CIPC iXBRL Mandate
CIPC mandated inline XBRL reporting in 2018. IRIS built the iXBRL report creation platform, while IRIS CARBON® helps South African companies create high-quality digital reports for regulator filing.
CIPC iXBRL Mandate
A Closer Look
In July 2018, South Africa’s Companies and Intellectual Property Commission (CIPC) introduced the Inline XBRL reporting mandate to improve its regulatory efficiency by compelling the companies under its purview to create high-quality financial statements. The CIPC iXBRL mandate was rolled out in two phases.
The CIPC has rolled out an XBRL taxonomy named CIPC Taxonomy for all companies in South Africa to report information in iXBRL format. The CIPC taxonomy has been built taking the IFRS taxonomy as a base and included newer disclosure concepts that the CIPC considered important. The iXBRL mandate now also covers state-owned entities and cooperatives.
With a view to improving the quality of iXBRL filings, the CIPC has developed a new Data Quality Management (DQM) framework. Under DQM, the quality of iXBRL filings will be evaluated for their completeness, correctness, accuracy, and consistency on a quarterly basis.
A Growing Mandate
The CIPC iXBRL mandate was initially rolled out in two phases and has broadened in scope to include digital reporting by state-owned entities and even cooperatives.
An Advanced Format
Inline XBRL is an advanced data representation and collection format used in many jurisdictions worldwide and offers a number of possibilities for an expanding CIPC mandate.
High-quality Data
Data in iXBRL is of a better quality due to the validators available with digital reporting tools. Companies must ensure their iXBRL reports clear all validations before a CIPC filing.
Data Analytics
Financial information filed with the CIPC can be pooled to run analytics that offers industry and sector-wide trends and insights to help decision-makers at various levels.
Compliance with the iXBRL mandate involves using the right CIPC Taxonomy elements with which to map Annual Financial Statement (AFS) disclosures. Companies may use custom tags or extension elements to represent AFS line items for which no appropriate taxonomy elements are found.
With the Data Quality Management (DQM) framework now being introduced, South African companies need to ensure their iXBRL filings are of high quality. Annual reports that fall short of quality standards can affect investor perception of the company concerned.
70,000 Registrants
1 XBRL
Taxonomy
3 Years
& Counting
IRIS CARBON® for CIPC Reporting
IRIS CARBON® is brought to you by the company responsible for CIPC’s iXBRL report collection portal. When you use our solution, you are assured of high-quality iXBRL output that passes unhindered through the regulator’s gateway. Our solution comes with all the right features to simplify your CIPC iXBRL compliance.
Why IRIS CARBON®?
Diverse Clientele
IRIS CARBON® has been the preferred CIPC iXBRL compliance software for leading organizations in South Africa since 2018. We serve companies across industry sectors.Comprehensive Experience
We have over 350 XBRL professionals with more than 17 years of experience in regulatory compliance. We have facilitated over 5 million regulatory filings around the world.Unparalleled Quality
We consistently rank #1 for XBRL reporting quality in assessments by independent third-party organizations. It’s a testimony to our dedication to high-quality compliance.Data Security
IRIS CARBON®’s SOC 2, ISAE 3000 & 3402 certifications underline our dedication to data security and internal systems integrity. Your unpublished financial data is safe with us.Unparalleled XBRL Expertise at your Service
We at IRIS take pride in calling ourselves XBRL evangelists because of our contribution to developing the format. Our work in XBRL-based reporting spans more than 17 years and we have collaborated with over 30 regulators across the globe.
We have built the CIPC’s iXBRL report collection portal. Apart from CIPC iXBRL filings, we help companies in the US with SEC iXBRL filings and FERC XBRL filings. We also assist EU companies with ESEF reporting and UK companies with HMRC and FCA reporting.
- Outsourcing & In-house Compliance
- Unlimited XBRL Expert Support
- Scalable Solution for Newer Filing Needs
- Relentless Innovation for High-quality Filings
What Our Clients Say
It is highly commendable that the IRIS team completed the analysis and design of the CIPC’s iXBRL cloud-based reporting platform even amidst time constraints. With the IRIS I-File platform, the CIPC experienced increased data validation, accuracy and transparency thereby enhancing data analytical capabilities and reduced reliance on PDFs which required manual interventions.
What we initially anticipated to be a daunting task, turned out to be completely painless. Your team delivered on all their promises, within the specified time, and in a thoroughly professional manner.
We wish to thank you and your team for your assistance in the tagging, validation, and preparation of the annual financial statements in iXBRL for submission to the CIPC. The entire process was a smooth and easy one. We greatly appreciate your efficiency and value your efforts. IRIS CARBON® a Cloud-Based CIPC Compliance Reporting Software definitely a product to recommend.Ian Saunders
Download CIPC Compliance Brochure
Download a copy of our CIPC compliance brochure to understand how we make your reporting simpler.
Our Stellar Success
Our Stellar Success
©2024 IRIS CARBON®. All rights reserved. Read our Privacy Policy & Cookie Policy for more.