|Welcome to Finnivo®, we see you're interested in our financial reporting solutions. Start talking to one of our experts online.
In the event that we don’t attend to you immediately, please click on the "I'm Interested" tab and we’ll get in touch.
|I am an existing Finnivo® customer|
Tax reporting and compliance can be a challenging and cumbersome process for any group with multiple or highly diversified legal entities. This is especially true where the management reporting structure and report formats differ from the disclosure reports required for tax purposes.
Over and above the returns that must be submitted to the relevant revenue authorities, companies need to consolidate their tax and financial data into a single standard format and analyse their tax computations (such as the tax rate reconciliation) from a group perspective. Results also need to be rolled forward to the next tax reporting period.
Here is how tax reporting works in Finnivo®:
First the reporting formats and report templates are finalised. This means including all line items, calculations and input sections (content or commentary) which you need to report on for each statutory entity.
This could include items such as the disclosure notes, temporary or permanent differences, details around related party transactions or reconciliations of fixed assets.
The report packs are then distributed or made available to the tax users of all the statutory entities.
Next, you would import your trial balance information from your enterprise resource planning or accounting system. Annual results from the previous year also need to be available, but are typically rolled forward in the tax reporting solution.
The tax analysis and disclosure schedules for each of the group entities are then completed by the individual business units. These are then completed manually and need to be reconciled to the trial balance and financial schedules.
The tax department can then drill down into the various inputs from across the group and adjust the tax decisions and disclosures where necessary.
For the individual statutory entities, as well as at group level, various schedules and calculations can then automatically be generated and published. This published information can be used for review and analysis and exported to relevant software platforms where necessary.
Starting 1 July 2018, various qualifying / selected Companies will be required to submit their financial and mandatory information to the Companies and Intellectual Properties Commission (“CIPC”) in a new electronic format. This will ultimately become a mandatory requirement for all Companies.
The new reporting format will require Companies to upload an iXBRL digital file to the CIPC portal (which will ultimately replace the process of uploading PDF report formats). Various other regulatory bodies are also currently investing in infrastructure to allow for the upload of the iXBRL files for submission of required Company information.