Caseware Working Papers | GRAP XBRL, what is the deal?

Published: 26/11/2020

Answer:

Introduction

On 15 September CIPC issued notice 43 of 2020, regarding the submission of Annual Financial Statements using GRAP in XBRL. In summary this notice explains that only companies registered with the CIPC which needs to file their Annual Return (AR) in the new XBRL format opposed to the previous Financial Accountability Supplements (FAS) will be able to do that from 1 October 2020.

GRAP XBRL
This will only be on a voluntary basis with it being mandatory from 1 October 2021. This means companies using the GRAP framework, can still continue to submit the FAS in the AR process as in the pass.

However, the GRAP 2020.10.01 template will allow to prepare and iXBRL instance document based on the GRAP taxonomy. This will require the CaseWare file to be updated to this latest version. CWA pre-tagged as far as possible the taxonomy to the GRAP template and users will need to confirm and tag or change where needed.
If you are an existing GRAP client, this feature will be made available as part of an update whereas no additional licence will be required.

Note there is not an XBRL lite product available for GRAP. If you want however, our service department to assist, please do not hesitate to contact our sales department for a quote.

Link to notice 43 of 2020: http://www.cipc.co.za/files/7516/0016/2384/Notice_43_of_2020_-_GRAP_Filing1.pdf

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