To introduce and administer the XBRL mandate
South Africa's business registry, the Competition and Intellectual Property commission (CIPC) launched its pilot XBRL filing program yesterday, with technology from global XBRL major, IRIS.In a parallel development, marking yet another huge win for IRIS, the historic first filing received by the CIPC was created for Transpaco, on IRIS CARBON, the cloud based collaborative authoring software, also from IRIS.
Transpaco is a leading manufacturer, recycler and distributor of paper and plastic packaging products.
XBRL (eXtensible Business Reporting Language), which has been adopted as the de-facto standard for business and financial reporting by regulators in over 70 countries around the world, moves reporting from formats such as PDF and HTML to a structured machinereadable format.
The new digital reporting system is expected to improve CIPC's operational efficiency and make its governance processes much easier.
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To introduce and administer the XBRL mandate in South Africa, CIPC selected IRIS iFile as the regulatory e-filing platform into which companies will be required to submit their financial statements in XBRL.
IRIS iFile has being adapted for CIPC's specific needs by IRIS Business Services along with Xpert Decision Systems (XDS), an EOH group company and a leading provider of innovative, user-friendly and affordable data and technology solutions in South Africa.
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