By introducing the Extensible Business Reporting Language (XBRL), the Companies and Intellectual Property Commission(CIPC) significantly simplified financial reporting.
XBRL is a digital financial reporting solution that allows companies to digitally file yearly financial statements that can then be shared across the regulatory spectrum for multiple purposes. These can also be analysed for trends and the like, far more deeply than is possible with PDFs.
Having financial statements in an XBRL format means the Department of Trade and Industry (DTI), through CIPC, can use the data, share it, and also analyse it on a clearly defined digital platform.
In keeping with global standards using XBRL provides one common standard of reporting to all regulators in South Africa, resulting in the elimination of duplication and differences in reporting.
NUE Chartered Accountants and Registered Auditors providing Auditing services, accounting services, bookkeeping services, payroll services, tax services and advisory services can assist the following organisations to comply with the new standard include:
- Public listed companies;
- State-owned companies;
- Private companies with a Public Interest Score of 350 or more and
- Companies whose Memorandum of Incorporation (MOI) or Articles of Association requires the auditing of their financial statements.