What’s the difference between FAS and AFS?
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The final step of submitting your annual return requires that you either submit a Financial Accountability Supplement (“FAS”) or Annual Financial Statements (“AFS”). This selection will depend on whether your company requires a financial audit or not.
An entity must submit AFS to CIPC in iXBRL format only if any one of the below-mentioned criteria applies:
If an audit is required as per the MOI (Memorandum of Incorporation)
If the PI score of the entity is 350 or more
If the PI score of the entity is 100 or more and the financials are internally compiled
If the entity holds any kind of assets in a fiduciary capacity for persons who are a part of the entity, and the aggregated value of such assets exceeds R5 Million at any given time during the financial year.
The entities who are required to file AFS must do it in the iXBRL format.
If your entity doesn’t fall under any of the categories mentioned above, you are required to prepare FAS and submit to CIPC.
iXBRL format is also available for those who wish to audit their financial statements voluntarily. They can choose to file AFS in iXBRL or FAS. And those companies that don’t fall under any of the aforementioned categories need to submit FAS with CIPC.
The final step of submitting your annual return requires that you either submit a Financial Accountability Supplement (“FAS”) or Annual Financial Statements (“AFS”). This selection will depend on whether your company requires a financial audit or not.
An entity must submit AFS to CIPC in iXBRL format only if any one of the below-mentioned criteria applies:
If an audit is required as per the MOI (Memorandum of Incorporation)
If the PI score of the entity is 350 or more
If the PI score of the entity is 100 or more and the financials are internally compiled
If the entity holds any kind of assets in a fiduciary capacity for persons who are a part of the entity, and the aggregated value of such assets exceeds R5 Million at any given time during the financial year.
The entities who are required to file AFS must do it in the iXBRL format.
If your entity doesn’t fall under any of the categories mentioned above, you are required to prepare FAS and submit to CIPC.
iXBRL format is also available for those who wish to audit their financial statements voluntarily. They can choose to file AFS in iXBRL or FAS. And those companies that don’t fall under any of the aforementioned categories need to submit FAS with CIPC.
Updated on: 30/05/2024
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