Following the developments in Compliance reporting, the Companies and Intellectual Property Commission (CIPC) - the regulator of Companies in South Africa - launched a program in February 2016 to implement XBRL as the Digital Financial Reporting Standard for qualifying entities, by mandating submission of Annual Financial Statements (AFS) to the CIPC, effective from 1st July 2018.
Currently, the CIPC receives all Annual Financial Statements (AFS) in PDF format. The PDF format is an unstructured format, which necessitates analysis requiring human intervention and is thus more likely to be prone to errors or missing vital facts. It is a time-consuming exercise with higher chances of inefficiency. CIPC expects the introduction of iXBRL will inject a new dimension of efficiency and improve the overall standard of reporting by bringing in the validation of AFS data against the IFRS taxonomy. By reporting in iXBRL format, it would be both human and machine readable.
After a detailed evaluation of vendors, CIPC has listed the Software Service Providers (SSP) on their website. DataTracks, honed by 12+ years of experience in the XBRL industry has been chosen as one of the SSPs by CIPC. Please refer to the below link from CIPC:
“We have been fulfilling requirements in compliance reporting software and services across the globe. Our experts have been handling regulatory reporting services for US since 2007 and for UK since 2011, which has enhanced our capability of processing XBRL with high accuracy rates of 99%”, avers Pramodh Vittal, Vice President, Opportunities and Product Design, DataTracks Services Limited.
With the implementation of iXBRL in South Africa by CIPC, DataTracks is market-ready with IFRS taxonomy and is gearing to cater to the iXBRL needs of all eligible SA entities by December 2017. DataTracks provides both software and iXBRL tagging services that meets CIPC’s iXBRL requirements. DataTracks also invites large entities listed on JSE to partner with them and participate in the CIPC’s XBRL pilot phase for testing.
DataTracks, known for its quality and cost-effectiveness, strives to provide cutting-edge Regulatory Reporting Technology across the globe. DataTracks is the preferred vendor for several accounting firms, including six of the Top Ten, and thousands of corporations in the UK. DataTracks has prepared more than 40,000 iXBRL returns.
DataTracks conforms to multiple European Regulations such as AIFMD, CRD IV & Solvency II Pillar 3, and has strong footprints in Europe, the US and Asia, serving over 4,000+ clients with compliance reports to the HMRC in the UK, Revenue in Ireland, SEC in the US, ACRA in Singapore, and MCA in India.
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