So how does XBRL affect your business?

From 1 July 2018 (Being the effective date) CIPC requires a company’s Annual Financial Statements to be submitted in the iXBRL format. Additionally, this would also potentially impact other entities which require submission of financial data to government related entities, stock exchanges & financial institutions as they would also have to follow this requirement to ensure their financials are in the iXBRL format. Now this may sound more of a regulative requirement for entities, but it is important that we should recognize that this is certainly the way forward for the South African Economy. This will ensure we are equipped with the latest technological tools to ensure we are in line with other global markets. The key objective of the CIPC in implementing & introducing XBRL is to improve overall efficiency & effectiveness of financial reporting and to guide the way forward for other regulators in South Africa to adopt XBRL.

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