Financial Reporting Rules Under Companies Act in Place

Department of Trade and Industry

Financial reporting pronouncements under the Companies Act are now in effect.

The trade and industry department published the pronouncements in Government Gazette 41503.

The pronouncements were published for comment in December 2017.

The final pronouncements are:

•    Notice 232 – financial reporting pronouncement 1 - tax rates and tax laws for small and medium enterprises.
•    Notice 233 - financial reporting pronouncement 2 - accounting for black economic empowerment transactions.
•    Notice 234 - financial reporting pronouncement 3 - accounting for black economic empowerment transactions for SMMEs.
•    Notice 235 - financial reporting pronouncement 5 – summary financial statements.
•    Notice 236 - financial reporting pronouncement 4 - limit on defined benefit asset.

Meanwhile, in Gazette 41498, the department published one draft standard for comment and announced new standards.

The draft standard focuses on household and similar electrical appliances - Safety Part 2 - 23: particular requirements for appliances for skin or hair care while some of the new standards include overhead transmission lines, personal eye protection, pet food and lightning protection system components.

In Gazette 41498, the department has published a call for comment by the International Trade Administration Commission on three applications including an exemption of safeguard duties on hot-rolled steel products and an increase in the rate of duty for coated paper and paper board.

Sabinet Cape Town Office