Welcome back! Today I’ll be discussing the “Inconsistent Calculation” warning in the iXBRL program. Pictured below is the warning we get under the “Validation Errors” tab of the validation engine. Before we proceed, you can see that the program reminds us that warnings can be ignored. This is absolutely true, as a file with warnings … Read More
Welcome back to the news! Today we’ll be tackling Totals Miscalculation. We get a few phone calls from clients who are struggling to get the totals in the income statements section of iXBRLMate to match the totals in the provided AFS. There are a few reasons for this, and a few fixes. Reason … Read More
Hi all, due to many support requests, I’ve decided to start this monthly newsletter to address common user issues reported in the use of iXBRLMate software. Today I’ll be explaining a common error found in the iXBRL software. Let’s begin! So, you’ve finished your iXBRL file You’ve run it through the CIPC validation engine, pictured … Read More
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
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’ 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
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
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
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