Approximately 27, public and proprietary companies and registered investment schemes are required to lodge their financial reports with the Australian Securities and Investments Commission ASIC directly or, in the case of listed public companies and registered schemes, indirectly through the Australian Securities Exchange ASXwhich forwards them to ASIC. Currently, financial reports must be lodged either as a paper copy, or electronically using the portable document format PDF. Entities lodging their reports electronically are also permitted, on a voluntary basis, to lodge financial reports in XBRL format in addition to mandatory PDF report lodgement.
WhatsApp How did it start? The CIPC is the central government agency in South Africa responsible for both registration and regulation of companies and close corporations. XBRL is gaining momentum worldwide as a best-practise standard for electronic data exchange amongst organizations.
Improved efficiency for dealing with high volumes of reports — manual analysis of large numbers of AFSs will be replaced by automated analysis and validation of reporting criteria; Improved regulatory effectiveness — analysis on consolidated statements per industry via Business Intelligence BI technology, will replace the limitations of manual sample analysis on individual statements only.
This will eliminate the need for businesses to report different formats of financial statements to multiple regulators; Sharing data with other government agencies can be used for economic policy formulation.
The economy as a whole can therefore be impacted in a positive way. Potential data sharing with private investment companies can also assist with better investment advice and decision- making. In addition to best-practise technology standards, the CIPC therefore also implements best-practise standards from an accounting point of view.
How is the Programme Progressing?
The Programme is currently in the development phase of the technical reporting platform. Progress is on track according to planned timelines and deliverables. A number of SSPs have been assessed in terms of their software solutions and services they offer to reporting entities.
Reporting entities are encouraged to engage with the recommended SSPs for provisioning of client-side solutions. Client entities are under no obligation to only use software and services provided by panel members, but the panel members are recommended, because they demonstrated adherence to the minimum technical requirements of the CIPC.
What is required from Reporting Entities to become Compliant?
A number of business related documents have been published on the CIPCs website e. Frequently Asked Questions and Filers Guidelinesaimed at explaining various aspects and requirements of the Programme.
Technical documents and the prescribed taxonomy are also published on the CIPC website www. These documents include for instance clarification on: Pilot companies can use any valid set of statements of any previous year, because submissions during the pilot phase will only be used for testing, and will be discarded from the CIPC system before live roll-out of XBRL.
The CIPC published a list of pilot companies on the website. Companies not part of the official list, are welcome to participate on a voluntary basis. The first date for XBRL submission for every entity is determined by the anniversary date of their date of incorporation.
The calculation of the first date of submission of a particular entity is different for close corporations and companies. The exact regulations that apply to every entity to calculate their particular first date of submission, and the applicable financial year for first submissions, have been published on the CIPC website.
Queries can also be directed to XBRL cipc.XBRL is a technology standard that enables the implementation of Digital Financial Reporting, by revolutionizing the way reporting entities submit Annual Financial Statements (AFSs) to the CIPC.
The CIPC is the central government agency in South Africa responsible for both registration and regulation of companies and close corporations.
Oct 19, · The eXtensible Business Reporting Language (XBRL) is transforming financial and non-financial reporting from paper-based to digital form world-wide. It won't be as hard as the Sarbanes-Oxley Act (SOX) and it's probably six years off for most large companies.
But another SEC financial reporting mandate -- a changeover to a new accounting standard called IFRS -- is likely coming down the pike, and CIOs will need to evaluate their accounting. Data Amplified 13th November, Data Amplified is where the key players involved in the future of business reporting join together to discuss their .
What's New—XBRL FASB Staff Issues Proposed Taxonomy Improvements on Fair Value Measurement Disclosure Requirements and Credit Losses and Proposed Taxonomy Implementation Guide on Insurance, Long-Duration Contracts (August 31, ).
must establish a data standard such as eXtensible Business Reporting Language (XBRL), invented to make data contained within online documents machine readable and instantly available for research.