CIPC Mandate XBRL
As of 1 July, the Companies and Intellectual Property Commission (CIPC) of South Africa has mandated the submission of financial information – including annual returns – from qualifying entities in XBRL format. The commission is expecting this transition to not only herald in a new lease of trust and accountability in financial reporting but will also pave the way for other regulators in South Africa to adopt XBRL – ultimately for improving information exchange amongst regulators.
The previous system allowed companies to submit their information in PDF format, making it difficult to analyse data and increasing the potential for errors. Read more here.