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.