iXBRL is a global digital reporting standard for exchanging business information for financial reporting

As of 1st July 2018, the CIPC (Companies and Intellectual Property Commission) has made it mandatory for qualifying entities in South Africa to submit their Annual Financial Statements (AFS) in an iXBRL (Inline eXtensible Business Reporting Language) format.

LIST OF COMPANIES THAT MUST LODGE THEIR FINANCIAL STATEMENTS IN THE NEW IXBRL/XBRL FORMAT TOGETHER WITH THEIR ANNUAL RETURN:

• Companies whose Memorandum of Incorporation (MOI) or Articles of Association requires the auditing of their financial statements.
• Public listed companies;
• State owned companies;
• Private companies with a Public Interest Score of 350 or more

Should your company fall into the above category and you require our assistance please do not hesitate to contact us on support@remoteafs.com. Remote AFS have partnered with a provider of the necessary software that can convert your financial statements in the required iXBRL format.

There is a Differences between XBRL and iXBRL. XBRL (eXtensible Business Reporting Language) is an open technology standard for financial reporting, based on XML (eXtensible Markup Language). While XBRL documents can be viewed only with specialized XBRL viewers, iXBRL documents can be viewed on standard browsers which makes it easier for our clients to view the converted files.

• AFS are uploaded to the application.
• The application applies as many tags as possible from a degree of intelligence existing in the application.
• The files are reviewed and any ambiguities corrected.
• The resultant XBRL file is then subject to a validation check, to ensure it will meet the validation requirements of the receiving regulator – In this case CIPC.