When CIPC launched iXBRL submissions on 1 July last year, they estimated that 100 000 companies would need to submit iXBRL financial statements in the next 12 months. By now there should have been approximately 70 000 submissions. So what are the numbers to date?
Would you believe, only 6500 submissions have been received so far – that’s less than 10% compliance rate.
I suspect that many annual returns were submitted without the required iXBRL files as filers simply didn’t know what they should do – that was before the recent ‘hard stop’ made that impossible.
So I asked CIPC what they are going to do about the poor submission rate.
They replied: ‘The Act empowers the Commission to initiate investigation proceedings against entities who will have failed to comply with the Act and IFRS Standards. This can ultimately lead to imposition of Administrative Fines and or Prosecution.’
If you didn’t submit your AFS in iXBRL format or the FAS (Financial Accountability Supplement), go back and fix it before it leads to fines or prosecution. Be responsible and make sure you comply!