Overview

From 1 July 2018 all qualifying companies must submit their annual financial statements to the CIPC in a new format called iXBRL. Companies have 30 days after anniversary date of incorporation to file. 

Draftworx has been appointed by the CIPC to help companies convert their Sage, Pastel, Quickbooks and Excel to this new format and to upload the financial statements to CIPC. 

Attend this webinar and engage directly with the CIPC's XBRL Programme manager Hennie Viljoen and get the answers to provide to your clients. Earl Steyn will explain how to automate the filing process using Draftworx and why you should charge your clients an extra fee for the new compliance requirements. 

Learning objectives

After attending this event you will be able to:

• Understand how to submit financial statements in the new iXBRL format.
• Understand why iXBRL is necessary.
• Understand which companies are affected.
• Understand the role of accountants vs auditors in filing iXBRL.
• Understand the filing deadlines.
• Understand the filing deadlines.

Course content

The course will cover the following topics:

• What is iXBRL?
• How to tag income and expenses and create sub-classifications of assets, liabilities and equities before filing to CIPC .
• What is the filing deadlines for filing financial statements using iXBRL
• Which entities are affected by new filing requirements and which are excluded?
  • Companies
  • Close Corporations
  • Co-operatives
• Which engagements are subject to iXBRL filing? 
  • Audits
  • Independent review
  • Compilations
• What is the differences between:
  • Filing iXBRL financial statements 
  • Financial accountability supplement
• What will CIPC do with the iXBRL filed financial statements?
• Does the iXBRL financial statements need to be audited prior to filing with CIPC?
• Can accountants file iXBRL financial statements? 
• How does auditor independence affect filing obligation?
• Why can't you submit financial statements in the old format?
• Why you should avoid using Excel to file iXBRL (there are 5000 tags to link)
• How Draftworx automates the conversion of financial statements to iXBRL; and
• How to convert Sage, Pastel, QuickBooks and Excel to the new format

Obtaining your CPD certificate

Attending the webinar will accrue 2 CPD hours for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA.

Additional rewards for attending

All SAAA CPD Subscribers qualify for a 15% discount on their first year's purchase of Draftworx.

Click here to obtain Draftworx.

Who should attend

• Accountants in practice with qualifying clients including CA, PA, BAP, ACCA and CIMA;
• Bookkeepers that assist accounting firms;
• Company secretaries; and
• Company secretaries; and