This publication provides a summary of recent changes to IFRS – it covers new Standards and Interpretations that have been issued and amendments made to existing ones – that will affect companies’ future financial reporting. It is designed to give Chief Financial Officers a high-level awareness of the requirements of changes that were finalised by 30 November 2011, giving brief descriptions of each.
The publication now covers 31 March 2011, 30 June 2011, 30 September 2011, 31 December 2011 and 31 March 2012 financial year ends.
How to use the publication
The publication is designed to help entities planning for a specific financial reporting year end identify: changes mandatorily effective for the first time, changes not yet effective and/or changes already in effect.
Identifying the commercial significance of the changes in the publication
For each change covered in the publication, we have included a box on its commercial implications. These sections focus on two questions: How many entities will be affected? What will be the impact on affected entities?
A traffic light system indicates our assessment of the answers to these questions.
Notes to editors
You may quote freely from this publication, provided you acknowledge the source. This publication is an outline for information purposes and should not be relied upon for detailed planning. Readers are advised to consult professional advisors for guidance relating to new or existing legislation which might affect their business and personal decisions.
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We employ 933 people in South Africa with 100 partners and directors. Grant Thornton has a national presence with offices in Bloemfontein, Cape Town, Durban, George Johannesburg, Nelspruit, Port Elizabeth, Pretoria and Rustenburg. South Africa is a major force in Africa, alongside 20 member firms on the continent. We operate in Algeria, Botswana, Côte d’Ivoire, Egypt, Ethiopia, Gabon, Guinea, Kenya, Libya, Mauritius, Morocco, Mozambique, Namibia, Nigeria, Senegal, Togo, Tunisia, Uganda, Zambia and Zimbabwe and are ideally positioned to facilitate clients’ expansion plans in these countries.
About Grant Thornton International Ltd
Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, forward looking advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients and help them to find solutions.
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