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IFRS

Another one! IASB releases a new standard, IFRS 19

Hot on the heels of IFRS 18 Presentation and Disclosure in Financial Statements, the IASB has released the next standard in the IFRS series. IFRS 19 Subsidiaries without Public Accountability: Disclosures was officially published on 9 May 2024 and is set to be a game changer for certain entities as the standard-setting body continues to realise its objective to limit financial statements to what is relevant for primary users of financial statements.

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IFRSSustainability

The four pillars of the new IFRS Sustainability Standards

The two IFRS Sustainability Standards are IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. The two standards have four pillars in common illustrated below. For S1, these are sustainability-related while for S2 these are climate-related.

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IFRS

Financial reporting implications of Zimbabwe’s new ZiG currency

Zimbabwe has introduced a new currency known as the ZiG which is short for Zimbabwean Gold. The difference between this currency and its predecessors is that its value is linked to the gold price. The currency started trading in early April and it remains to be seen whether this new batch of notes will be the solution to the country’s longstanding currency problems.

There are multiple companies in South Africa with operations in Zimbabwe and they will have questions as to the impact of the new currency on their financial reporting. There are four fundamental questions that arise.

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IFRS

Understanding the different discount rates in IFRS

There are different discount rates in IFRS and often preparers of financial statements confuse the purpose and requirements of each of them. This became abundantly clear given the nature and number of queries that the International Accounting Standards Board receives on one discount rate or another.
Here is a summary of seven discount rates you find in IFRS.

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IFRS

New Standard IFRS 18: Here is what you need to know…

The next standard in the IFRS series is set to be released in April 2024 – IFRS 18 Presentation and Disclosure in Financial Statements.

IFRS 18 emanates from the IASB's endeavours within the primary financial statements project. Its objective is to enhance the communication of information within financial statements, providing investors an improved foundation for analysing and benchmarking companies' performance. This is achieved through bolstering comparability, transparency, and the overall usefulness of information.

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IFRS

How should accountants report cryptocurrencies under IFRS?

The rise of cryptocurrencies, such as Bitcoin, Ethereum, and others, has brought about significant changes to the global financial landscape. As these digital currencies gain wider acceptance, businesses and individuals need to understand how to account for cryptocurrency transactions in accordance with International Financial Reporting Standards (IFRS) for financial reporting purposes.

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IFRS

Current IFRS climate-related matters to look out for in your financial statements

The standards issued by the Institute of Sustainability Standards Board (ISSB) are not yet mandatory in South Africa. Consequently, many people are under the impression that sustainability and climate-related reporting is not a thing they need to worry about just yet. Right? Wrong!

The other body that is part of the IFRS Foundation, the International Accounting Standards Board (IASB), issued educational material that highlights some of the areas that are already impacted by climate related matters. Here is a summary of the areas cited:

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IFRS

FM Odet Hayes explains why we need to be uncomfortable to learn

On the road to becoming manager of finance business operations at Invicta Holdings, Odet Hayes went through many teachable moments at Edcon. The highlight of her time at the clothing retailer was working on the Edcon private equity deal when the company was delisted and taken over by Bain Capital LLC in 2007.

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Financial Minds Blog: Odet Hayes
Financial Minds: LinkedIn
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CEO Rui Morais leads by listening

CEO Rui Morais leads by listening

Rui Morais had a significant role in this growth trajectory and in mid-2021 it was announced that he would be taking over as CEO when Ivan retired. Even though he was only 37 at the time, Rui says he wasn’t daunted by the task of being CEO of a listed entity with a turnover of R26 billion, because he felt he had the necessary support.

Kalnisha Naidoo appointed CFO of Lactalis South Africa

Kalnisha Naidoo appointed CFO of Lactalis South Africa

In an exciting development, Lactalis South Africa has announced the appointment of Kalnisha Naidoo as its new Chief Financial Officer (CFO), effective July 2024. Kalnisha brings over a decade of extensive experience in the fast-moving consumer goods (FMCG) industry to the role, highlighting her strong track record in financial leadership and strategic management.

CEO Ncumisa Mkunqwana’s journey from self-doubt to tenacity

CEO Ncumisa Mkunqwana’s journey from self-doubt to tenacity

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CA Leandra Matthews leads with empathy and excellence

CA Leandra Matthews leads with empathy and excellence

Among the lessons Leandra Matthews would give to her younger self is not to let your value be defined by someone else’s inability to see your worth; stand up for yourself more and trust your gut.

‘When I was younger, I really doubted myself and my sentiments would get muddled by ums and ahs when I was trying to express myself in meetings. In retrospect, if I prepared myself better, I would have been able to contribute quite positively to the discourse and not let my confidence drop,’ she explains.

Assurance Leader Stephen Ntsoane is passionate about touching lives

Assurance Leader Stephen Ntsoane is passionate about touching lives

Stephen Ntsoane was born and raised in Soweto, Johannesburg where he matriculated at Fonsluminis High School. He went on pursue a 3-year National Diploma in Cost and Management Accounting at Technikon Witwatersrand. Navigating his way to a Chartered Accountancy qualification, he did a 1-year bridging course at the University of Johannesburg (previously RAU) and completed CTA at the University of Kwa-Zulu- Natal through distance learning.

Amé Thwaits promoted to partner at EY

Amé Thwaits promoted to partner at EY

In an exciting development, EY Africa has announced the promotion of Amé Thwaits to the position of partner.

Amé is currently the EY Africa Innovation and Digital Leader in Assurance heading a division of 50+ people. She is a registered auditor (IRBA), signing audit opinions of various significant subsidiaries of listed entities. She has over 14 years of mining and financial services industry experience and SEC (PCAOB) and JSE experience.

Nomthandazo Chule appointed partner at EY

Nomthandazo Chule appointed partner at EY

Nomthandazo Chule has been appointed Partner at EY, promoted from the position of Associate Director which she held since since March 2022. Her journey at EY began as a Manager in November 2018 and her exceptional performance and leadership skills quickly propelled her to the position of Senior Manager by October 2020.

Ashona Kooblall appointed CFO of Natura &Co – Africa

Ashona Kooblall appointed CFO of Natura &Co – Africa

Ashona Kooblall has been appointed CFO of Natura &Co’s Africa division effective June 2024. Based in Johannesburg, she will oversee the financial strategies of a company renowned for its award-winning global beauty brands like Avon, which spans across make-up, skincare, fragrance, personal care, hair care, fashion, and home products.