CIPC VIRTUAL iXBRL COLLOQUIUM
On 1 July 2018, the Companies and Intellectual Property Commission (CIPC) officially implemented the submission of annual financial statements for companies through eXtensible Business Reporting Language (XBRL), in pursuit of its legislative mandate, per Regulation 30(5) of the Companies Regulations, 2011.
By egressing from a paper-based analysis of annual financial statements received in pdf format, the Commission aims to, inter alia; reduce human error on reviews, increase the sample size of companies analysed and drive a data-driven financial reporting regulatory strategy underpinned by structured data.
The Colloquium is aimed at promoting iXBRL by informing conference attendees about the status, learnings and successes of the CIPCs Programme as a pioneering initiative in South Africa and to emphasize the potential that iXBRL offers for other regulators, government agencies and other users of financial statements.
Key themes for discussion will include:
The XBRL Mandate (Learnings, Successes, Vision)
Regulatory Climate Efficiencies (Compliance)
Plan for Increased Efficiencies in Regulation (SBR)
Data Landscape, Consumption, Quality
Next Steps for Increased Inter-Regulator Collaboration
Standardising the Governance Reporting Process: The Corporate Governance Framework® and XBRL®