The Companies and Intellectual Property Commission (CIPC), South Africa had announced that beginning 1st July 2018, all entities that currently submitted their Annual Financial Statements (AFS) in PDF format, need to report their financial information in a new reporting format named Inline XBRL (iXBRL). The CIPC iXBRL Mandate is a firm step taken to future-proof the way financial information and data was reported.
Since this is a new mandate, looking for a seamless and hassle-free way to file with the CIPC might be a challenge. Look no further, we have you covered! Here are 4 simple ways to comply with the CIPC iXBRL Mandate:
- Sign Up with IRIS CARBON®: If your current financial reporting process includes a lot of back and forth-ing of updates, versions, emails, and documents across different teams checking, re-checking, and triple-checking; you might want to consider changing your process. Having a cloud-based platform solves many of these problems. Any number of members can work on the document with changes and comments reflected in real-time.
Sign up with IRIS CARBON® and work with teams on a single source, a cloud-based platform without worrying about losing track and accountability.
- iXBRL Conversion: With experience in converting 20 000+ documents worldwide, we provide expert AFS iXBRL conversion services. With IRIS CARBON®, you can effortlessly prepare and tag your documents from the platform itself or use our expert teams to help you with the tagging and review process. Either way, we equip you. You may also later convert them to XHTML, XBRL, Word, or PDF files.
- Easy Review and Audit: With IRIS CARBON®, you can easily track and approve changes to the document and XBRL with ease. By having the audit and preparatory teams on the same platform to make and edit changes, you save time and effort while working on your reports.
- File with the CIPC: The CIPC uses our iXBRL filing platform and validator. Easily validate your reports with our in-built Validator to prepare and review before filing with the CIPC. The IRIS Validator engine is built within the CIPC XBRL platform and is available through IRIS CARBON as well; with this, you are completely aligned with the CIPC iXBRL Mandate.
CIPC iXBRL Mandate Infographic
It is pertinent to mention that the information the CIPC platform receives from the XBRL filing from all companies, has been developed using technology provided by IRIS and deployed by IRIS.
While these were just some basic details about complying with the CIPC iXBRL mandate, should you have any queries about the mandate or how to file with CIPC, please reach out to us at firstname.lastname@example.org or visit our website.