Our second quarter edition of IFRS News 2012 starts by looking at the IASB’s revised work plan and the projected targets for the documents it expects to issue later this year. We go on to consider some issues arising from current economic conditions that may affect companies using IFRS.
We have also included a more general round-up of activities affecting the IASB, and the implementation dates of newer Standards that are not yet mandatory.
Some of the highlights in this edition include:
The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. The challenges have increased as a result of applying new Standards and Amendments published by the International Accounting Standards Board (IASB) that significantly impact both the presentation of the primary statements and the accompanying disclosures.
Example interim consolidated financial statements 2012 and Example consolidated financial statements 2011 reflects the collective experience of Grant Thornton International’s IFRS team and member firm IFRS experts, and is intended to provide a realistic example of their presentation.
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.