XBRL – A New Way of Lodging Annual Returns and how it will Affect your Company
Statucor have a policy in place to remind clients two months in advance that their company’s annual return is due.
The following category of companies (see the list below) whose annual returns are due in July 2018 and those that are due every month thereafter will need to lodge the returns together with their financial statements in the new iXBRL/XBRL format.
Are you confused whether or not you need to file your financial statements with CIPC in iXBRL format? Use our handy diagram below to assist you:
List if companies that must lodge their financial statements in the new iXBRL/XBRL format together with their annual return:
- Public listed companies;
- State owned companies;
- Private companies with a Public Interest Score of 350 or more (please see the Statucor website to calculate your Public Interest Score and
- Companies whose Memorandum of Incorporation (MOI) or Articles of Association requires the auditing of their financial statements.
Should your company fall into the above category and you require our assistance please do not hesitate to contact us on info@statucor.co.za
Statucor have partnered with a provider of the necessary software that can convert your financial statements in the required iXBRL format.
There is a Differences between XBRL and iXBRL. XBRL (eXtensible Business Reporting Language) is an open technology standard for financial reporting, based on XML (eXtensible Markup Language).
While XBRL documents can be viewed only with specialized XBRL viewers, iXBRL documents can be viewed on standard browsers which makes it easier for our clients to view the converted files.
Our fees for the conversion are as follows:
iXBRL CONVERSION FEES
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The above fees exclude VAT and disbursements. The above fee also excludes the normal fee that we charge for lodging the annual return as well as the CIPC fee which is calculated on the company’s turnover
The XBRL tagging process takes place in distinct stages:
- AFS are uploaded to the application.
- The application applies as many tags as possible from a degree of intelligence existing in the application.
- The files are reviewed and any ambiguities corrected.
- The resultant XBRL file is then subject to a validation check, to ensure it will meet the validation requirements of the receiving regulator – In this case CIPC.
We also offer XBRL tagging solution independently for those clients who submit their own Annual Returns
