IT MATES

SOFTWARE SOLUTIONS FOR ACCOUNTANTS

Author: stacey@itmates.co.za

  • What is happening with iXBRL? – 8 years later

    In 2018, ITMates launched a new and exciting product: iXBRLMate. At the time, we genuinely believed we were getting ahead of a major “compliance boom”. The idea was that this new standardised reporting format would leave business owners and accounting professionals scrambling to understand how to convert their financial statements — and we’d be right there to help.

    Fast forward almost eight years, and we still receive calls from people asking what iXBRL even is, or why they need it at all. So how is it possible that something as important as iXBRL submission for Annual Financial Statements (AFS) has flown so completely under the radar?

    The short answer: because it was never really enforced by the CIPC.

    And that creates a simple problem — how do you sell a compliance product when users can technically get away with not using it? Our best bet was always to rely on corporate professionals who understand one key truth: you only need to get caught once for non-compliance to become very expensive.

    We’ve seen this story play out before. A recent example is the beneficial ownership (BO) declarations introduced in early 2024. BO filing appeared almost out of the blue, and many people assumed it would be handled with the same relaxed approach as iXBRL. Add to that the lack of proper software tools to help with compliance and, suddenly, over 500,000 companies were de-registered by the CIPC for failing to meet BO filing and Annual Return requirements. (Don’t worry, we’ve got you covered there too with CompanyRegisters!)

    The lesson? The CIPC can change its stance overnight. One day soon, iXBRL submissions may become just as strictly enforced as BO filings. When that happens, accountants and companies will be scrambling for a simple, reliable software solution.

    And that’s where our early move pays off. With iXBRLMate, we’ve spent years refining the product, supporting users, and building a solid reputation long before the panic sets in.

    So don’t wait for enforcement to catch up. The cost of non-compliance is high, but when the solution is affordable and easy to use, compliance doesn’t have to feel like a burden. With iXBRLMate, it’s not just a requirement — it’s actually a pleasure.

  • iXBRL Filing Flow Chart

    iXBRL Submission Flow Chart – Updated

  • AuditMate now includes iXBRL

    Our launch webinar for iXBRL Mate in AuditMate / AccountsMate was incredible.

    If you missed it or want to recap you can watch it right here: It’s an edited version to save you time!

  • Everything iXBRL – Webinar Recording

    Just in case you missed it or need a refresher…

    https://itmates.co.za/watch-the-webinar/

  • Assurance Requirements for Companies

    AuditReviewFlow Chart.pdf

  • How to Submit your FAS – CoR 30.2

    It is a new requirement that you Login to CIPC eServices  in order to complete and submit the FAS – CoR30.2

    Select as below:

     

    This will give you the option to submit iXBRL or FAS – Choose FAS

     

    Complete the Enterprise Number and ‘Validate’

    The relevant Enterprise details will display – Click ‘Continue’

    Complete the FAS and click ‘Continue’ to submitt:

     

    You should receive confirmation:

    You should also receive an email confirming all the details submitted.

    Hope this helps…

  • Annual Financial Statements Prepared within 6 months…

    So what does the Co’s Act have to say about this?

    • AFS are required to be prepared within 6 months of a company’s financial year end.
    • AFS must be complete in all respects ie. Directors report, audit/review report, signed etc.

    ….and if this is not done?

    • A reportable Irregularity exists
    • Directors are guilty of a breach of fiduciary duty

    So what happens next?

    • When the audit/review commences the auditor/reviewer must report a Reportable Irregularity to CIPC/IRBA after discovery of the fact.
    • The Directors will be informed and must take steps to rectify the situation before the auditors/reviewer makes a second report of CIPC/IRBA, within 30 days of the first report.
    • If the AFS are not issued before the second report in ii.) above, the company can expect a compliance notice from CIPC in the near future.

    What is a Compliance Notice?

    A formal notice from CIPC demanding compliance by a specified date. Usually within 3 – 9 months.

    How to respond?

    Comply or suffer the consequences. Those could be up to 10% of Turnover during the period of non-compliance.

