Financial reporting

Find updates, news and checklists related to financial reporting/IFRS

Tell your story effectively and transparently to all your stakeholders

Good reporting offers a window into the culture of the organisation. Recent years have seen a stronger emphasis placed on reporting quality, with tighter regulation and rising demands from stakeholders. Companies must work harder than ever to tell their story. From fast-growing start-ups to established multinationals, we work with companies to help them communicate clearly and effectively.

Our approach

Demands for greater financial transparency and proof of organisational sustainability are coming from many sides, including regulators, investors, and other stakeholders. The result: today’s reports are expected to go beyond reporting financials and embrace strategy, quality of governance, remuneration schemes, and even the organisation’s impact on the environment, employees, society and other stakeholders. 

This growing list of requirements has already placed a heavy burden on leadership teams and is likely to expand further. At Mazars, we have a strong track record helping our clients to meet – and exceed – the very latest corporate reporting standards. 

We bring together a team of professionals combining financial reporting and accounting knowledge with non-financial reporting expertise to deliver a pragmatic business approach. 

We regularly support our clients offering them integrated solutions in the following areas: 

Financial aspects

  • Implementing new accounting standards
  • Addressing complexities arising from proposed new accounting standards and guidance
  • GAAP conversions
  • Mergers and acquisitions
  • Consolidations support
  • Group reorganisations
  • Complex consolidations
  • Financing structures
  • Capital reductions
  • Purchase price allocation valuations
  • Share-based payment valuations
  • Pension scheme arrangements
  • Infrastructure projects

Non-financial aspects 

  • Developing non-financial, integrated annual reports
  • Assisting with establishing corporate governance risk disclosures
  • Collecting and collating nonfinancial data to support reporting to management, the board and external disclosures
  • Identifying key performance indicators
  • Providing support on developing integrated reporting frameworks

Our “Beyond the GAAP” monthly newsletter highlights our approach and our expertise, offering insights into the thinking of national and international accounting standards bodies plus other organisations that can affect corporate reporting such as securities regulators.

Our tools & solutions

We have a continuous innovation process to design and develop bespoke tools and solutions that support our work and help us provide more value and better insights. How we can assist: 

  • IFRS services:
    • Financial statement reviews
    • IFRS advise and memorandums
    • IFRS opinions
  • IFRS for SMEs services 
  • JSE Listings Requirements
  • Training and webinars

JSE Accreditation

Mazars is accredited with JSE Limited to perform IFRS advisory services for listed companies. Mazars has two internal IFRS advisors, Suzanna de Jager and Justine Combrink, who specialise in International Financial Reporting Standards.

Our people

We have professionals dedicated to the analysis of emerging accounting and corporate reporting standards, familiar with regulatory requirements in different parts of the world and with extensive experience across different industries.

Members of our team meet regularly with policymakers, participate in industry working groups and collaborate as one global, integrated team to share knowledge and best practice, meaning we are well placed to be proactive in advising our clients on the forthcoming standards and their implications.

Please download latest checklists and documents below:


IFRS Guidance - Standards and interpretations issued and not yet effective
IFRS Guidance - Standards and interpretations issued and not yet effective
Levels of control
Levels of control
SA Supplementary checklist for non-listed entities
SA Supplementary checklist for non-listed entities
SA Checklist for JSE short-form announcements
SA Checklist for JSE short-form announcements
REIT Checklist entities listed on the JSE
REIT Checklist entities listed on the JSE
Disclosure Checklist - SA supplementary checklist for JSE listed summarised financial statements Apr 2021.
Disclosure Checklist - SA supplementary checklist for JSE listed summarised financial statements Apr 2021.
Disclosure checklist - SA Supplementary checklist for JSE listed entities - Apr 2021
Disclosure checklist - SA Supplementary checklist for JSE listed entities - Apr 2021

The end to a much-appreciated relief: Temporary exemption from IFRS 9

Many insurance companies applied the temporary exemption from IFRS 9 Financial Instruments to continue applying IAS 39 Financial Instruments to account for their financial instruments. This was available to entities using IFRS 4 Insurance Contracts until they converted to the new standard IFRS 17 Insurance Contracts. IFRS 17 is effective for years beginning on or after 1 January 2023, the application thereof effectively eliminates the temporary exemption. All companies that apply IFRS 17 to account for their insurance or reinsurance contracts must apply IFRS 9.

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IAS 12 Initial recognition exemption – What is the purpose?

No one enjoys accounting for deferred tax. It can be confusing and, more often than not, a frustrating process. So, when there is an exemption to recognising deferred tax, reporting entities usually jump at the chance. Exemptions can, however, cause their own problems, especially when they are not applied properly.

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Initial recognition exemption

Headline earnings per share clarification

All JSE-listed entities are required to present this number and its related reconciliation to earnings per IAS 33 Earnings per Share (IAS 33) in their financial reports as the JSE believe there is still a large demand from users in general for a clearly defined reference number which can be used for reporting and comparative purposes.

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IFRS 16 Supplier Substitution Rights

When assessing whether a contract is a lease one must always consider if the owner of the asset has substitution rights, but what does this mean and how does it play out?

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Belastingpositie van de bestuurder onder de belastingverdragen

How sustainably ready are you?

On June 26, 2023, the International Sustainability Standards Board (ISSB) made a significant announcement by issuing its first-ever global sustainability disclosure standards, launching them in South Africa on 29 June 2023. These standards, comprise IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2), which aim to enhance transparency and trust in company disclosures pertaining to sustainability. Their implementation is expected to play a pivotal role in aiding investment decisions where sustainability-related risks and opportunities are reasonably expected to affect an entity’s prospects.

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Amendments to IAS 7 and IFRS 7: Supplier finance arrangements

The IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to cater for supplier finance arrangements.

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Amendments to Income Taxes Standards (IFRS and IFRS for SMEs): International Tax Reform - Pillar Two Model Rules

The International Accounting Standards Board (IASB) recently issued amendments to IAS 12 Income Taxes (IAS 12). The Organisation for Economic Co-operation and Development’s (OECD) international tax reform creates accounting implications leading to the recognition deferred tax assets and liabilities. The amendments give companies temporary relief from these accounting implications.

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Limitation of assessed losses – Section 20 of the Income Tax Act N0.58 of 1962 (“IT Act”)

In the 2020 Budget Review the Minister of Finance, Enoch Gondwana, announced a reduction in the corporate tax rate. The reason for the deduction as explained by the Minister of Finance was to improve the country’s competitiveness, reduce the appeal of base erosion and profit shifting, encourage investment and promote economic growth. In this regard, the international trend applied with regards to a reduced tax rate is to restrict the application of assessed losses in order to maintain a revenue neutral effect.

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Board Transformation Survey - the findings header
Revenue recognition

Revenue recognition: Complex complexities

Complex living has become very popular due to the perceived safety and affordability. Complexes range from apartments to estates to retirement villages; we all know someone who is in, was in, or is moving into, one, if not ourselves.

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Summary of proposed amendments to IFRS 9/IFRS 7

The IASB has issued an exposure draft (‘ED’) with proposed amendments to IFRS 9 Financial Instruments (‘IFRS 9’) and IFRS 7 Financial Instruments: Disclosures (‘IFRS 7’) following feedback received during the Post-implementation Review (‘PIR’) of IFRS 9 Classification and Measurement

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