The Companies and Intellectual Property Commission of South Africa (CIPC) is the central government agency in South Africa responsible for both registration and regulation of companies and close corporations and is a member of the Department of Trade and Industry Group.
The CIPC, launched their CIPC XBRL Reporting Programme in 2016 to introduce Inline eXtensible Business Reporting Language (iXBRL). as the format to submit Annual Financial Statements (AFSs) to the CIPC.
The scope of XBRL reporting applies to a subset of around 100 000 qualifying entities, out of a total of around 1.8 million entities registered with the CIPC. The Commission has mandated submission of AFSs for qualifying reporting entities via XBRL as from 1 July 2018.
Report Authority is listed by the CIPC as a Recommended Software Service Provider for Provisioning of XBRL Client-Side Solutions.
The CIPC XBRL taxonomy contains tags based on the Companies Act requirements and the International Financial Reporting Standards.
The CIPC XBRL Reporting Taxonomy’s main focus is on covering the reporting requirements of domestic entities as prescribed by Companies Act, No. 71 of 2008. Apart from the SA-specific requirements, the IFRS taxonomy has been incorporated. The taxonomy caters for the reporting standards of both IFRS-Full and IFRS for SMEs with variations depending upon:
- Income Statement by Nature or Function
- Statement of Financial Position by Current/Non-Current or in Order of Liquidity
- Comprehensive Income Before or Net of Tax
- Cash Flow Statement Prepared under the Direct or Indirect Method
SIMPLIFY XBRL REPORTING.
Report Authority has been designed by accountants, for accountants and minimises any complexity that XBRL reporting has been known to introduce.
With a focus first and foremost on being a tool that can assist an accountant prepare and automate sets of financial statements, Report Authority can successful integrate XBRL into the accounts production process with minimal fuss.
CONVERT OR CREATE.
If your AFSs have already been produced but you require iXBRL versions of them, you can import entire Microsoft Word documents or content from Microsoft Excel workbooks to be XBRL tagged and converted to iXBRL format. This is useful if;
- you need the previous periods AFSs in iXBRL format prior to the implementation of Report Authority; or
- you do not have control of the creation of the AFSs.
Alternatively, you can utilise the full set of functionality to create, automate, validate and replicate your AFSs from within Report Authority itself.
EFFICIENT AND CONSISTENT REPORTING.
Companies that have to report under the CIPC XBRL Reporting Programme, may have to produce many iXBRL submissions for CIPC – one for each entity in the group. This can be a significant burden on finance teams because;
- manually XBRL tagging each entity is time-consuming, and;
- it is difficult to achieve consistency in content and XBRL tagging across all entities in the group.
Report Authority’s templating functionality alleviates this burden because the content, XBRL tags and data mappings of a segment can be determined by the template – any changes of which will be cascaded automatically and consistently to all entities in the group.
LINKS TO ORACLE EPM AND MORE.
Automate your Annual Financial Statements (AFSs) by linking facts in the report to external data sources such as Oracle HFM, Planning & Essbase, and Microsoft Excel.
Easily calculate facts based on values of others, cross-reference facts and mix presentation scale – without introducing rounding differences.