    This isn’t new, but it would appear that CIPC are serious about stamping out continuous non- compliance so Directors, Auditors and Reviewers need to be serious about their timeliness too!

    Read the Company’s Act for yourself. You will find this information in Section 30.

    Hope this was helpful.

  • iXBRL What?

    Firstly, What is XBRL?

    XBRL is short for E(x)tensible (B)usiness (R)eporting (L)anguage, being the international standard for digital business reporting. This allows for the creation of computer files which contain financial reporting information which is not easily readable by humans. It is ideal for passing information between computers but is of little use when the information needs to be viewed by humans too.

    Hence the creation of iXBRL

    iXBRL or (I)nline XBRL is the international standard that enables both human-readable and structured, machine-readable data to be included in a single document. An iXBRL document is included in an xhtml file which can be opened in any web browser (e.g. Chrome). In this way the human-readable data is displayed in the browser and the machine readable is hidden from view. When the same file is read by the computer to which the file is ‘submitted,’ it will only read the machine readable data and ignore the human-readable bits.

    Who Needs to Submit iXBRL AFS?

    As most of you will know by now, CIPC in South Africa will require iXBRL format Annual Financial Statements to be submitted with Annual Returns for certain companies and close corporations as from 1 July 2018. This doesn’t apply to the Annual Financial Statements of many companies and CC’s that are produced using AuditMate / Accountsmate, so for many clients this is not applicable right now.

    iXBRL filing is required when any of the following apply:
    • Your entity has a Memorandum of Incorporation that prescribes filing of audited financial statements.
    • Your entity is a private or personal liability company and, in the ordinary course of its primary activities, it holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R5 million.
    • Your entity is a private or personal liability company that compiles its AFSs internally (for example, by its financial director or one of the owners) and has a Public Interest Score (PIS) of 100 or more.
    • Your entity is a private or personal liability company that has its AFSs compiled by an independent party (such as an external accountant) and has a Public Interest Score (PIS) of 350 or more.

    So this is initially aimed at the larger, non-owner-managed entities.

    What About Financial Accountability Supplements?

    Financial Accountability Supplement (CoR 30.2) submissions are still required for all CC’s and Companies that are not required to submit Annual Financial Statements in iXBRL format.

    However, in terms of Regulation 30(3) a company that is not required to have its AFS audited, may file its audited or reviewed AFS (in iXBRL format). This may be more efficient than completing a CoR 30.2, but only applies if the AFS are audited or reviewed.

    How Can iXBRL Mate assist?

    IT Mates has developed iXBRL Mate, probably the easiest to use Excel ‘tagging’ system available, to solve the problem of creating iXBRL submission files from existing Annual Financial Statements.

    iXBRL Mate was show-cased at our webinar on 28 June 2018 and officially released as version 1.0.0.0 on 3 July 2018. It is available for download from www.itmates.co.za and is free to use until 31 August 2018. Please make use of this opportunity.

    Contact us if you have any questions or need assistance.

  • iXBRL Mate is on the launchpad

    We are excited!

    iXBRL Mate is ready to launch and it wants to really take off!

    We made this software to you, to solve a big problem – you can’t create a CIPC AFS submission without a software tool.

    Our price is for unlimited submissions. Buy one licence (per computer) for your entire office and use it for as many clients as you need.

    But even better…… until 31 July 2018, iXBRL Mate is free for you to use – no restrictions at all.

    After the free trial the price will be R12 000 (excl. vat) per year, for the unlimited desktop version.

    If you are in a hurry to submit an iXBRL file, we are offering a ‘white-glove’ solution. We will create the file for you and you just do the submission. The price for this option is R100 per page plus R650 (excl. vat). The turn around time will be a couple of days.

    Get the download now

    Please let us know your progress or if we can assist in any way.

  • iXBRL Mate – Launch Webinar

    Our launch webinar for iXBRL Mate was incredible – over 100 people attended but a lot also couldn’t make the live event.

    If you missed it or want to recap you can watch it right here: It’s an edited version to save you time!