Accounting

8 March 2023 The International Accounting Standards Board (IASB) published Guidance for developing and drafting disclosure requirements in IFRS Accounting Standards (Guidance). The new approach aims to help the IASB create accounting standards that provide more useful information to investors. The Guidance sets out an approach that involves: The IASB intends to use this Guidance when developing …

IASB developed an improved approach to help create accounting standards Read More »

6 March 2023 A digital asset is anything that exists in digital form only, has or provides value, is identifiable and discoverable, and is associated with ownership or use rights. Digital assets can be cryptocurrencies like Bitcoin and Ethereum, or non-fungible tokens (NFTs), as well as digital content like photos, audio files, videos, websites, presentations, spreadsheets, or text …

IAASB issued its latest Market Scan on Digital Assets Read More »

27 February 2023 A new report from the International Federation of Accountants (IFAC) and AICPA & CIMA shows that the largest global companies are making progress on environmental, social, and governance (ESG) reporting and related assurance. 95% of large companies reported on ESG matters in 2021, up from 91% in 2019, and 64% obtained assurance …

ESG Reporting Gained Momentum, Yet Reporting Inconsistencies Linger Read More »

Scheduled system maintenance on ALL CIPC systems will take place:START: Friday, 10 March 2023 – 19h00END: Monday, 13 March 2023 – 07h00During this time, no applications/services will be available.

The Financial Action Task Force (FATF) announced on Friday that South Africa will be placed under increased monitoring and placed on the so-called ‘grey list’. Countries under increased monitoring must improve their anti-money laundering and counter-terrorist financing (AML/CFT) regimes. The decision to place South Africa on the ‘greylist’ was based on the progress made relating …

South Africa is ‘greylisted’ by FATF – what can accountants expect? Read More »

Introduction The new requirements are due to the General Laws Amendment Act was promulgated in early 2023 bringing in requirements for companies and trust to provide information on beneficial ownership. It amends five different Acts, namely: The aim of reporting on beneficial ownership is to develop a comprehensive mechanism to bring transparency to corporate vehicles …

New regulations for trust on beneficial interest reporting Read More »

17 February 2023 The International Sustainability Standards Board (ISSB) plans to issue the IFRS Sustainability Disclosure Standards, S1, and S2, by the end of June 2023. In their last meeting, the ISSB entered the draft standards into the balloting process for final drafting, review, and approval. The standards become effective starting January 2024. The next …

ISSB approved sustainability Disclosure Standards S1 and S2 to become effective from January 2024 Read More »

22 February 2023 Introduction Companies will have to provide their beneficial ownership information to CIPC from 1 April 2023. The new requirements are due to the General Laws Amendment Act was promulgated in early 2023 bringing in requirements for companies and trust to provide information on beneficial ownership. It amends five different Acts, namely: The …

Companies to report Beneficial ownership information from 1 April 2023 Read More »

The International Accounting Standards Board (IASB) explained two major decisions that have been made in the Business Combinations—Disclosures, Goodwill and Impairment project in an article published 31 Jan 2023: Read the article here.