A recent post from DataTracks provides a useful heads-up that certain co-operatives in South Africa will be expected to file their annual financial reports in Inline XBRL, or iXBRL, from 1 April 2022.
We really enjoyed the clear explanations and South African perspective in a recent article in Accountancy SA, published by the South African Institute of Chartered Accountants (SAICA). Appearing in the November 2021 issue, it tackles the questions of what XBRL is and why it is important to accountants.
July 2021 saw the third anniversary of the implementation of Inline XBRL for financial reporting in South Africa.
South Africa’s Companies and Intellectual Property Commission (CIPC) became the first regulator in Africa to roll out full scale implementation of Inline XBRL a year ago, in July 2018. After successful completion of the project’s first stage, they are ready to move on to stage two: enforcement and taxonomy updates. Last year the CIPC mandated […]
With jurisdictions right around the world looking to enhance disclosure, more and more are now shifting to Inline XBRL, allowing human and machine-readable reports to greatly enhance reporting. At Data Amplified, we dive right in, with a case study on Reforming Reporting in South Africa, presented by Joey Mathekga of the Companies and Intellectual Property […]
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 […]
The South African Companies and Intellectual Property Commission does not take non-compliance lightly. In a recent move, the CIPC’s power to impose administrative fines on those entities that ignore compliance notices was confirmed by the SA High Court. With a strong mandate to engage in matters relating to non-compliance, the CIPC strives to ensure that high standards […]
South Africa is just a few weeks away from starting to cut over to Inline XBRL filing for its private and public companies. In a new video explaining the background and vision for the project, as well as the details of the upcoming changes, the CIPC summarises what’s happening in that country. Well worth the 5 […]
Did you know that South Africa was recently ranked first out of 115 countries for the transparency of its national budgeting process? And did you know that South Africa has been within the top 3 on this Open Index since 2010? Expanding its focus on transparency, South Africa is now preparing for its next big […]
South Africa’s CIPC has mandated the use of Inline XBRL-based reporting for all qualifying South African entities from 1 July this year. The program aims, over time, to reduce the administrative burden on businesses as they report financial information for regulatory compliance and at the same time to further improve transparency for investors. Ahead of […]