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 visit the CIPC website: http://www.cipc.co.za/index.php?cID=1329
For assistance contact Better Books Bookkeeping Services, Port Elizabeth