Ez-XBRL Solutions: Your Trusted Partner for CIPC XBRL Compliance and Conversion
Since early 2018, when South Africa announced the implementation of their Inline XBRL mandate for compliance reporting, we have been actively involved in helping ramp up the CIPC’s reporting mandate.
We have participated in early-stage pilots to assist companies in preparing for go-live processes. Since July 2018, our products and services have been utilized to file hundreds of live filings to CIPC.
A reliable partner to help you comply with CIPC’s XBRL requirements.
Versatile
Experienced
High Quality
Cost-Effective
Accuracy
World-Class Support
Ez-XBRL Solutions has been providing solutions to various XBRL mandates worldwide since 2010. Our latest offerings have enabled companies to file their Annual Financial Statements in Inline XBRL format to be compliant with CIPC’s mandate since July 2018.
Our solutions include:
CIPC-recognized cloud-based software platform – EcoActive:
With managed and self-service options for companies to control the process from authoring to submission with the CIPCWhite glove, fully outsourced Inline XBRL conversion
Reviewing tool – XOR: That facilitates collaborative, online reviewing and validation of Inline XBRL files before they are submitted to CIPC Ez-XBRL is a member of CIPC’s Software Service Provider Panel and provides advisory inputs on improving XBRL data quality and best practices
CIPC Recognized Self-Service IXBRL Platform – EcoActive:
EcoActive is Ez-XBRL’s cloud-based iXBRL authoring platform. It offers a comprehensive solution that enables the conversion and creation of iXBRL documents using a variety of source document formats including Microsoft Word, Microsoft Excel, and Adobe Acrobat (PDF).
EcoActive has been selected by CIPC as one of the recognized software solutions for iXBRL creation to meet the requirements of South Africa’s XBRL mandate. With its powerful set of features and functionality, EcoActive is the ideal choice for filers looking for a solution that meets all their compliance needs for iXBRL documents.
CIPC Mandated GRAP Filings:
As the CIPC has launched a mandate for all these companies (GRAP) to submit their annual AFS in XBRL format, the companies are leveraging the adoption of a new format to also evaluate existing processes, mitigate risk, and drive efficiencies and control within their filing processes.
Ez-XBRL is a global provider of XBRL solutions and services. We are one of the acknowledged leaders in XBRL known to provide solutions and services for analytics, regulatory compliance, and business reporting to customers across the globe.
We have converted upward of 800 AFS for private companies since the CIPC XBRL mandate came into effect in 2018 till date and the number keeps growing. We have also processed AFS for GRAP for Public sector companies recently who filed voluntarily with CIPC.
Managed Inline XBRL Services
CIPC has opted for the Inline XBRL (iXBRL) specification version 1.1 as published by XBRL International. iXBRL offers several advantages over the traditional XBRL including reduced costs for filers, better XBRL quality, and better overall data quality of filings. Ez-XBRL’s services team has significant credentials in providing fully managed XBRL/iXBRL conversion services.
Providing expert outsourced conversion services to meet the regulatory requirements of many XBRL jurisdictions including the USA, the UK, and India
Deep knowledge of accounting standards such as GAAP and IFRS
Extensive technical expertise in XBRL/iXBRL standards
Well-defined process and workflow management for preparing valid and accurate XBRL/iXBRL documents
6+ years of Inline XBRL experience position us as your ideal partner for iXBRL compliance.
XOR – Online Portal For Collaboration And Reviewing
All our service customers are provided access – at no additional charge – to XOR, our acclaimed online reviewing portal for XBRL and iXBRL documents.
Our services for companies required to file Inline XBRL documents with CIPC include:
Converting your documents to iXBRL 1.1 compliant documents
Identifying and selecting the most appropriate XBRL concepts (tags) that meet your requirement, whether by applying the minimum tagging set or the full set of tags available with the published taxonomies
Finalizing and validating the output to meet the CIPCs validation criteria
XOR – The Defacto Standard In XBRL Review And Validation Tools
XOR is the defacto standard for cloud-based XBRL reviewing tools. Combining a powerful set of features, with an elegant and intuitive user interface, XOR’s collaborative reviewing, reporting, validation, and workflow features have been used to review and finalize 1000s of XBRL filings since its introduction in 2013.
