3 South African Bodies That Were Instrumental In Aligning South African Finacial Reporting Standards With The Rest Of The World?


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Rebekah Coulson Profile
Rebekah Coulson answered
According to Wikipedia, one South African body in particular which is responsible for financial reporting in line with International Financial Reporting Standard guidelines is the Johannesburg Stock Exchange, where it is vital for all entities to adhere to the extensive requirements of the IFRS from the beginning of January 2005. South Africa has been commended for this swift adoption and transition into benchmarking, as other countries have been substantially less organised with the uptake of these important guidelines.

South African laws also stipulate that small and medium-sized businesses may also have to apply to get involved with the IFRS, although companies with limited accountability to the public may not be required to do so. Usually, business advisors, accountants and the government will have more information on eligibility criteria for entrepreneurs.

This body is closely related to the IAS, which is short for International Accounting Standards. Many of the guidelines outlined by this regulatory commission have been passed onto the newly-formed IFRS at the turn of the 21st century.

The reason why financial statements need to be so accurate and objective is merely to guarantee that it is possible for a business to be transparent, and for results to be clearly ascertained over a month, a financial quarter or a tax year. For investors who may be considering to immerse themselves in a business’ daily operations by injecting cash, this can be a vital part of the process. After all, dishonest accounting can result in investors being lured in on false pretences, with a contract that means a premature exit strategy isn’t possible.

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Anonymous answered
Three south african bodies that were instrumental in aligning south africa financial statement reporting with the rest of the world

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