The CIPC, South Africa’s business registry, launched phase one of its iXBRL mandates last year effective 1st July 2018. Public, state-owned entities, qualifying private entities, and closed corporations are required to submit the Annual Financial Statement (AFS) in iXBRL format. After successful one-year completion of the mandate, CIPC rolled out its second phase of iXBRL upgrades on 1st October 2019.
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What are the new updates of Phase II
The taxonomy CIPC rolled out last year was based on the 2016 version of the IFRS taxonomy. The primary update of Phase II is the upgrade of the CIPC taxonomy from IFRS 2016 to the IFRS 2019 version.
New Addition to Mandatory Elements List
There are 51 mandatory elements in the latest 2019 CIPC taxonomy. The following 5 elements are added to the mandatory element list.
- Software Name and Software Version
Entities will now need to start reporting the name of the software that is used to create the iXBRL document and also the version number of such software. This helps the CIPC to identify the details of which software has been used to prepare iXBRL documents. If there are any irregularities in the tagging or in the output files, CIPC has the ability to notify such entities and also such software providers.
- Third-Party Liabilities and Turnover
Third-party liabilities and Turnover form part of the Public Interest (PI) Score calculation. Therefore, introducing these tags will help in getting more granular data in connection with the components used in the calculation of the PI Score.
- Type of Assurance
An entity will have to report one of the two values provided below.
- Independently reviewed.
The type of assurance, along with the PI Score, will enable CIPC to determine whether an entity needs to comply with the iXBRL mandate or not.
IRIS has extended its support to the CIPC to provide suggestions and feedback on the draft 2019 CIPC taxonomy
New Elements Added to both Primary Financial Statements and Notes
In the earlier version of the taxonomy, there were some concepts that had to be left untagged due to the non-availability of tags in the taxonomy. In the latest 2019 CIPC taxonomy, new elements have been added in the Primary Financial Statements section. Similarly, in the Notes to the annual report, there are many new disclosures added to the taxonomy. The introduction of more tags in the taxonomy will improve the level of digital reporting and allow for easier access to detailed information in AFSs.
The new 2019 CIPC taxonomy has 5515 elements compared to the 2016 taxonomy which had only 4783 elements.
As South Africa prepares for the second phase of the mandate, IRIS will continue to extend its support and expertise to help entities, investors, and regulators in better governance.
IRIS-CIPC’s Trusted Partner for iXBRL Implementation for both Phase I and II