Financial Reporting
In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 – Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 – Presentation of Financial Statements. IFRS 18 objective to improve how information is communicated in the financial statements, with a focus on information in the statement of profit or loss.
IFRS 18 can be accessed via the IFRS Standards Navigator. You need to be logged onto the SAICA website to access the IFRS Standards Navigator.
SAICA Events
New IFRS standard on Presentation and Disclosure in Financial Statements (IFRS 18)
Other Events
Workshop on Primary Financial Statements
IASB resources
News
No |
Title |
Date published |
1. |
New IFRS Accounting Standard will aid investor analysis of companies’ financial performance |
9 April 2024 |
Educational webcasts and webinars
No |
Document |
Date published |
1. |
Webcast: Overview of the forthcoming IFRS Accounting Standard – IFRS 18 |
5 February 2024 |
Educational materials
No |
Document |
Date published |
1. |
Video: IASB members introduce IFRS 18 in English, French, Japanese, Portuguese, Simplified Chinese and Spanish |
9 April 2024 |
2. |
IFRS 18 on one page https://www.ifrs.org/content/dam/ifrs/project/primary-financial-statements/ifrs-standard/ifrs18-one-page-april2024.pdf |
9 April 2024 |
3. |
Project Summary: IFRS 18 – Presentation and Disclosure in Financial Statements |
9 April 2024 |
4. |
Effects Analysis: IFRS 18 – Presentation and Disclosure in Financial Statements |
9 April 2024 |
5. |
Feedback Statement: IFRS 18 – Presentation and Disclosure in Financial Statements |
9 April 2024 |
6. |
Reference Material: IFRS 18 – Presentation and Disclosure in Financial Statements |
9 April 2024 |
The Accounting Practices Board ("APB") is the former standard-setting body in South Africa established in 1973 to consider and issue what should be generally accepted accounting practice (Statements of Generally Accepted Accounting Practices or SA GAAP). With the establishment of the Financial Reporting Standards Council (FRSC) in 2011 (established in terms of section 203 of the Companies Act 71 of 2008), the APB became redundant and the need for SA GAAP had to be re-evaluated. SA GAAP are effectively the same as IFRSs with the exception of IFRS 1 - First-time Adoption of International Financial Reporting Standards and the new IFRSs/IFRICs and amendments to IFRSs that were issued by the International Accounting Standards Board (IASB) after May 2011. Working closely together, the APB and the FRSC jointly agreed to withdraw SA GAAP for financial periods commencing on or after 1 December 2012.
The Financial Reporting Investigation Panel (FRIP), previously known as the GAAP Monitoring Panel (GMP) is an advisory panel of 16 financial reporting experts. The panel was first formed in 2002 as a joint initiative of the JSE and SAICA. The role of the panel is to investigate and advise the JSE on alleged cases of non-compliance with financial reporting standards in annual and interim reports and any other company publications.