{"id":228973,"date":"2018-03-02T11:32:34","date_gmt":"2018-03-02T09:32:34","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=228973"},"modified":"2018-03-02T11:37:09","modified_gmt":"2018-03-02T09:37:09","slug":"change-in-how-sa-businesses-must-report-financial-results","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/228973\/change-in-how-sa-businesses-must-report-financial-results\/","title":{"rendered":"Change in how SA businesses must report financial results"},"content":{"rendered":"<p>The department of trade and industry has issued a <strong><a href=\"https:\/\/www.gov.za\/sites\/default\/files\/41473_gon177.pdf\" target=\"_blank\" rel=\"noopener\">notice<\/a> <\/strong>instructing South African businesses to change the formatting of their annual financial results.<\/p>\n<p>Published on Friday (2 March), the notice states that all qualifying entities required to submit annual financial results under section 30 of the Companies Act will now be required to do so through eXtensible Business Reporting Language (XBRL).<\/p>\n<p>XBRL is a freely available and global standard for exchanging business information.<\/p>\n<p>Within the last ten years, the\u00a0Securities and Exchange Commission\u00a0(SEC) in the United States, the United Kingdom&#8217;s\u00a0HM Revenue and Customs\u00a0(HMRC), and\u00a0Companies House, Singapore\u00a0had begun to require companies to use it, and other regulators are following suit.<\/p>\n<p>According to the notice, as of 1 July 2018 this will be the only accepted mechanism of submission in South Africa, effectively replacing the current mechanism of PDF documents.<\/p>\n<p>More information on the mandating of\u00a0XBRL can be found on the Companies and Intellectual Property Commission (<strong><a href=\"http:\/\/www.cipc.co.za\/za\/\" target=\"_blank\" rel=\"noopener\">CIPC<\/a><\/strong>) website.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/business\/228949\/steinhoff-leaks-show-how-former-ceo-conspired-with-other-executives-report\/\" target=\"_blank\" rel=\"noopener\">Steinhoff leaks show how former CEO conspired with other executives: report<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The department of trade and industry has issued a notice instructing South African businesses to change the formatting of their annual financial results.<\/p>\n","protected":false},"author":10,"featured_media":1569,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[2007,26],"class_list":["post-228973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-dti","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/228973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=228973"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/228973\/revisions"}],"predecessor-version":[{"id":228987,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/228973\/revisions\/228987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/1569"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=228973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=228973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=228973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}