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www.casewareafrica.co.za

Unpacking iXBRL in

CaseWare Working

Papers

Agenda: Today

• The CIPC Programme | (Legal Mandate)

• For Who: Qualifying Criteria • What is XBRL?• What do you have to do?• CaseWare Automated solution• Q&A

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Why XBRL?

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Financial reporting

IS DISJOINTED

WHY?

Because regulators / users have differing requirements

SARB / FSB / NCR / CIPC / SARS / JSE /

BANKS / FI’s / LENDERS Etc.

The CIPC Programme | (Legal Mandate)

• Important: Regulation 30 (5) (a) of the Companies Act specifically prescribes the Commission must establish a system to review AFSs and FASs with the objective of monitoring compliance with the Act. According to Section 6 (13) (a) (iii) the system to be established by the Commission may use any means of electronic communication, to facilitate the automated filing of any information contemplated by the Act. This means the Act allows implicitly that the CIPC can prescribe the use of XBRL without the need to change any legislation.

• Please refer to Notice 50 on the XBRL page of the CIPC website (www.cipc.co.za)

The Companies Act & Close Corporations Act

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The CIPC Programme | (Current Challenges)

Drivers for Change• More than 1.8 million active entities registered with CIPC

• A sub-set of these entities are submitting audited or independently reviewed AFS’s (Around 100 000)

• Entities not submitting AFSs, must submit FASs (not yet in XBRL)

• PDF as the current AFS submission format leads to limited operational efficiencies and affects regulatory effectiveness as data is unstructured. Due to high volumes CIPC adopted a risk-based approach

• The CIPC identified Digital Financial Reporting via the technology of eXtensible Business Reporting Language as the solution to improve both operational efficiency and regulatory effectiveness

The CIPC Programme | Strategy & Requirements

•CIPCs Approach to Implementation• Mandating XBRL by 1 July 2018

• Minimum tagging requirements:

• Individual tags for PFSs where applicable

• Other reports to be block tagged

• 33 Mandatory elements

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For Who: Qualifying Criteria

Which entities are required to comply?

• All public listed entities;

• State owned companies;

• Companies whose Memorandum of Incorporation prescribes filing of audited financial statements;

• Any private or personal liability company if, 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;

• Any private or personal liability company that compiles its financial statements internally (for example, by its financial director or one of the owners) and that has a Public Interest Score (PIS) of 100 or more;

• Any private or personal liability company that has its financial statements compiled by an independent party (such as an external accountant) and that has a Public Interest Score (PIS) of 350 or more.

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What is iXBRL?

What is XBRL?

XBRL is

• Tagged data

• Open Standard

• Based on XML

• Language for Electronic Communication of

• Business and Financial Information

• eXtensible

XBRL

Is the Emerging global Standard Of

Financial Reporting

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XBRL is tagged data?

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XBRL tags INDIVIDUAL CONCEPTS for electronic dissemination

Concepts are defined based on a Common Framework such as IFRS, UK GAAP etc.

In a DICTIONARY called a TAXONOMY

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Outputs of XBRL

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iXBRL Contains tagged data in a readable and presented format –HUMAN READABLE

INSTANCE DOCUMENTContains tagged data in a structured format – MACHINE READABLE

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Think about this…………..

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What the Bar Code has done for Product Distribution

XBRL will do for Financial and Business Reporting

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What do you have to do?

XBRL Tag Automatically with CaseWare

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one

engagement

AFS Consolidated

Reports

Company

Tax

Monthly

management

Reports

Secretarial

management XBRL

CaseWare, a trusted and tested end to end XBRL imbedded solution

CaseWare Automated solution

XBRL RoadmapMarch ‘18February ‘18

May ‘18

CaseWare

release XBRL

1 July ‘18

CIPC Mandate

for XBRL*30 Days after

incorporation date

Testing with our clients

CIPC pilot

projects

We are here to support you:

• Training

• Consulting

• Webinars

• Learning resources

testing | adoption | assessment

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Are you XBRL ready?

Compliance

made easy and

efficient

Tag your

annual financial

statements within

CaseWare

CaseWare has been

used to produce XBRL

Annual Financial

Statements around the

world for over 10 years

If you use CaseWare, then you’re sorted!

Is this just

a secretarial

process?

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eXtensible Business Reporting Language

XBRL

It’s Actually Easy !

Thank you