With the addition of Inline XBRL capabilities and support for the latest validation rules applicable to CIPC filers, XOR offers a compelling set of features that make it an invaluable tool for companies seeking to file high-quality, valid, and standards-compliant iXBRL documents.
The Companies and Intellectual Property Commission (CIPC) of South Africa has implemented a significant requirement for Environmental, Social, and Governance (ESG) disclosure using the XBRL (eXtensible Business Reporting Language) standard. This step is part of South Africa’s efforts to enhance corporate transparency, accountability, and sustainability practices while aligning with global ESG reporting frameworks.
Key Elements of CIPC’s ESG Disclosure Using XBRL:
1. Mandatory ESG Reporting:
The CIPC’s ESG disclosure requirement mandates that public companies, certain state-owned entities, and private companies that meet specific criteria must include ESG data in their annual financial filings. This ensures that companies disclose key sustainability metrics and report on their environmental, social, and governance impacts. These disclosures are particularly important for stakeholders, including investors, regulators, and the public, who increasingly focus on corporate responsibility regarding sustainability.
2. The Role of XBRL in ESG Reporting:
The adoption of XBRL facilitates the standardization of ESG reporting. XBRL is a global standard for digital business reporting, and its use ensures that the disclosed data is:
Machine-readable
Comparable
Accurate
In South Africa, XBRL also integrates ESG information with financial data, reflecting the country’s move towards comprehensive integrated reporting, which combines financial and non-financial information into a unified report.
3. Sustainability Metrics Included in ESG Reporting:
Companies are expected to report on a range of ESG metrics, which could include:
Environmental
Social
Governance
These disclosures are made through the XBRL taxonomy, a classification system that organizes ESG data in a structured manner, making it easier to analyze and cross-check against financial performance indicators.
4. Global Alignment and Standards:
The CIPC’s move towards mandatory ESG disclosure aligns South Africa with global best practices in sustainability reporting. South Africa’s adoption of the XBRL format is part of a broader global effort to standardize ESG disclosures. This shift aligns with frameworks such as the International Financial Reporting Standards (IFRS) and the International Sustainability Standards Board (ISSB) guidelines.
The ISSB standards, introduced globally in 2021, aim to harmonize ESG reporting across industries and countries. The use of these standards ensures that South African companies’ disclosures are globally comparable and meet international expectations for sustainability reporting.
This global alignment not only promotes transparency and accountability but also enhances South Africa’s position in global markets by showcasing adherence to international ESG norms and practices.
5. Impact on Companies:
The introduction of this ESG disclosure requirement impacts how companies in South Africa manage and report on their sustainability efforts. Organizations are now required to invest in systems and processes that ensure accurate and timely ESG data collection and submission. Additionally, boards and management teams need to focus more on sustainability issues, integrating them into business strategies to comply with these new regulatory demands.
Non-compliance with the CIPC’s ESG reporting requirements could result in penalties or reputational damage, especially as investors and consumers increasingly prioritize sustainability.
Benefits of XBRL for ESG Reporting:
Enhanced Transparency
Standardization
Efficiency
Investor Confidence
Timeline and Implementation:
The CIPC launched its XBRL-based ESG reporting platform in recent years and has since been working on integrating these requirements into the annual filing process. Companies are expected to comply with the ESG disclosure requirements as part of their annual return submissions. This shift represents a significant step towards modernizing corporate reporting in South Africa.
The CIPC’s introduction of XBRL for ESG disclosures marks a pivotal moment in South Africa’s corporate reporting landscape. By mandating standardized ESG reporting, the CIPC ensures that South African companies are held to higher standards of accountability and transparency, aligning with international best practices. As global pressure on sustainability grows, South Africa’s commitment to ESG reporting positions it as a leader in integrating environmental, social, and governance factors into corporate accountability.
This initiative is expected to drive a broader cultural shift within South African companies, compelling them to focus on long-term sustainability while addressing the immediate needs of transparency and efficiency in reporting.
CIPC XBRL Mandate applicability:
- AFS
- FAS
Our SAAS based disclosure management platform allows:
- Preparation of regulatory reports
- Automates the generation of XBRL
- Ensures accuracy and compliance
XOR a multi-user cloud-based online XBRL review platform allows:
- Review of ixbrl filings.
- Built-in validation reports
- Workflow management capabilities.
