This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Navigating IFRS , Key Updates and Changes Introduction In today’s fast-paced financial world, staying up to date with the latest International FinancialReporting Standards (IFRS) is critical for CFOs. IFRS 16 Leases: Impact on Balance Sheets IFRS 16 has changed the way leases are recorded on balance sheets.
IFRS 17 will change insurers' reported earnings and equity as it alters their profit recognition patterns and measurement of liabilities, while not directly affecting insurers' creditworthiness, said Moody's recently. The new insurance reporting standard has been taken effect since January 2023.
South Korea life insurance firm Kyobo Life has implemented a high-performance computing platform for IFRS 17 and K-ICS financialreporting compliance, said AON recently. The post IFRS 17: South Korean insurer implements a computing platform for compliance appeared first on FutureCFO.
From a global perspective, the International Sustainability Standards Board (ISSB), which was established by the IFRS in November 2021 at COP26 in Glasgow, has issued its first two standards. IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.
The research “How to improve IFRS for intangible assets? This study provides some key insights that are highly relevant to our discussions and podcasts at the CFO Club on how South Africa can improve its treatment of intangible assets to foster economic growth. A milestone approach” was authored by Shefei Ma and Weiguo Zhang in 2023.
Why IAS 38 is Hindering South Africa’s Growth: A Call for Change In an era where innovation, intellectual property (IP), and intangible assets drive economic success, South Africa finds itself at a critical crossroads. They drive productivity, enhance competitiveness, and provide the foundation for long-term economic growth.
Hence, it is crucial to adopt established standards and frameworks such as the International FinancialReporting Standards (IFRS) Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB), the Greenhouse Gas Protocol and ISO 14064.
Understanding the Regulatory Framework South Africa’s regulatory environment is governed by a myriad of laws and standards that mandate specific reporting obligations. These include the Companies Act, the Tax Administration Act, the Financial Sector Regulation Act, and the International FinancialReporting Standards (IFRS), among others.
The Taskforce on Nature-related Financial Disclosures on Sept. 18 released its final recommendations on nature-related risk management and disclosure, aligned with existing Global Reporting Initiative (GRI) and International FinancialReporting Standards (IFRS) and Kunming-Montreal Biodiversity Framework requirements.
These include tax laws, financialreporting standards, labor laws, industry-specific regulations, and corporate governance codes. Broad-Based Black Economic Empowerment (B-BBEE): B-BBEE encourages economic transformation by promoting black-owned businesses through scorecard compliance and sector-specific charters.
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.
Hasenoehrl adds that organisations must take the new International FinancialReporting Standards (IFRS) S1 and S2, which will be used in many countries as the accounting foundation for ESG reporting.
Tax rates, policies and subsidies can also differ depending on whether a location is in a free trade zone, a special economic zone, or a hi-tech industrial development zone, TMF Group noted.
Key Topics Discussed: Intangible Assets and Economic Growth: The significance of intangible assets such as software, data, intellectual property, and brand value in boosting productivity worldwide. The impact of intangible assets on long-term productivity and economic growth in South Africa. IFRS, US GAAP).
In 2022, requirements related to several ESG issues accelerated with the European FinancialReporting Advisory Group (EFRAG) approving the European Sustainability Reporting Standards (ESRS). The standards are designed to bring sustainability reporting on par with financialreporting over time.
Almost in parallel, accounting as a profession found its footing and worked on creating rules that would apply to reporting, at least at publicly traded companies, with GAAP (Generally Accepted Accounting Principles) making its appearance in 1933.
So it’s interesting that the focus isn’t only on climate change and reporting thereon and how to reduce emissions, but also on business efficiencies. The last one is then climate change. So once we started to see this development, we then thought how do we give recognition to the accomplishments of these amazing people who we call CFOs.
CFOs must address sustainability challenges while fostering economic development in their contexts. Resilience and Agility: The Future for CFOs David concluded with advice on navigating geopolitical tensions and economic changes, stressing the need for resilience and agility. And then you can see the all the countries that contribute.
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 FinancialReporting 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.
We organize all of the trending information in your field so you don't have to. Join 39,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content