The Companies and Intellectual Property Commission (CIPC) is a business registry in South Africa regulating all registered companies. CIPC monitors and manages the corporate environment, thereby earning investors’ trust. On 1st July 2018, the CIPC mandated using a structured data reporting system (Inline XBRL format) for submitting the annual financial statements (AFS).
IRIS CARBON® is an easy-to-use platform that can handle all of the phases in the CIPC iXBRL compliance process leading to a high-quality digital filing meeting the needs of stakeholders. With a global presence across 29 countries, IRIS CARBON® is used by more than 200 customers across Europe and the UK who file their annual financial reports in iXBRL format.
What makes IRIS CARBON® different is that we pay attention to all minute details that result in a high-quality iXBRL output. The quality of the iXBRL filings we create makes sure that our customers file a 100% error-free iXBRL AFS with the CIPC, at their first shot.
Here’s a quick look at some of the most important features of IRIS CARBON®:
1. Enables Collaboration
IRIS CARBON® is a cloud-based solution that enables collaboration, allowing multiple uses from your team to work smoothly on the compliance reports while maintaining complete visibility and control. Thus, we can say that our platform enables efficient reviewing of the overall reporting process.
IRIS CARBON® allows multiple users to work on a single document
2. Smart Tagging
In your first year of CIPC iXBRL compliance, you can take advantage of IRIS CARBON®’s artificial intelligence and machine learning-enabled automated tagging capabilities. IRIS CARBON® simply uses the prior year’s published AFS to create the iXBRL file.
3. Intuitive Review Module
IRIS CARBON®’s review module allows-
- a) Reviewing Of iXBRL Tags – IRIS CARBON®’s review module allows users working on the CIPC iXBRL report to approve or reject tags that have been applied. The platform allows filtering through the status of the tags (approved/ rejected/ pending tags) and even gives an option of sorting tags by the name of the user who has reviewed them.
Review pane from IRIS CARBON® for approving and rejecting tags
- b) Commenting Module For Change Request – IRIS CARBON® enables raising queries using the platform’s ‘commenting’ feature. As soon as a user raises a comment, our support team automatically receives an email for the same. Our XBRL experts expeditely resolve the queries and revert with edits or changes. This way the user has their eyes on the reviewing process on a real-time basis. The platform provides an option of sorting comments raised by their types open, closed, etc.
Commenting pane from IRIS CARBON® for raising comments and receiving feedback
- c) iXBRL Viewer For Reviewing – IRIS CARBON® comes with an integrated iXBRL viewer. The iXBRL viewer portrays exactly how your iXBRL filing would look when submitted with the CIPC. So, you may want to run through and review your AFS before the final submission with the CIPC.
- d) Dashboards For Tracking The Review Status –IRIS CARBON® dashboard gives an overview of the entire iXBRL tagging review process on a real-time basis. You can track the status of the XBRL review (approved/rejected/pending)and even the status of comments (open/ resolved).
Dashboard of IRIS CARBON® showing the review status
Therefore, IRIS CARBON® enables organizations with big reporting teams to gain real-time visibility of the reviewing process and guarantees 100% error-free iXBRL output.
4. Validations
The CIPC uses the IRIS CARBON®’s XII-certified validator i.e. IRIS Bushchat to validate all of the filings received in South Africa. IRIS CARBON® platform comes with the IRIS Bushchat integrated with it. Hence, we assure to help you generate completely error-free CIPC iXBRL filings on the very first go. We have been ranked #1 for XBRL quality by XBRLogic.
Validation pane from IRIS CARBON® showing validation results
#1 Ranking in XBRL Quality Score published by XBRL Logic
5. iXBRL Viewer for corporate website
IRIS CARBON® includes an integrated iXBRL Viewer, which simplifies and streamlines the decision-making process for investors and analysts who wish to examine the filing in iXBRL format. You can easily embed the iXBRL Viewer link directly on your corporate website and showcase the tagged AFS.
iXBRL Viewer
Here’s what our customers have to say:
“We have successfully submitted our Annual Financial Statements in iXBRL to the CIPC using IRIS CARBON®. We appreciate the professional manner and process that largely contributed to us being able to comply with the CIPC’s requirements”
Using IRIS CARBON®, you’ll constantly be aligned with CIPC regulations and updates. We promise to convert your AFS to iXBRL with great ease and unbeatable quality.
