Submission of AFS based on GRAP in the iXBRL Format is Now Possible!

The CIPC has continually been working towards making the lives of the issuer’s easy, annual return wise. Well, here’s good news for all the South-African based companies that are required to submit their Annual Financial Statements (AFSs) based on Generally Recognized Accounting Principles (GRAP) in the iXBRL format.

As reported by the commissioner of CIPC in his latest statement, the state-owned companies (SOC’s) that previously couldn’t submit their GRAP-based AFSs in the iXBRL format because the system did not support it and will now be able to do so.

Earlier, the iXBRL reporting system of CIPC supported the submission of AFS based on the International Financial Reporting Standards (IFRS) only. However, with this new amendment, the issuers can now submit their financials and annuals return based on the GRAP. That’s right; the submission of AFSs in the GRAP will be supported by the CIPC’s latest updated software from October 1st, 2020

There’s More

The CIPC has also issued a mandate for SOCs. All South-Africa based SOC’s are now required to voluntarily file their GRAP standard-based AFS in the iXBRL format from October 1st, 2020 until September 30th, 2021. Further, the submission of AFSs in the iXBRL format in compliance with the Companies Act, Act 71 of 2008, will be mandatory for all the SOCs, w.e.f. October 1st, 2021.

What You Need to Know

Submission of AFS using GRAP in iXBRL format applies to the following entities:-

● National and provincial departments

● Public entities as listed in the PFMA – Public Finance Management Act

● Certain constitutional institutions

● Municipalities and all entities/enterprises under their ownership control

● Parliament and provincial legislatures

So, if your company falls under any of these categories, take note of this latest amendment from the CIPC.

How can DataTracks Help?

By gaining prowess in iXBRL submission and preparation of over 185,000 compliance reports, DataTracks can prove to be your ideal iXBRL partner. DataTracks offers robust solutions and a dedicated team of iXBRL experts to help you file your AFS based on the GRAP and IFRS. And not just that, DataTracks also follows rigorous quality checks, ensuring 100% error-free filing to the CIPC.

Be it a simple iXBRL conversion or the complex tagging and taxonomy, DataTracks covers it all.

For more information about the services, please speak to an expert @ +27-10-446-9061 write to enquiry@datatracks.co.za.