XBRL
The CIPC has mandated a change in the way that annual financial statements are submitted. Our XBRL Solution is powered by Computershare and iOCO, which is recommended by CIPC.
Computershare iOCO XBRL Solution
What is it
An outsourced solution that uses software to deliver a service
It leverages proven XBRL technology: a secure, collaborative, reporting solution that combines numbers with narrative.
The solution comprises a template developed according to the standard CIPC taxonomy based on IFRS guidelines
An integrated technical and compliance solution
The solution includes:
- XBRL mapping and tagging
- Technical support (where required)
- CIPC submission
- Company secretariat advice (where required)
Appoint
CIPC requirement
from 1 July 2018
Clients contract through Computershare for the XBRL Solution
Inform
Template to case narrative information
Additional information to be provided: Accounting policies, Directors reports, Auditors reports
Complete
Numeric templates
to be completed
Templates includes; Statement of Financial Position, Statement of comprehensive income, profit, loss
Submit
Solution combines
templates into iXBRL
Combined file submitted to CIPC
Why choose us?
Easy to use
- The template is based on the manner in which you have produced your annual financial statements in the past - simply enter your figures and you are ready to go
Cost effective
- No need to invest in capital and resource intensive financial reporting software
Flexible
- Whatever the size of your company and its reporting requirements - be it Full or SME International Financial Reporting Standards our solution will work for you
Recommended by CIPC
- We are a preferred software supplier to CIPC for the XBRL project
What does it cost?
R9 500 per submission
Pre-Tagged Templates
Depending on CIPC rules, submissions may include dormant companies
15 Days lead time for completed templates
Discounts on a sliding scale:
+10 submissions: 5%
+20 submissions: 10%
+30 submissions: 15%
Company Secretary sign off required prior to submission
Who needs to submit in XBRL?
- All public companies
- All companies that have elected to have their financial statements audited
- Any profit or non-profit company if, in the ordinary course of its primary activities, it holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R 5 million
- Any non-profit company, (if it is a state owned entity or entity incorporated by an organ of state) or
- Any other company whose public interest (“PI”) score in that financial year, is 350 or more, or is at least 100, if its annual financial statements for that year were internally compiled.
How Safe is my Data?
Portal Functionality Explained
- The company will be registered on the XBRL Portal and will become the Administrator for all submitting entities within the Group.
- The responsible person for the Group registration will receive a User ID and Default Password. The Default Password will need to be changed at the time of first Login to the Portal.
- Log-in’s and interaction with the Portal will be via a secure HTTPS connection.
- If separate submissions are to be made for entities within a Group, a separate log-in User ID and Password will be required.
- Once the Group and all submitting entities are registered, an encrypted and secure folder structure is created:
- Group Admin will be able to view all folders; and
- Entities will only be able to view their own folders.
- User friendly pre-tagged templates with easy entry point identification based on the CIPC taxonomy will be available to download from the relevant folder via the portal for each submitting entity.
- Once the financial details are captured in the templates, submitting entities will be required to upload the completed templates to the portal, to be saved in each entity’s specific folder.
- The templates will then be processed through the iXBRL Solution and the output iXBRL CIPC ready format will be placed in each of the entities folders, a notification will be emailed to advise that the iXBRL file is ready for download.
- Once the iXBRL output file is downloaded, the iXBRL file can be uploaded to the CIPC.
- CIPC will send a confirmation on successful filing.
Start the conversation
Ready to talk about how we can help you