CIPIC Implements New Procedure For Submitting Corporate Returns in South Africa
Update: 2018-06-28
Description
The CIPC has decided to change the manner in which annual returns are submitted by practitioners in order to ensure uniformity and standardization. The multitude of various submissions is to minimize with the introduction of the concept of reporting via Extensible Business Reporting Language (XBRL). From what has been communicated, XBRL is a web-based computer language that is intended for business reporting and allows account numbers to be tagged within XBRL format, using predefined descriptions. This standardized tagging improves analysis of financial information and leads to more comparable and reliable information. SAIPA's Mrs. Faith Ngwenya, who is the Executive for Technical and Standards unpacks this further.
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