South Africa’s Corporate Regulator seeks software vendors to add to panel
The South African regulator, the CIPC, continues to make progress on its XBRL programme. Having published a taxonomy in 2016, the project team has now run a road show in a number of cities, as well as via webinars, and has run a seminar for the top 100 companies listed on the Johannesburg Stock Exchange on the regulator’s plans to introduce XBRL reporting.
On 13 June 2017, CIPC announced that Expert Decision Systems (XDS), a local South African company in partnership with a specialist XBRL vendor, IRIS Business Services, has been appointed to develop the CIPCs Reporting Platform.
CIPC now intends to establish a panel of software service providers that will offer services to industry to prepare XBRL reports. The regulator invites vendors to forward their details in order to be added to the panel.
The role that these Software Service Providers are expected to play is considered critical to the success of the Programme, ensuring the quality of data being provided to the regulator and the markets.
The CIPC has drafted an initial set of Filers’ Guidelines which explains all the requirements of the XBRL programme including rules of the tagging process. The guidelines will be published shortly. Firms that are interested can find more details at www.cipc.co.za or send enquiries to xbrl@cipc.co.za.
