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These include the Companies Act, the Tax Administration Act, the Financial Sector Regulation Act, and the International Financial Reporting Standards (IFRS), among others. Regular communication with auditors and financial teams is essential to avoid last-minute complications.
Anticipating Financial Challenges: Strategic Measures for Corporate Finance As a CFO in South Africa or elsewhere in Africa, you’re no stranger to the financial hurdles that come your way. Economic shifts, new regulations, and technological changes constantly test your ability to keep your company financially stable.
"It is absolutely critical businesses implement an accounting and reporting system for their ESG data that is as auditable, transparent, and reliable as their financialdata accounting," Hasenoehrl says, "2024 is the year we have to start treating enterprise carbon data the same way we treat financialdata."
5 Other sustainability reporting initiatives in development include those of the International Sustainability Standards Board (ISSB), developed by the International Financial Reporting Standards (IFRS) Foundation.
In the years since, disclosure requirements have changed and expanded, with companies in foreign markets creating their own rules in IFRS (International Financial Reporting Standards), with many commonalities and a few differences from GAAP.
We develop financial strategies, direct the finance team, liaise with auditors and regulators, and produce annual financial statements. A big part of our work is ensuring compliance with International Financial Reporting Standards (IFRS). A CFO, on the other hand, takes a much broader view.
Following updates from CIBA and regulatory authorities helps professionals understand changes in financial laws, tax rules, and accounting standards. Regularly reviewing IFRS updates, tax laws, and business regulations ensures compliance and minimises risk. Curiosity and openness to new ideas drive continuous growth.
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