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CIPC_iXBRL and IFRS compliant AFS
- 28 February 2023
- Accounting
- South African Accounting Academy
After the roll-out of iXBRL on 1 July 2018, the Commission annually updated the taxonomy entry points against which annual financial statements (AFSs) are filed. The latest taxonomy entry point was released on 1 October 2022, with minor validation changes updated thereafter. The latest taxonomy (2022) incorporates Generally Recognised Accounting Practice (GRAP) standards and changes made by the IFRS Foundation to align with the updated IFRS and IFRSs for SMEs reporting standards, as well as entry points for filing by Co-operatives.
Section 29 of the Companies Act, 71 of 2008 (as amended), requires that when companies provide financial statements to any person for any reason, those financial statements must satisfy the financial reporting standards as to form and content; if any such standards are prescribed. As such, attention is hereby brought to filers that the 2016 as well as 2019 taxonomy entry points will be deprecated on 1 July 2023 to remain aligned with the latest financial reporting standards prescribed by the IFRS Foundation.
For companies that still have to submit older outstanding AFSs (2019/20 and 2020/21), the 2020 and 2021 entry points may still be used, since the financial year in question would still require disclosures regulated by the standards which were applicable during those financial years. Companies that prepare their AFSs in GRAP are not affected by the deprecation alluded to herein
Click here to download the Notice:
https://www.cipc.co.za/wp-content/uploads/2023/02/48104-24-2-NationalGovernment.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The Companies Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor, independent reviewer and accountant, you also need to monitor your client’s compliance with the Companies Act and all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.
- Where you perform these compliance tasks on behalf of your client, you need to ensure that you comply with all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.
Relevance to Your clients:
- An entity (company or close corporation) has a duty to comply with the Companies Act, and all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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