2025 XBRL Update: What You Need to Know
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What’s changing?
The CIPC is updating its XBRL taxonomy in response to the latest IFRS 2025 Accounting Taxonomy, which was published by the IFRS Foundation on 27 March 2025. This means the list of tags used to submit financial statements electronically via iXBRL will be expanded and adjusted.
Key changes include:
185 new reporting elements added (mostly due to new standards).
291 existing elements modified to reflect updated IFRS disclosure rules.
New structures were introduced, especially around presentation and disclosure.
Who does this affect?
✅ All companies that are required to submit financial statements to the CIPC using iXBRL — especially those applying full IFRS.
🚫 No changes yet for IFRS for SMEs, GRAP, or Co-operatives reporting structures — these remain the same for now.
What standards triggered the update?
The biggest drivers of change are:
IFRS 18 – New rules for how income statements and other financial reports are structured and presented.
IFRS 19 – Simplified disclosures for subsidiaries without public accountability.
Amendments to IFRS 9 and IFRS 7 – Changes in how financial instruments are classified and disclosed.
Why this matters to you
If you prepare or review Annual Financial Statements for clients, you must ensure you're using the latest taxonomy tags when generating iXBRL files.
Incorrect tags may cause submission delays, rejections, or non-compliance with the Companies Act.
Software providers may need to tweak their tools — but no major technical issues are expected.
The Next Steps - Provide Comments
👉 Review the Draft Gap Analysis on the CIPC website:
📨 Submit comments or feedback to CIPC by 09 May 2025 at:
📧 xbrl@cipc.co.za
Subject: "Feedback – Draft Gap Analysis on IFRS 2025 Taxonomy Updates"
Bottom line
CIPC is keeping pace with global standards, and it’s up to us as accountants to make sure our systems and reporting practices are ready. Stay compliant, stay ahead!
