How to prepare iXBRL for AFS filing with CIPC?
Options for converting financial statements to iXBRL format
How to file iXBRL reports with CIPC?
The CIPC will offer online portal as mechanism through which entities can upload their AFS or data in iXBRL format. The current e-Services functionality will allow entities to upload AFSs. When users login, the portal will authenticate them as users on CIPC e-Services where after they will be allowed to upload AFS data files.
The portal will validate their uploaded AFSs against the CIPC taxonomy, and send a notification via e-mail on whether their submission has been accepted or rejected. When rejected due to validation failures, a report will be sent to indicate the exact reasons for failure, after which they will have to re-submit their AFSs.
When an upload has been rejected by the automated validation engine of the CIPC, entities will have to rectify their data before re-submitting to the CIPC. In the event that entities don’t know how to rectify their data, or when they experience any technical problems with the CIPC portal, they can request assistance from the CIPC by sending a mail to XBRL@cipc.co.za.
What are the components involved in filing iXBRL report with CIPC?
The process of preparing and filing the iXBRL report with CIPC consist of the following three components:
- Taxonomy based on the International Financial Reporting Standards for definition and validation of financial facts required for reporting;
- Business user side software or services for tagging and validation of financial data according to the taxonomy, and for exporting of annual financial statements into iXBRL format; and
- The CIPC's Web Portal for uploading of AFSs in iXBRL format, validation and analysis
What are the options available to convert AFS into iXBRL format for CIPC filing?
Companies have multiple options to consider when it comes to preparing their iXBRL reports. The best option will depend on the resources available in house.
- If you have in-house expertise then you can install a customized software package which incorporates the CIPC taxonomy and allows tagging of data elements against the taxonomy.
- If you prefer an XBRL expert’s help then you could consider outsourcing XBRL production altogether to XBRL service providers like FinTags. We receive your existing financial statements in non-XBRL format accounts (e.g. Word or PDF format) and send you back accurately tagged XBRL files after quality check and successful test filing with CIPC portal.
- If you are already using a third party software then consider the possibility that the software vendor may have already have incorporated the feature that allows you to export data into inline XBRL. These software may include accounting software, enterprise resource planning software, or disclosure management software.
- If you prefer to fully integrate XBRL reporting into your existing systems and processes then you may want to consider the expertise of software service providers.
A compelling choice for iXBRL Services
Our competitive differentiators designed to benefit our customers
FinTags is a compelling choice for companies seeking to outsource their iXBRL reporting process. FinTags team have the experience of being involved in preparing XBRL reports right from the time iXBRL filing was mandated in UK by HMRC in 2011. The team is also experienced in preparing XBRL reports for subsequent mandates in Ireland, India, Singapore, South Africa and Malaysia.
To benefit our clients, our iXBRL service offers meaningful differentiating features from our competitors such as
- Simple and Sensible pricing:Our XBRL tagging services fees is based on actual number of pages tagged and not based on page bands. We accepts financial statements in Excel/Word or pdf formats and our iXBRL tagging services fees remains the same. Also irrespective of the applicable accounting standard, our XBRL tagging services fees is the same.
- No questions asked refund policy: Our competitors assure quality, assured filing with the regulator and on time delivery. We go one step ahead - all our customer facing employees are authorized to refund money without any questions if you are not satisfied with any aspect of our service.