On 1st July 2018, the CIPC, South Africa’s business registry, mandated iXBRL as the standard reporting format in which all reporting entities had to file their AFS. After the successful completion of the first year of the mandate, CIPC rolled out its second phase of iXBRL upgrades on 1st October 2019.
The new 2019 CIPC taxonomy has 5515 elements as compared to the 2016 taxonomy, which had only 4783 elements. In the earlier version of the taxonomy, some concepts in AFS’ of companies had to be left untagged due to the non-availability of tags in the taxonomy. In the latest update to the taxonomy, CIPC has sought to address this by adding 732 additional tags in the CIPC 2019 taxonomy. Of these additional tags, the regulator has included 5 mandatory tags to the list of 46, taking the total of mandatory tags to 51.
Software Name
Entities will now need to report the name of the software that is used to create the iXBRL document and also the version number of such software. So, in case of any irregularities in the tagging or in the output files, CIPC would have the ability to notify such entities and also such software providers.
Software Version
Entities will also have to tag the version of the software they are using the prepare the report. This helps the CIPC to identify the details of which software has been used to prepare iXBRL documents.
Third-Party Liabilities & Turnover
Third-party liabilities and Turnover also form a part of the Public Interest (PI) Score calculation, Therefore, introducing these tags helps CIPC in getting more granular data in connection to the components used in the calculation of the PI Score.
Type of Assurance
The type of assurance, along with the PI Score, enables CIPC to determine whether or not an entity needs to comply with the iXBRL mandate. As the “Type of Assurance”, an entity will have to report one of the two values:.
- Audited
- Independently reviewed
Apart from these mandatory tags, many of the additional tags are focused on detailed disclosures and notes. The CIPC encourages all filers to ensure they tag as much of the report as possible, so the same level of granularity is available in the interactive iXBRL report as in the original AFS.
As South Africa enters its second year of the mandate, IRIS will continue to extend its support and expertise to help entities, investors, and regulators in better governance. Contact us for any clarity or consultation on – https://www.iriscarbon.com/contact/
How can IRIS CARBON® help?
IRIS CARBON® is a cloud-based disclosure management software with integrated iXBRL modules, that helps the qualified entities in South Africa to prepare iXBRL reports and other compliance reports such as annual reports and interim reports on one centralized platform. Trusted by some of the leading companies in South Africa, such as Nedbank, Redefine, and Old Mutual, you can be assured of hassle-free and error-free reporting through IRIS CARBON®.
To know more about IRIS CARBON®, and how we can assist you in your compliance reporting journey, check out our website.
