If you missed this session, click below if you would like further details, the webinar recording or to book for the 1 day Regional Workshop: :
The release is scheduled for the end of May 2018. Follow us on social media (
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Will iXBRL be on IFRS for SME template?
Yes, this functionality with be available on IFRS for SME.
Can you submit the AFS in iXBRL format and the annual return?
You can submit the AFS in iXBRL format, however the process for the Annual return is still a separate and not impacted by the iXBRL, so you would still need to file Annual return as before.
For new client engagements, do I need to redraft their existing AFS in CaseWare (e.g Previously drafted in MS Word etc.)?
We are working on a solution for this scenario however using the current version you will need to redraft these sets.
General
What if the clients sign a printed set of the financial statements?
As part of the mandatory information, there is a declaration that the financial statements have been finalised and signed off, the method used to sign off is of no impact.
In the scenario where the AFS (XBRL format) is prepared by the client or another accountant, In that case it's likely the xbrl file will not include the audit report or independent review report. Must that report also be submitted in iXBRL and can 2 files be submitted?
If you have a printed report that has been signed and then scanned, you can submit this document in pdf. To submit you would navigate to https://eservices.cipc.co.za/ , once logged in you will have the option to upload a supporting document.
What is the difference between the new XBRL tag and the previous export to XBRL .html function (that was in CaseWare already)?
The previous export functionality only converted the financial statements into an iXBRL file, the current version does the following additional functions.
- Applies the required taxonomy - CIPC referencing fields
- Tags from above taxonomy are applied automatically as opposed to tagging each line item manually
- Built-in validation checks to ensure the file passes submission requirements.
Compliance requirements
The effective date 1 Jul 2018, does this mean for year ends ending after this date, or for AFS's completed after this date regardless of the year end?
- Companies - 30 days after incorporation date you have to submit the last completed and signed set of financial statements.
Incorporation date is 15 June and Year end is February. Thus on 15 July 2018 you must submit the 28 February 2017 financial statements or in most cases the 28 February 2016 financial statements if the 2017 set is not complete, as you get 6 months to complete the financial statements and the 2017 set may not be complete yet.
- Close Corporations – they have to do the same except they get 60 days after the incorporation date to submit their financial statements.
Which entities are required to comply?
Click here for full details and to calculate the PI score
If your company or CC fall below the 350 or 100 PIS score, do you still have to submit a set of AFS to CIPC?
Click here for entity requirements
For Holding companies, must you submit the individual company's AFS or consolidated AFS via XBRL (How to submit Group / Consolidated figures to CIPC)?
An entity can only submit their financial statements to CIPC is by having a valid company registration number,
click here for full details on how to submit group/consolidated figures in iXBRL format to CIPC.
Has CIPC indicated whether they require signed sets on XBRL?
They require a signed or completed set of financial statements, as they did for the prior year, the only difference is that they:
- have added a question or declaration that forms part of the mandatory information;
- In this question provided the compiler or person responsible for compliance declare that the set of financial statements submitted is a signed set.
- The question: Select if this set of financial statements has been approved by the authorised director(s).
Additional Resouces
I am a CaseWare user and would like to book for the live webinar.
- Click here to view dates for April - May 2018 and book (Please note these are repeat sessions).
I am not a CaseWare user but would like to request a demo
- Click here to book a demo from our XBRL product specialist
iXBRL Training
How do I request a recording of the webinar?
You can watch and download the recording of this session here.
