Uncategorized

Just a reminder to all entities who are required to submit Annual Financial Statements (AFS) with your annual return:

• You must upload your latest approved audited Annual Financial Statements.
• You have up to 30 days from your annual return due date. Thereafter you will be non-compliant and subject to penalties.
• Who should submit AFS: Private or personal liability companies that are required to be audited by the Companies Act, 2008 or regulation 28. (Or if you elect to be audited)
• The AFS must be uploaded in XBRL format before submitting your annual return.
• At ConsultX we use proven world-class industry-leading software to ensure an accurate submission, on time!

If you aren’t sure – regulation 28 clarifies all categories of companies that are required to be audited. It includes: (and not limited to)

• Public companies
• State owned companies
• Companies holding assets in a fiduciary capacity on behalf of others, of more than R5m at any one time during that financial year
• Any non-profit company if incorporated by the state or an international entity or if incorporated to carry out a state or public function
• Any other company whose Public Interest Score for that financial year is
  • 350 or more
  • at least 100, if annual financial statements were internally compiled

Read Regulation 28 here.

ConsultX is a provider of leading XBRL conversion services, so to ensure your compliance get in touch for a quote.

I have a feeling the Dow Jones is heading for a big correction from 25650 to 23 something..or lower. With the current China trade wars, I don’t think the US market can sustain this rate of growth. Analysts are telling us that the fundamentals are not strong enough. Right now, the US is just deferring the bad news.

I suspect this means a forthcoming opportunity for Southern Africa, where we will see a swing in the next year or two. The rand may weaken in the short term due to emerging market worries, and political concerns. But a renewed interest in growth markets will see investors coming back to SA..at least those that understand the political environment. Let’s hope as a country we can get our message right in order to get a piece of the action.

Just a quick note to businesses – as of yesterday CIPC issued a notice that from 01 September, annual return filings can only proceed once your Annual Financial Statements (or Financial Accountability Supplements) have been uploaded. The CIPC filing process will enforce this.

So your AFS or FAS must be uploaded to CIPC before submitting your Annual Returns.

Make sure you don’t delay the process. Give yourself time to comply before incurring penalties.

For more assistance on annual returns and submissions in XBRL format, contact craig@consultx. Or call 081 753 6198

http://www.cipc.co.za/files/9515/3491/5064/Notice_56_of_2018_about_hard-stop_in_AR_process.pdf

From 01 July 2018 all qualifying companies (in South Africa) will be required to submit their annual financial statements to CIPC in XBRL format.

ConsultX has partnered with Iris Business Services Limited (India) and XDS, an EOH group company, in delivering an XBRL compliance solution with their industry-leading Iris Carbon cloud software.

To find out if you qualify or to submit your annual financial statements in XBRL, contact Craig at 081 753 6198 or craig@consultx.co.za.