PKF (VGA) IS READY TO COMPLY WITH XBRL AND FINANCIAL ACCOUNTING SUPPLEMENT SUBMISSION TO CIPC
23 Jul 2018
PKF (VGA) will be one of few accounting firms ready to comply with the new CIPC requirements on annual submission reporting in XBRL format.
On 1 July 2018 CIPC rolled out the new XBRL reporting system. In short, all Annual Financial Statements need to be converted into the XBRL format and then uploaded on CIPC’s website when your business’s annual returns are lodged.
What is XBRL?
XBRL is the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International. They are committed to improving reporting in the public interest. XBRL is used around the world, in more than 50 countries. Millions of XBRL documents are created every year, replacing older, paper-based reports with more useful, more effective and more accurate digital versions.
In a nutshell, XBRL provides a language in which reporting terms can be authoritatively defined. Those terms can then be used to uniquely represent the contents of financial statements or other kinds of compliance, performance and business reports.
The change from paper, PDF and HTML based reports to XBRL ones is a little bit like the change from film photography to digital photography, or from paper maps to digital maps. The new format allows you to do all the things that used to be possible, but also opens up a range of new capabilities because the information is clearly defined, platform-independent, testable and digital. Just like digital maps, digital business reports, in XBRL format, simplify the way that people can use, share, analyse and add value to the data.
This requirement is applicable to all CIPC submissions – with depth of analysis differing from client to client.
Thank you in advance for understanding that this additional submission on the XBRL system may result in additional time and fees. If you require any further information, please do not hesitate in contacting us.
PKF (VGA) CHARTERED ACCOUNTANTS