CIPC and Confidentiality

May 28, 2019News, Tips

The Companies and Intellectual Property Commission – CIPC – was established by the Companies Act 71 of 2008. The objectives of the CIPC include: the maintenance of accurate, up-to-date and relevant information concerning companies, foreign companies and other juristic persons contemplated in subsection (1)(a)(ii), and concerning intellectual property rights, and the provision of that information … Read More

iXBRL Submission Compliance Rate

March 22, 2019News, Tips

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 … Read More

The CIPC ‘Hard Stop’

March 4, 2019News, Tips

The CIPC ‘Hard Stop’ is causing major headaches for everyone submitting Annual Returns. Basically the ‘Hard Stop’ means that it isn’t possible to complete the Annual Return submission process unless you have completed a Financial Accountability Supplement (FAS) or uploaded your Annual Financial Statements in iXBRL format. For the past seven months users have skirted … Read More

iXBRL What?

July 10, 2018News, Tips

Firstly, What is XBRL? XBRL is short for E(x)tensible (B)usiness (R)eporting (L)anguage, being the international standard for digital business reporting. This allows for the creation of computer files which contain financial reporting information which is not easily readable by humans. It is ideal for passing information between computers but is of little use when the … Read More

iXBRL Explained

June 21, 2018News, Tips

In South Africa there are only about 100 000 (out of 1,8million) entities that will be required to submit AFS in iXBRL at this stage. They don’t all need to be submitted on 1 July 2018. The company needs to submit their iXBRL within 30 days of the anniversary month of the date of incorporation, … Read More

What is happening with iXBRL?

May 21, 2018News

As most of you will know by now, CIPC in South Africa will require iXBRL format Annual Financial Statements to be submitted with Annual Returns for certain companies and close corporations as from 1 July 2018. This doesn’t apply to the Annual Financial Statements of many companies and cc’s that are produced using AuditMate / … Read More