CIPC Releases Draft Data Models for IFRS 2025 Taxonomy Update

Posted 18 June 2025 Written by Acts Online
Category CIPC

Brought to you by SA Accounting Academy: The Companies and Intellectual Property Commission (CIPC) has released draft data models reflecting updates to the IFRS 2025 Taxonomy, including a new proposed sustainability extension.

In terms of the regulatory reporting framework established under the Companies Act, No. 71 of 2008, the CIPC has initiated a public comment period for the Draft Data Models as part of its XBRL Programme. These models are designed to align South African digital financial reporting with the International Financial Reporting Standards (IFRS) 2025 Taxonomy.

The current data modelling phase incorporates the following components:

  • Updates to existing financial reporting tags to maintain alignment with international standards.
  • A proposed sustainability extension to facilitate the digital reporting of environmental, social, and governance (ESG) data.
  • Technical specifications for service providers and software vendors to update XBRL filing software.

All stakeholders, including auditors, independent reviewers, and accounting service providers, are invited to review the draft models and submit technical feedback. The deadline for submissions is 27 June 2025. Feedback must be submitted via email to [email protected] using the subject line: “Feedback – Draft Data Model 2025”.

Click here to download the CIPC Customer Notice on Draft Data Models 2025.

What this means for you, your business, or your clients

  • For yourself: Review the draft taxonomy to ensure technical proficiency in digital financial reporting requirements before the 2025 reporting cycle commences.
  • For your business: Engage with your XBRL software vendors to ensure that internal systems will be compatible with the updated 2025 data models and the new sustainability extension.
  • For your clients: Advise clients on the potential for expanded disclosure requirements, particularly regarding the proposed sustainability extension, which may require additional data collection for annual filings.

Originally published at https://accountingacademy.co.za/news/read/cipc-draft-gap-data-models-on-ifrs-2025-taxonomy

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