XBRL vs Financial Accountability Supplement

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What is XBRL

XBRL is short for E(x)tensible (B)usiness (R)eporting (L)anguage, being the international standard for digital business reporting. This allows for the creation of computer files which contain financial reporting information which is not easily readable by humans. It is ideal for passing information between computers but is of little use when the information needs to be viewed by humans too.

Hence The Creation of iXBRL

iXBRL or (I)nline XBRL is the international standard that enables both human-readable and structured, machine-readable data to be included in a single document. An iXBRL document is included in an xhtml file which can be opened in any web browser (e.g. Chrome). In this way the human-readable data is displayed in the browser and the machine readable is hidden from view. When the same file is read by the computer to which the file is ‘submitted,’ it will only read the machine readable data and ignore the human-readable bits.

Who Needs to Submit iXBRL AFS?

iXBRL filing is required when any of the following apply:

  1. Your entity has a Memorandum of Incorporation that prescribes filing of audited financial statements.
  2. Your entity is a private or personal liability company and, in the ordinary course of its primary activities, it holds assets in a fiduciary capacity for persons who are not related to the company, and the aggregate value of such assets held at any time during the financial year exceeds R5 million. Ie Companies that hold money that is not theirs – Trust money.
  3. Your entity is a private or personal liability company that compiles its AFSs internally (for example, by its financial director or one of the owners) and has a Public Interest Score (PIS) of 100 or more.
  4. Your entity is a private or personal liability company that has its AFSs compiled by an independent party (such as an external accountant) and has a Public Interest Score (PIS) of 350 or more.
  5. If your entity has not opted to have its Annual Financial Statements audited or voluntarily included audit as part of its Memorandum of Incorporation (MOI), is a private or personal liability company, that is not managed by its owners, it may be subject to independent review. In this case, if:
  • It compiles its AFSs internally and its Public Interest Score is less than 100 or
  • It has its AFSs compiled independently and its Public Interest Score is between 100 and 349.So this is initially aimed at the larger, non-owner-managed entities.

So this is initially aimed at the larger, non-owner-managed entities.

What About Financial Accountability Supplements?

Financial Accountability Supplement (CoR 30.2) submissions are still required for all CC’s and Companies that are not required to submit Annual Financial Statements in iXBRL format.

However, in terms of Regulation 30(3) a company that is not required to have its AFS audited, may file its audited or reviewed AFS (in iXBRL format). This may be more efficient than completing a CoR 30.2, but only applies if the AFS are audited or reviewed.

More To Explore

Customs Registration

Why Register For Customs? A Customs registration is a SARS registration for the business, this registration allows you to import or export goods and or services Information You Will Need Customs Registration Employer needs to be loaded on our E’fiing profile with the (Income Tax) tax type activated Company registered representative needs to be appointed

XBRL vs Financial Accountability Supplement

What is XBRL XBRL is short for E(x)tensible (B)usiness (R)eporting (L)anguage, being the international standard for digital business reporting. This allows for the creation of computer files which contain financial reporting information which is not easily readable by humans. It is ideal for passing information between computers but is of little use when the information

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