Reminder: Co-operatives to submit financial statements via XBRL from 1 April 2022

24 February 2022
Accounting
South African Accounting Academy

In filing the annual reports, co-operatives will be required to file audited financial statements or independent reviewed report – depending on the Category using XBRL platform.

This provision will come into effect from 1 April 2022.

Find out more details on this new mandate and other XBRL developments on the November/December 2021 XBRL newsletter published by SAICA.

Click here to access the XBRL Newsletter:

https://saicawebprstorage.blob.core.windows.net/uploads/resources/SAICA-XBRL-SA-Newsletter-December-2021.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, 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, and therefore you should take note of this reminder.

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, and there should take note of this reminder.

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