Who should file AFS in iXBRL format
What is annual return?
The annual return is a statutory return required to be filed with CIPC in the case of every company or close corporation in South Africa. It is the filing of annual returns that helps CIPC to confirm that the entity is continuing its business operation. If the CIPC does not hold an annual return for an entity on record, it is likely that CIPC assumes the entity has ceased to trade. If that is not the case, then it may result in penalties or even potential deregistration of the entity in question.
Effective from 12 March 2019, the CIPC online process will capture Annual Returns (AR) only if the Annual Financial Statements (AFS) in XBRL or the Financial Accountability Supplements (FAS) via web form is submitted earlier.
Who needs to submit financial statements in iXBRL to CIPC?
In terms of Section 33 of the Act read together with Regulation 28, 29 and 30 of the Companies Regulations of 2011, the following entities must submit their Annual Financial Statements (AFS) in XBRL with their annual returns:
- It compiles its AFS internally and its PIS score is less than 100; and
- AFS compiled independently and its PIS is between 100 and 349.
A note for parent and subsidiary companies: