Global XBRL major, IRIS Business Services Limited (BSE: IRIS) today announced the launch of IRIS Carbon for South Africa.
In a statement released here today, the company CEO, S Swaminathan announced that the cloud based product would be offered through South Africa's leading technology company, EOH to help South African companies comply with the mandate of the Companies & Intellectual Property Commission (CIPC) which becomes effective from July 2018. Under the mandate, some 100000 South African companies have to submit their Annual Financial Statements in a reporting standard called iXBRL.
It may be pointed out that the technology for CIPC to receive such data is also being provided by IRIS in partnership with EOH. "Just as we are CIPC's trusted partner for XBRL, we hope that we emerge as the trusted compliance partner for all of South Africa," Swaminathan added.
"South Africa is the 5th country where IRIS Carbon is being offered, after the US, UK, Ireland and Italy," says Product Manager, Anuradha R K. "The software has been used to generate filings of more than 2000 companies from around the world either on their own or by their external compliance service provider," she added. Anuradha expressed confidence that in partnership with EOH, IRIS Carbon will establish itself as the preferred tool in South Africa.
The CIPC in South Africa which is the equivalent of the Registrar of Companies in India has more than one million registered entities. While these entities have been making their submissions to CIPC is a PDF format, a select group of companies have been identified by CIPC who are required to make their filings in iXBRL from July 2018. "By adopting iXBRL, CIPC is laying the foundation for a digital South Africa," says Swaminathan.
Explaining the benefits of CIPC's move to adopt iXBRL, he said that this will usher in transparency in financial reporting. "Companies that adopt iXBRL internally in addition to adhering to the mandate of CIPC will be able to win the trust of their independent directors and thus the markets," he said, making a case for companies to adopt the standard for internal reporting as well.
IRIS is a global compliance solutions provider. One or more of the company's solutions is in use in some 22 countries around the world. The company is listed on BSE.
EOH is a South African IT major listed on the JSE. With 134 points of presence in South Africa and Africa, EOH is able to deliver services to customers across all major industries