Extension of the iXBRL Pilot Phase for Co-operatives in South Africa
On 1st April 2022, the Companies and Intellectual Properties Commission (CIPC) launched a pilot process for co-operatives to file their Annual Financial Statements (AFS) in the iXBRL format. The pilot project entailed testing by a subset of participating entities. It was intended to continue until 1st October 2022, after which the iXBRL mandate for co-operatives would have become effective.
CIPC has extended iXBRL Pilot Phase for Co-operatives in South Africa:
However, due to the slow uptake in the pilot phase, CIPC has decided to extend the iXBRL pilot process for co-operatives in South Africa till 2nd January 2023. The decision is taken considering the interest of those who want to test the system. This will help co-operatives get acquainted with the system before mandatory submission starting from January 2023. Here’s a quick recap of the cooperative categories that need to file AFS in iXBRL format with CIPC.
Categories of Co-operatives
South African co-operatives are divided into categories based on revenue and CIPC compliance requirements.
Primary Co-operatives
- Category A1: Co-operatives with less than R1 million of annual revenue fall in this category.
- Category A2: It includes co-operatives with annual revenue of at least R1 million but less than R10 million.
- Category B: Co-operatives with annual revenue of at least R10 million but less than R25 million constitute category B.
- Category C: It includes co-operatives with annual revenue of R25 million or more.
Secondary, Tertiary, and National Apex Co-operatives
All the secondary, tertiary, and national apex co-operatives are included in Category C.
Which Categories of Co-operatives Must Follow the iXBRL Mandate?
All audited co-operatives (Category C – primary, secondary, tertiary, and national apex) must submit their AFS in iXBRl format with CIPC from 2nd January 2023. Furthermore, independently reviewed co-operatives (Category B) can voluntarily submit their annual financial statements with CIPC.
Fees for Filing iXBRL Annual Returns With CIPC
The co-operatives in South Africa need to file a prescribed fee for filing annual returns with CIPC.
|
Tariff (if lodged within 30 days of the due date) |
Penalty Fee (if lodged more than 30 days after the due date) |
|
|
Category A1 |
R 50 |
R 100 |
|
Category A2 |
R 50 |
R 100 |
|
Category B |
R 450 |
R 600 |
|
Category C |
R3 000 |
R4 000 |
|
Secondary, Tertiary, National Apex (less than R25 million) |
R 450 |
R 600 |
|
Secondary, Tertiary, National Apex (R25 million or more) |
R3 000 |
R4 000 |
Outsource Your iXBRL Requirements to Make a Smooth Transition
The objective of iXBRL-based reporting for co-operatives is to simplify the accessibility and use of financial data. While CIPC has extended the pilot phase to acquaint everyone with the system, co-operatives in Category C will be mandated to file iXBRL AFS with CIPC from 2nd January 2023. Looking for a trusted partner to help you convert AFS from other formats into iXBRL format? DataTracks can be your ideal choice!
With experience in filing more than 220,000 compliance reports for 17+ years, DataTracks can help you prepare high-quality, error-free reports. So if you want to make a smooth transition to iXBRL filing, contact a DataTracks expert @ +27-10-446-9061 or email enquiry@datatracks.co.za.