XBRL FORMAT MANDATORY WHEN SUBMITTING ANNUAL RETURNS

XBRL FORMAT MANDATORY WHEN SUBMITTING ANNUAL RETURNS

As of 1 July 2018, the CIPC has mandated the annual submission of financial statements that must accompany the annual returns in an XBRL format (Extensible Business Reporting Language), which is a standardized computer language used in business to send information back and forth.

Prior to this date, it was simply providing turnover figures and paying the annual fee depending on the level of turnover, as such it was effortlessly submitted by the company secretary.

It has now however become a relatively complex process, where all line items in the primary financial statements have to be tagged, categorised and recorded in the correct international code. This may require re-drafting of the financial statements if they are only available in a PDF format.

For an idea on how to create statements in XBRL for reporting purposes, click here.

Contact Nathalie at RAiN Chartered Accountants Inc via info@rain-ca.co.za and they will help make the submission of your financial results to CIPC, in terms of the new mandate, an effortless task.

View the XBRL Conversion services Letter from RAIN.pdf

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