A presentation on the xBRL project undertaken by the Companies and Intellectual Property Commission of South Africa.

1. CIPC XBRL Project Journey and Update
Theme “Transforming Registries into
Cross Border Enablers – Beyond National”
Mr Joey Mathekga:
XBRL Programme Owner
10 May 2019

4. About XBRLAbout XBRL
(What is XBRL?)(What is XBRL?)
• XBRL (eXtensible Business Reporting Language) is a digital reporting
Technology Standard specifically developed for business and
financial data exchange
• It is a freely available Standards-Based way to communicate
business information (e.g. IFRS accounting standard)
• Managed by a Global non-profit consortium (XBRL International,
more than 50 countries) – local jurisdiction is XBRL South Africa

5. About XBRLAbout XBRL
(XBRL as “barcoding”)(XBRL as “barcoding”)
• XBRL is like Barcoding of business or financial facts, because it codifies
and tags (maps) facts in financial statements in a computer readable
format

6. How is it working (Interfaces)How is it working (Interfaces)
• CIPC & Entity Interfaces

7. Project Rationale – Why XBRL?

9. CIPC XBRL Mandate –
Published in a Government Gazette

13. SA Regulator Collaboration

14. XBRL FILINGS TO DATE

15. Business Intelligence Capability
FOR SMART ANALYSIS

17. Presentation of Statistical Report

18. CIPC Hardstop Functionality - Section 33

19. Next Steps on the XBRL Programme – Hard-stop
12 March 201912 March 2019
12 March 201912 March 2019

20. POST HARD-STOP OBSERVATIONS
• Some Public Companies choosing the easy option of filing FAS
instead of filing AFS in iXBRL
• 63 entities (01 September 2018 – 04 February 2019)
• Investigations are being initiated to deter such conduct as it is
a false declaration to the Regulator (S214)
• Other functionality challenges (in terms of validations for ID
Numbers) was experienced.

21. Change Management

23. Bespoke vs Off the Shelf Software

24. Practical issues linked to using some Off the Shelf solutions are
the following:
• When generating instance documents where there are missing
close tags,
• such a file upon validation is regarded as an invalid file because
of missing tags,
• Some comply with minimum tagging requirements with no focus
placed on resolving warnings.

25. Practical issues linked to using some Off the Shelf solutions are
the following (cont…)
• Filing community not understanding the difference between
XBRL document in XML format and iXBRL in XHTML format.
• AFSs not presented in full in contravention of IFRS and
Companies Act

26. Some benefits of Bespoke solutions are the following:
• Some Bespoke solutions have in their software a
capability that validates a file much like the CIPC
validation engine before the instance document is
generated.
• In the process of tagging and generation of the instance
document they help resolve all warning errors.

27. Frequent Errors and Issues to date

28. Some of the Errors experienced by Filers
• Which data elements are to be tagged in the XBRL files to be
submitted via XBRL.
– The full taxonomy and Data model complete with mandatory
data elements to be tagged is available on the CIPC
website/XBRL programme web page
• The interpretation of Validation errors after an attempt to submit
the XBRL file is a common challenge
• Filers/ Practitioners often face challenges in terms understanding
the meaning of “qualifying” entities that need to submit Annual
Financial Statements (AFSs) using XBRL.
– (The FAQ & Business filers documentation on
http://www.cipc.co.za/index.php?cID=1329 explain in great
detail)

30. Implications of Non-Filing

31. Software Service Provider Panel

32. Software Service Provider Panel (cont..)

33. Phase 2
01
Oct
2019

34. XBRL PHASE 2
HIGH LEVEL ROAD MAP

36. Additional Change Management Considerations

38. CONCLUSION
 The XBRL Programme remains on track in terms of delivery of key
significant milestones of delivery by 1st
October 2019.
 Taxonomy changes will continue to receive public wide
consultation particularly from the Accounting Fraternity
 The CIPC through the XBRL help desk will continue to support all
queries and questions on XBRL. Queries will be resolved within 8
hours.

40. THANK YOU –
QUESTIONS/ COMMENTS WELCOME