must submit audited AFS, usage of XBRL is also available for entities who would like to file Independently Reviewed AFSs, but it is not mandatory.