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South Africa - CIPC XBRL Project Journey and Update

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South Africa - CIPC XBRL Project Journey and Update

  1. 1. CIPC XBRL Project Journey and Update Theme “Transforming Registries into Cross Border Enablers – Beyond National” Mr Joey Mathekga: XBRL Programme Owner 10 May 2019
  2. 2. About XBRLAbout XBRL (What is XBRL?)(What is XBRL?) • XBRL (eXtensible Business Reporting Language) is a digital reporting Technology Standard specifically developed for business and financial data exchange • It is a freely available Standards-Based way to communicate business information (e.g. IFRS accounting standard) • Managed by a Global non-profit consortium (XBRL International, more than 50 countries) – local jurisdiction is XBRL South Africa
  3. 3. About XBRLAbout XBRL (XBRL as “barcoding”)(XBRL as “barcoding”) • XBRL is like Barcoding of business or financial facts, because it codifies and tags (maps) facts in financial statements in a computer readable format
  4. 4. How is it working (Interfaces)How is it working (Interfaces) • CIPC & Entity Interfaces
  5. 5. Project Rationale – Why XBRL?
  6. 6. CIPC XBRL Mandate – Published in a Government Gazette
  7. 7. SA Regulator Collaboration
  8. 8. XBRL FILINGS TO DATE
  9. 9. Business Intelligence Capability FOR SMART ANALYSIS
  10. 10. Presentation of Statistical Report
  11. 11. CIPC Hardstop Functionality - Section 33
  12. 12. Next Steps on the XBRL Programme – Hard-stop 12 March 201912 March 2019 12 March 201912 March 2019
  13. 13. POST HARD-STOP OBSERVATIONS • Some Public Companies choosing the easy option of filing FAS instead of filing AFS in iXBRL • 63 entities (01 September 2018 – 04 February 2019) • Investigations are being initiated to deter such conduct as it is a false declaration to the Regulator (S214) • Other functionality challenges (in terms of validations for ID Numbers) was experienced.
  14. 14. Change Management
  15. 15. Bespoke vs Off the Shelf Software
  16. 16. Practical issues linked to using some Off the Shelf solutions are the following: • When generating instance documents where there are missing close tags, • such a file upon validation is regarded as an invalid file because of missing tags, • Some comply with minimum tagging requirements with no focus placed on resolving warnings.
  17. 17. Practical issues linked to using some Off the Shelf solutions are the following (cont…) • Filing community not understanding the difference between XBRL document in XML format and iXBRL in XHTML format. • AFSs not presented in full in contravention of IFRS and Companies Act
  18. 18. Some benefits of Bespoke solutions are the following: • Some Bespoke solutions have in their software a capability that validates a file much like the CIPC validation engine before the instance document is generated. • In the process of tagging and generation of the instance document they help resolve all warning errors.
  19. 19. Frequent Errors and Issues to date
  20. 20. Some of the Errors experienced by Filers • Which data elements are to be tagged in the XBRL files to be submitted via XBRL. – The full taxonomy and Data model complete with mandatory data elements to be tagged is available on the CIPC website/XBRL programme web page • The interpretation of Validation errors after an attempt to submit the XBRL file is a common challenge • Filers/ Practitioners often face challenges in terms understanding the meaning of “qualifying” entities that need to submit Annual Financial Statements (AFSs) using XBRL. – (The FAQ & Business filers documentation on http://www.cipc.co.za/index.php?cID=1329 explain in great detail)
  21. 21. Implications of Non-Filing
  22. 22. Software Service Provider Panel
  23. 23. Software Service Provider Panel (cont..)
  24. 24. Phase 2 01 Oct 2019
  25. 25. XBRL PHASE 2 HIGH LEVEL ROAD MAP
  26. 26. Additional Change Management Considerations
  27. 27. CONCLUSION  The XBRL Programme remains on track in terms of delivery of key significant milestones of delivery by 1st October 2019.  Taxonomy changes will continue to receive public wide consultation particularly from the Accounting Fraternity  The CIPC through the XBRL help desk will continue to support all queries and questions on XBRL. Queries will be resolved within 8 hours.
  28. 28. THANK YOU – QUESTIONS/ COMMENTS WELCOME

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