Kilgetty assists with conversion of company annual financial statements to XBRL format — Also submits annual return to CIPC

23rd July 2018

The CIPC deadline for the submission of annual financial statements is here!

EFFECTIVE from the 1st July 2018, The Companies and Intellectual Property Commission’s (CIPC) requirements for lodging Annual Financial Statements (AFS) took full effect. Kilgetty fully endorses this international standard of digital reporting and has therefore adopted a new service-offering to adapt to its changing set of clients’ needs.

With the support of an approved CIPC licensed software provider, our new service-offering will convert all your PDF, WORD and MS EXCEL documents to XBRL format for your convenience when lodging Annual Financial Statements. This more structured format will ensure that data can be shared through the CIPC with the Department of Trade and Industry for analysing, with the use of the single automated defined digital platform.

What happens if I miss the deadline?

Investor relationsFailure to submit you company’s AFS will lead to an investigation being conducted. After this investigation has been done, a compliance notice will be issued in pursuant of a date to comply with. Failure to comply with the deadline date will result in a fine of 10% of annual turnover. We urge you to timeously submit your AFS’s with your annual return.

What do I need to do in order to utilise the new Kilgetty service offering?

Kilgetty is able to assist your company with the filing of your CIPC annual return, and conversion of the Annual Financial Statements to XBRL format.

First you need to establish whether your company’s Annual Financial Statements are required by law, MOI, Companies Act, PIS Score or other code to be audited.

If your answer is ÝES, you will need to complete the applicable authorisation applicable for Kilgetty to lodge The Annual Return on your behalf and convert the Annual Financial Statements to XBRL.

What will it cost to convert my company AFS’s to XBRL?

The cost to convert the AFS to XBRL through our trusted partner will be based on the number of pages and input format for each set of AFS.

Conversion costs to XBRL
RevenueCost (ZAR ex VAT)
Revenue below R20-millionR3 500
Revenue of R20-million and aboveR4 750

The above mentioned fee excludes VAT and our normal fee to lodge the CIPC annual return. The fee payable to CIPC is also excluded, as this fee will be calculated on the Company’s annual turnover.

Contact our office

Please do not hesitate to contact us as soon as possible should you require assistance.