Accounting Standards Board Newsletter #3 - April 2021
Accounting Standards Board Newsletter #3 - April 2021
In this edition of the Newsletter:
State owned companies to report to the CIPC using XBRL from 1 October 2021
State owned companies to report to the CIPC using XBRL from 1 October 2021
Companies registered in terms of the Companies Act are required to submit their financial statements to the Companies and Intellectual Properties Commission (CIPC). Since the 1st of July 2018, the CIPC adopted XBRL (eXtensible Business Reporting Language) as a standard electronic format for entities submitting annual financial statements based on International Financial Reporting Standards (IFRS® Standards).
The CIPC issued Notice No. 43 of 2020 indicating that it has updated the XBRL taxonomy to accommodate the submission of financial statements using Standards of GRAP. From the 1st of October 2021, it is mandatory for state owned companies (SOCs) that prepare their financial statements using Standards of GRAP to file them using iXBRL. This could include public entities and municipal entities that trade as companies. Importantly, this only applies to companies that prepare their financial statements using Standards of GRAP - it does not apply to other entities that apply Standards of GRAP.
Contact us Address: International Business Gateway, Midridge office Estate, Midrand, Johannesburg Telephone : 011 697 0660 E-mail : info@asb.co.za
The Newsletter has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved or otherwise acted on by the Board.
