Submission of AFS to CIPC using xBRL

The Dept of Trade and Industry (“DTI”) has published a notice in Government Gazette 41473 dated 2 March 2018  that, with effect 1 July 2018, all companies required to prepare annual financial statements in terms of Section 30 of the Companies Act, must prepare and submit such statements to CIPC using the Xtensible Business Reporting Language (“xBRL”).

This is a freely available global standard for exchanging business information, and will in the near future also be required by SARS and the JSE.

More information on xBRL can be found on the Companies and Intellectual Property Commission (“CIPC”) website.