Tag: Annual Financial Statements (AFS)

The Companies and Intellectual Property Commission (CIPC) introduced digital financial reporting via XBRL (eXtensible Business Reporting Language) on July 1, 2018.

Over the years it became clear that financial statements on their own did not tell the whole story of a company’s performance. Companies therefore started reporting on their environmental impacts, employee-related issues and corporate social responsibility issues.

It is all systems go for a new digital financial reporting system for CIPC, iXBRL, planned for roll out on 01 July 2018. This new annual financial statement reporting system is linked to a bigger project of standardising business reporting across the country, where entities can ‘report once and reports shared more than once’ with other regulators.