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CIPC: iXBRL Taxonomy Update
- 03 October 2024
- CIPC
- South African Accounting Academy
Summary:
The Companies and Intellectual Property Commission (CIPC) has released their inline eXtensible Business Reporting Language (iXBRL) Taxonomy Update, as part of the 2024 Final Taxonomy dated 1 October 2024.
Article:
The update includes all the IFRS Taxonomy releases published by IASB on the 27th of March 2024, such as the replacement of the IFRS 2023 taxonomy elements with IFRS 2024 taxonomy elements (and corresponding structures).
These updates are applicable to Co-ops, GRAP and IFRS modules.
In addition, the modular entry points have been updated to include the IFRS Sustainability Disclosure Taxonomy 2024. This is aimed at allowing voluntary early adopters of the International Sustainability Standards Board’s (ISSB) IFRS S1 and IFRS S2 to tag their sustainability-related financial disclosures prepared applying IFRS Sustainability Disclosure Standards.
The 2024 Final Taxonomy is now available on the CIPC Website and can be accessed via this link (https://www.cipc.co.za/?page_id=4400) for use by all stakeholders and members of the public.
Click here to download Notice 65 of 2024:
https://www.cipc.co.za/wp-content/uploads/2024/09/Final_Customer_Notice_Taxonomy_Release.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.