New XBRL Requirements

The Companies and Intellectual Property Commission (CIPC) has recently posted Notice 52 regarding the Extensible Business Reporting Language (XBRL) requirements which address any company that falls into the category of filing their annual returns without submitting iXBRL or completing a Financial Accountability Supplement (FAS also referred to as a CoR30.2).

The CIPC has, as from 1 July 2018, mandated the filing of annual financial statements via XBRL. However, some entries continue to file their annual returns and fail to submit either annual financial statements or FASs. All companies and close corporations must submit either annual financial statements or FASs when filing the annual returns, and this must be done simultaneously.

All companies and close corporations that filed their annual returns from 1 July 2018 but failed to file either their annual financial statements or FASs, must see to it that they comply with Section 33 of the Companies Act with immediate effect. Companies and close corporations which failed to adhere to these requirements can be investigated and ultimately be issued with a compliance notice. If the compliance notice is not adhered to, the CIPC can apply to court to impose an administrative fine of 10% of the entity’s turnover for the period during which it failed to comply with the compliance notice or maximum amount of not less than R1000 000.

When your annual return is due, our office will offer our assistance with completing the FAS or CoR30.2.

We wish you all the best with your upcoming submissions. Please inform us if you need any further assistance.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or ommissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

GA Mac Lachlan Inc

Office Hours: Mon - Thu 8am - 4:30pm
Fri 8am - 4pm
Telephone: 021 975 7735/6
Fax: 021 975 4652
Email: germac@maclachlan.co.za
Physical: Loumarie House 1st floor
Wellington Park, Wellington Road
Durbanville, 7550
Postal: PO Box 3052
Durbanville
7550

Copyright © GA Mac Lachlan Inc | Powered by SucceedGroup