50% of the companies participating in the CIPC pilot picked IRISCARBON® for their filings with CIPC. Indeed IRISCARBON® has emerged as the overwhelmingly preferred software to generate filings of companies in the XBRL pilot program of CIPC in South Africa.
Data released on May 16 by the Companies and Intellectual Property Commission (CIPC) of South Africa which runs the business registry reveals that 55 companies have participated in the pilot program so far. 27 of them are clients of IRIS. IRISCARBON® is made available in South Africa through XDS, an EOH company.
IRISCARBON® is a cloud-based SAAS offering that is used by enterprises in 5 countries to create filings that they then submit to the appropriate regulator. While in the USA it is used by listed companies for submissions to the Securities and Exchange Commission (SEC), in England, Ireland, and Scotland, the three countries that make up the United Kingdom, it is used to create fillings that businesses submit to Her Majesty’s Revenue & Customs, the tax regulator. In Italy, it is used by businesses to submit their filings to Infocamere, which receives the data on behalf of the Business Registry.
In South Africa, IRISCARBON® is used to generate filings to CIPC. The product is made available in South Africa by XDS, a member of the EOH Group who are partnering with IRIS.
According to CIPC, more than 100000 companies are covered by the CIPC mandate which takes effect on July 1, 2018. In the pilot phase though, some 120 companies have been invited to participate of which 55 companies have filed so far, as data released by CIPC reveals.
It is obvious therefore that no other offering has been test-driven in South African conditions as much as IRISCARBON®. That alone should provide a huge amount of comfort to all filers.
It is pertinent to mention that the CIPC platform for receiving the XBRL filing from various companies has been developed using technology provided by IRIS and deployed by IRIS in partnership with South African IT major EOH.