The Companies and Intellectual Property Commission of South Africa (CIPC) is the central government agency responsible for both the registration and regulation of companies in the country. All entities registered in South Africa are required to file financial statements with CIPC, except for those which are exempted. From 1st July 2018, the CIPC has mandated the submission of Annual Financial Statements including annual returns from qualifying entities in iXBRL (inline eXtended Business Reporting Language) format.
For better understanding, please refer the below mentioned various aspects related to XBRL Filing:
What is XBRL?
All you need to know about – i.e. XBRL, iXBRL, Taxonomy, Tags, Instance Document, Validation etc…
Why XBRL is required?
XBRL offers many benefits viz. Improved reporting, Automated data collection, Reliability & accuracy, Cost effective, Time saving, Better decision making…
Who need to file in XBRL?
CIPC has mandated the submission of Annual Financial Statements including annual returns from qualifying entities in iXBRL...
What is required to be filed?
Annual Financial Statements are required to be filed in iXBRL format from qualifying entities…
When you need to file?
Qualifying Companies are required to file their annual returns and financials after 30 days of annual anniversary of Date of Incorporation…
How to prepare and/or file?
Preparing financial statements in XBRL mode: The process for creation and filing of Financial Statements in XBRL mode is as under…
What if there is delay or non-filing?
In case the Company makes delay in filing or fails to file the financial statements, late fees and penalty is applicable…
How we can serve?
XBRL Experts offers full service for all of your XBRL filing needs. We provide compliance with the most current CIPC requirements…
What is our process?
It is a simple 4 step process to convert your financial statements to XBRL format for filing with CIPC…