Accountants at JSE-listed companies in South Africa need to brace themselves for the introduction of a range of new reporting standards over the next two to three years. Constant regulatory and legislative change is the new status quo for stock exchange listed companies everywhere in the world, and South Africa is no exception.
Accountants and financial directors at JSE-listed companies need to start preparing themselves for the next wave of changes in reporting standards, with a set of major updates to International Financial Reporting Standards (IFRS) due to take effect in 2013. What’s more, they are also coming under pressure to start getting serious about integrated reporting as envisaged by the third King report on corporate governance (King III). We are also starting to see more discussion about the potential benefits of the adoption of XBRL (eXtensible Business Reporting Language) in South Africa. Taken together, these changes have profound implications for business processes and workflows at many JSE-listed companies. Let’s look at the three major issues in turn, starting with the drive towards integrated reporting.
Read the full article as it appeared in the Accountancy SA.