iXBRL Updates From CIPC – August 2019
Published - 3 September, 2019
The Regulator (CIPC ) is requiring all filers, to increase the detail in the tagging and mapping in their iXBRL filings, this year.
XBRL was introduced last year on 1 July 2018; with filers being advised that high-level mapping, was acceptable FOR THE FIRST YEAR including:
• All individual Mandatory Elements, = 51
• Plus, all financial values on the PFS’s, per the Taxonomy,
• Plus, block tagging of all AFS reports and notes.
Effective 1 October 2019:
• There is an updated IFRS taxonomy; including all new IFRS rules updates published to 2019.
• All previous individual Mandatory Elements, including additions to identify Software Service Providers and some changes.
• Plus, all financial values on the PFS’s per the Taxonomy
• Plus, detailed tagging and mapping of all AFS reports and notes:
This requires that tagging and mapping be broken down in a much more granular fashion, and labelled in detail, per IFRS labels under each section of the taxonomy, per the Illustrated taxonomy.
All previous entity filings no matter how big or small will need to be retagged and remapped, to accommodate this detailed labelling. It will, therefore, take more time to complete filings fully and correctly.
CIPC has warned that they will be much stricter regarding filings this year.
They will rigorously follow up on non-compliance; with full legal recourse regarding fines (up to 10% of turnover). They also expect companies to comply with the required disclosure of valid, accurate data. All pertinent information is freely available on their website on their XBRL page. Ignorance is not an acceptable excuse anymore.
CIPC, with the support of XBRL South Africa, is also on a drive to harmonise data, throughout the Government Regulators, to begin the process of reducing the burden of regulatory reporting.
• Their goal is to build a Standard Business Reporting model for government, building an XBRL Data Repository that will contain QUALITY data. i.e. valid, accurate, audited, comparable data.
• This repository will allow easy sharing and retrieval of accurate, comparable, business/industry/geographical data; to allow the analysis of vital financial, statistical, and sustainability information for the whole country.
• It will facilitate instant computer analysis of trends and anomalies, to inform the government and the public, so that better forecasts and decisions can be made for the economy and welfare of the whole country, to improve circumstances for all people.