Filing AFS with Annual Returns as from 1 July 2018

 All companies and close corporations must prepare annual financial statements (“AFS”). 

However only the following entities need to have their financials audited:

  • Public and State-Owned Companies (SOC).
  • Private, Personal Liability, Non-Profit Companies & Close Corporations that;
  • Hold assets in a fiduciary capacity for persons not related to the company, in excess of R5 million.
  • Non-Profit Companies directly or indirectly incorporated by the state or foreign entity
  • Non-Profit Companies incorporated to perform a statutory or regulatory function.
  • All Companies whose public interest score* is 350 or more.
  • All Companies whose public interest score* is more than 100 if the AFS have been internally compiled.

 

A company that is required to have its AFS audited, as indicated above, must file a copy of its latest approved audited AFS together with its annual return in XBRL format as from 1 July 2018.

 

We can supply a list of recommended software solution providers who are able to convert your financials into this format.

 

 

All other companies need to file a financial accountability supplement (COR30.2) with its annual return.  Even if the Company or Close Corporation is not trading or is merely a property owning entity.

http://www.cipc.co.za/index.php/contact-us/register-customer/financial-accountability-supplement

 

* How to calculate the Public Interest Score (PIS) of a company or close corporation

 

  • a number of points equal to the average number of employees of the company during the financial year;
  • one point for every R1 million (or portion thereof) in third party liability of the company, at the financial year end;
  • one point for every R1 million (or portion thereof) in turnover during the financial year; and
  • one point for every individual who, at the end of the financial year, is known by the company-
  • in the case of a profit company, to directly or indirectly have a beneficial interest in any of the company’s issued securities; or
  • in the case of a non-profit company, to be a member of the company, or a member of an association that is a member of the company.