Under International Financial Reporting Standards (“IFRS”) as well as IFRS for small and medium-sized entities (“IFRS for SMEs”), the statement of comprehensive income (“SOCI”), or ‘income statement’ as it is often conversationally referred to, must be presented either “by nature” or “by function”.
Covid-19-related rent concessions beyond 30 June 2021
In May 2020, the IASB issued Covid-19-Related Rent Concessions as an amendment to IFRS 16 Leases, effective for annual reporting periods beginning on or after 1 June 2020 with early adoption permitted (paragraph 46A).Read more
Standards and Interpretations issued and not yet effective
New Standards and Interpretations not adoptedRead more
IFRS for SMEs: The IFRS comparison
The South African Companies Act allows companies to prepare their financial statements in accordance with one of two frameworks, International Financial Reporting Standards (IFRS), and, if they are not listed, in the process of listing, or a state owned entity, IFRS for Small and Medium-sized Entities (IFRS for SMEs).Read more
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8)
The International Accounting Standards Board has issued an amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in order to more clearly define an accounting estimate and assist users in distinguishing between a change in accounting policy and a change in accounting estimate.Read more
Amendments to IFRS Standards to improve accounting policy disclosures.
The International Accounting Standards Board issued a narrow scope amendment to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements to assist preparers in identifying which accounting policies to include in their financial statements by replacing the requirement to disclose all ‘significant’ accounting policies to all ‘material’ policies.
Accounting for Lessee COVID-19 rent concessions
The novel coronavirus of 2019 (‘COVID-19’) is an unprecedented event that has changed the world we live in today. COVID-19 has also prompted accountants to reconsider how certain transactions are accounted for, particularly rent concessions received by lessees as a direct result of COVID-19.Read more
IFRS for SMEs second comprehensive review update
The IASB has issued a staff paper that deals with a project plan for the second phase of the review, this paper deals with providing responses obtained from stakeholders who have provided feedback on the alignment approach and principles in the Request for information.Read more
CEO / CFO financial statement and internal financial control responsibility statement
The JSE requires that CFOs and CEOs of issuers, prepare and present a responsibility statement regarding the effectiveness and adequacy of internal financial controls and the fair presentation of presented financial information. But do you know how to prepare this?Read more
JSE Proactive Monitoring 2020 report and combined findings
The JSE published its latest proactive monitoring report for the year 2020. This report provides an overview of the JSE’s detailed findings from their monitoring activities and summarises the main issues from a reporting perspective that preparers (listed and non-listed) should strongly consider when preparing their respective financial statements.Read more
Covid-19 IFRS 16
IFRS 16 further amendment to COVID-19 related rent concessionsRead more