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South Africa - Digital AFS Reporting via xBRL

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South Africa - Digital AFS Reporting via xBRL

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The CRF Innovation Awards celebrate the spirit of innovation and honours CRF jurisdictions which have successfully put in place world-class initiatives, as well as those which have creatively implemented customised solutions, to make a real difference to their stakeholders. There are two categories of awards: CRF Innovation Award (Excellence) and CRF Innovation Award (Commendation).

The CRF Innovation Awards celebrate the spirit of innovation and honours CRF jurisdictions which have successfully put in place world-class initiatives, as well as those which have creatively implemented customised solutions, to make a real difference to their stakeholders. There are two categories of awards: CRF Innovation Award (Excellence) and CRF Innovation Award (Commendation).

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South Africa - Digital AFS Reporting via xBRL

  1. 1. Improved Service Delivery and Operational Efficiency through XBRL Hennie Viljoen XBRL Specialist
  2. 2. PRESENTATION CONTENT • Before XBRL • After XBRL • The Journey • Role of Software Service Providers • Utilization of XBRL • What Difference does it Make? • Monitoring & Enforcement • Vision for the Future • Ingredients for Success
  3. 3. BEFORE XBRL (WHAT LACKED?) Fdsa QW544231 No handle on volumes. Tens of thousands of AFSs to be processed annually by a small team of investigators Not structured with no system in place. AFSs received in PDF format via e-mail No standard labelling of data elements of IFRS accounting standard. No automated analysis or reporting. Low efficiency. Labour-intensive. Prone to errors Little regulatory oversight. Only reactive and not proactive. Low effectiveness
  4. 4. AFTER XBRL (WHAT IMPROVED?) Automated validation & analysis. XBRL is structured within a system and data warehouse Validation based on regulations of Companies Act and accounting standards (IFRS & GRAP) Improved turn-around times in investigation of non-compliance (workflow for sampling) Greater collaboration with filing entities through constant engagement on queries Better reporting on consolidation on financial reporting (BI)
  5. 5. THE JOURNEY (HOW DID WE DO IT?) 2013: ROSC (Report on Observance of Standards and Codes) by World Bank mentioned XBRL CIPC central regulator: XBRL South Africa identified CIPC as potential champion for implementation in South Africa 2016: Business case, strategy & planning 2016: Development of taxonomy aligned with IFRS 2017/18: Development of portal for filing and client- side software 2018: Pilot with high- profile listed companies, implementation on 1 July 2018 Well Received by Large Regulated Entities: 60 Listed Companies Participated in Pilot
  6. 6. THE ROLE OF SOFTWARE SERVICE PROVIDERS Client-side software Assist filers with Tagging of AFS data and submission of XBRL files to the CIPC Assist filers with back-end automation Software service providers not being endorsed by CIPC, but CIPC is assessing capability before recommendation to entities. SSP Panel Established
  7. 7. CURRENT UTILIZATION OF XBRL DATA Workflow for individual analysis Data sharing with other regulators, government agencies, private investment companies Determine trends per industry or economy as a whole for early warning and wise investment decisions Business Intelligence on Consolidated Data (BI)
  8. 8. HOW IS XBRL MAKING A DIFFERENCE? • Contribute significantly towards improved policy execution • Improved compliance • Identification of early signals of sector distress • Help in proactive enforcement More than 34 000 successful filings
  9. 9. MONITORING AND ENFORCEMENT Implications of non- compliance with filing of AFS in iXBRL by qualifying entities: • Entities that don’t comply with submission of AFS & AR submissions will be investigated; and • be issued with a notice of non- compliance with certain provisions of the Companies Act Failure to act in accordance with the compliance notice will result in: • Possible court litigation by the CIPC, possible probation or delinquency of Directors. • An administrative fine of up to 10% of Turnover. • Deregistration of the entity with the CIPC.
  10. 10. VISION FOR THE FUTURE: SBR Regional Potential (e.g. SADC & other African countries)
  11. 11. INGREDIENTS FOR SUCCESS Government Sponsorship Legislative Mandate Build Taxonomy Build Solution Change Management • Internal • External Partnerships (Providers, Professional Bodies) • Regulated Entities Buy-in is Important

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