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. Companies that require an audit must submit their audited AFS to the CIPC in a standardized financial reporting […]
As of 1 July 2018 CIPC has mandated that all qualifying entities submit their Annual Financial Statements to the registrar in XBRL format.
Every year a company must draft a set of Annual Financial Statements (AFS) as per the Company’s Act. The statements reflect the financial position and performance of the company and must be approved via ordinary resolution by the directors.