IFRSNews: Navigating the changes to IFRS – a briefing for Chief Financial Officers

7 December 2011 | Category: IFRSNews, Publications


Navigating the changes to IFRS: a briefing for Chief Financial Officers

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.

Download: Navigating the changes to International Financial Reporting Standards: a briefing for Chief Financial Officers


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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.

About Grant Thornton South Africa
Grant Thornton South Africa is a member firm of Grant Thornton International Ltd (Grant Thornton International). Grant Thornton South Africa was founded in 1920 (previously Kessel Feinstein). We are leaders in our chosen market, providing assurance, tax and specialist business advice to dynamic organisations – listed companies, large privately held businesses and private equity backed organisations.

We employ 673 people in South Africa with 76 partners and directors. Grant Thornton has a national presence with offices in Bloemfontein, Cape Town, Durban, Johannesburg, Nelspruit, Port Elizabeth, Pretoria and Rustenburg. South Africa is a major force in Africa, alongside 18 member firms on the continent. We operate in Algeria, Botswana, Egypt, Gabon, Guinea, Ivory Coast, Kenya, 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, actionable advice through a broad range of services. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to solve complex issues for privately owned, publicly listed and public sector clients.

Over 35,000 Grant Thornton people, across more than 100 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work.

Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered independently by member firms, which are not responsible for the services or activities of one another. Grant Thornton International does not provide services to clients.

Grant Thornton International is the fastest growing global accountancy network and has recently been awarded 2013 'Network of the year’ by The International Accounting Bulletin (IAB). The International Accounting Bulletin awards are designed to celebrate accounting achievements over the past year by emphasising the individuals and businesses that have moved the industry forward. To win the ‘Network of the Year’ award, firms had to demonstrate strength across a number of key areas which included evidence of top-level network-wide audit quality, a strengthened position in strategically important markets and a strong industry leadership.


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