The CRF Innovation Awards celebrate the spirit of innovation and honours CRF jurisdictions which have successfully put in place world-class initiatives, as well as those which have creatively implemented customised solutions, to make a real difference to their stakeholders. There are two categories of awards: CRF Innovation Award (Excellence) and CRF Innovation Award (Commendation).

1. Improved Service Delivery
and Operational Efficiency
through XBRL
Hennie Viljoen
XBRL Specialist

2. PRESENTATION CONTENT
• Before XBRL
• After XBRL
• The Journey
• Role of Software Service Providers
• Utilization of XBRL
• What Difference does it Make?
• Monitoring & Enforcement
• Vision for the Future
• Ingredients for Success

3. BEFORE XBRL (WHAT LACKED?)
Fdsa QW544231
No handle on volumes.
Tens of thousands of AFSs
to be processed annually
by a small team of
investigators
Not structured with no
system in place. AFSs
received in PDF format via
e-mail
No standard labelling of
data elements of IFRS
accounting standard.
No automated analysis or
reporting. Low efficiency.
Labour-intensive. Prone to
errors
Little regulatory oversight.
Only reactive and not
proactive. Low
effectiveness

4. AFTER XBRL (WHAT IMPROVED?)
Automated validation &
analysis. XBRL is
structured within a system
and data warehouse
Validation based on
regulations of Companies
Act and accounting
standards (IFRS & GRAP)
Improved turn-around
times in investigation of
non-compliance (workflow
for sampling)
Greater collaboration with
filing entities through
constant engagement on
queries
Better reporting on
consolidation on financial
reporting (BI)

5. THE JOURNEY (HOW DID WE DO IT?)
2013: ROSC (Report on
Observance of Standards
and Codes) by World Bank
mentioned XBRL
CIPC central regulator:
XBRL South Africa
identified CIPC as
potential champion for
implementation in South
Africa
2016: Business case,
strategy & planning
2016: Development of
taxonomy aligned with
IFRS
2017/18: Development of
portal for filing and client-
side software
2018: Pilot with high-
profile listed companies,
implementation on 1 July
2018
Well Received by Large Regulated Entities: 60 Listed
Companies Participated in Pilot

6. THE ROLE OF SOFTWARE SERVICE PROVIDERS
Client-side
software
Assist filers with
Tagging of AFS data
and submission of
XBRL files to the
CIPC
Assist filers
with back-end
automation
Software service
providers not being
endorsed by CIPC, but
CIPC is assessing
capability before
recommendation to
entities. SSP Panel
Established

7. CURRENT UTILIZATION OF XBRL DATA
Workflow for individual
analysis
Data sharing with
other regulators,
government
agencies, private
investment
companies
Determine trends
per industry or
economy as a
whole for early
warning and wise
investment
decisions
Business
Intelligence on
Consolidated
Data (BI)

8. HOW IS XBRL MAKING A DIFFERENCE?
• Contribute significantly towards
improved policy execution
• Improved compliance
• Identification of early signals of sector
distress
• Help in proactive enforcement
More than
34 000
successful
filings

9. MONITORING AND ENFORCEMENT
Implications of non-
compliance with
filing of AFS in
iXBRL by qualifying
entities:
• Entities that don’t comply with
submission of AFS & AR submissions
will be investigated; and
• be issued with a notice of non-
compliance with certain provisions of
the Companies Act
Failure to act in accordance
with the compliance notice
will result in:
• Possible court litigation by the CIPC,
possible probation or delinquency of
Directors.
• An administrative fine of up to 10% of
Turnover.
• Deregistration of the entity with the
CIPC.

10. VISION FOR THE FUTURE: SBR
Regional
Potential
(e.g. SADC &
other African
countries)

11. INGREDIENTS FOR SUCCESS
Government Sponsorship
Legislative Mandate
Build Taxonomy
Build Solution
Change Management
• Internal
• External Partnerships
(Providers,
Professional Bodies)
• Regulated Entities
Buy-in is
Important