Submission of AFS using GRAP in XBRL

Submission of AFS using GRAP in XBRL

• 16 September 2020
• Accounting
• South African Accounting Academy

The 1st July 2018 marked a significant milestone in the CIPC’s journey in adopting XBRL as a digital platform and standard of financial reporting which supported the submission of Annual Financial Statements (AFSs) generated based on the International Financial Reporting Standards (IFRS). The submission of AFSs that were generated based on Generally Recognized Accounting Principles (GRAP) will now be supported from 01 October 2020.

State Owned Companies (SOCs) who previously could not submit their GRAP standard based AFSs in the XBRL format because it was not supported will from the 1st of October 2020 be able to submit their AFSs in the XBRL format as opposed to submitting Financial Accountability Supplements (FASs) in the process of them filing their Annual Returns (ARs).

From 01 October 2020 until 30 September 2021, SOCs whose financials are based on the GRAP standard must voluntarily file their GRAP standard based AFS in the XBRL format.

From 01 October 2021, it will become mandatory for all SOCs to submit AFSs in the XBRL format in compliance with the Companies Act, Act 71 of 2008 as amended.

Click here to download the 1-page Notice: 
http://www.cipc.co.za/files/7516/0016/2384/Notice_43_of_2020_-_GRAP_Filing1.pdf

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