Notice of extension cooperatives XBRL

14 September 2022
Accounting
South African Accounting Academy

On 1 April 2022 CIPC launched a pilot project where Co-ops could do filing on the XBRL platform, which entailed testing by a subset of participating entities after preliminary release of the updated CIPC taxonomy including the new entry point. The pilot was intended to continue until 1 October 2022 when the mandate for Co-operatives became effective.

Due to slow up take in the pilot phase, we have decided to extend the pilot in order to enable those interested to test the system. This was informed by the increasing number of submissions in the last 2 months and CIPC would like to ensure that when they start with mandatory submission, everyone is acquainted with the system.

Co-ops are still encouraged to submit their AFSs to the CIPC via the eServices portal in XBRL format. The CIPC has published a list of recommended software service providers who provide software and/or outsourced services to convert AFS from other formats (e.g. PDF) into XBRL format.

Click here to download the Notice:

https://www.cipc.co.za/wp-content/uploads/2022/08/NOTICE-OF-EXTENTION-COOPERATIVES-XBRL.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 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 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 issued by CIPC as the regulator.

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