The International Accounting Standards Board (‘IASB’) has released the third edition of the IFRS for SMEs Standard, effective for reporting periods beginning on or after 1 January 2027. Anyone using this framework and preparing general-purpose financial statements without public accountability needs to be aware of these new updates.
Effective date proclaimed – changes to the Companies Act 71 of 2008
The JSE issued its latest proactive monitoring report on their 2024 financial statement reviews, highlighting several findings focused on the measurement and disclosure of financial instruments.
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.
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 Forvis 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
Non-financial aspects
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.
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:
Forvis Mazars is accredited with JSE Limited to perform IFRS advisory services for listed companies. Forvis Mazars has two internal IFRS advisors, Suzanna de Jager and Justine Combrink, who specialise in International Financial Reporting Standards.
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:
The International Accounting Standards Board (‘IASB’) has released the third edition of the IFRS for SMEs Standard, effective for reporting periods beginning on or after 1 January 2027. Anyone using this framework and preparing general-purpose financial statements without public accountability needs to be aware of these new updates.
Read moreEffective date proclaimed – changes to the Companies Act 71 of 2008
Read more
The JSE issued its latest proactive monitoring report on their 2024 financial statement reviews, highlighting several findings focused on the measurement and disclosure of financial instruments.
Read moreThe clock is ticking - one hour remains in the financial year; the stakes couldn’t be higher. As you rush to finalise the accounts, an EFT is executed using an electronic payment system to settle your largest creditor. In a heartbeat, a bank notification alerts you that the payment has been processed.
Read more
Why your auditor/accountant’s address can no longer be your company’s registered address.
Read moreRevenue generation is core to most entities. Disclosure of revenue is therefore vital to understanding the business. The disaggregation thereof gives additional insight to support decision making.
Read more
Everything you need to know about the changes to the Companies Act 71 of 2008
Read moreIAS 1 Presentation of Financial Statements has been amended a number of times over the years, each time they change the name for the income statement… this time the IFRS Foundation issued a whole new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, and once again we see a name change… for years beginning on or after 1 January 2027 we will call it a ‘statement of financial performance’.
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8 things a preparer should know
Read moreThe closure phase of the IASB’s Extractives Project
Read more
