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.
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.
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.