Background

South African Institute of Chartered Accountants (SAICA) is the national professional organisation of Chartered Accountants in South Africa. In 1973, SAICA, along with other relevant business bodies, formed the Accounting Practices Board (APB) to develop generally accepted accounting practices and issue Statements of Generally Accepted Accounting Practice (SA GAAP). SAICA established an Accounting Practices Committee to be the technical advisory body to the APB.

Accounting Standards

South Africa requires some companies to use IFRS Accounting Standards, with the remaining companies being allowed to use IFRS Accounting Standards or the IFRS for SMEs Standard.

The Johannesburg Stock Exchange (JSE) Listings Requirements required listed companies to use IFRS Accounting Standards (rather than the harmonised SA GAAP) effective 1 January 2005.

Sustainability Disclosure Standards

16 May 2024, The Institute of Chartered Accountants of Scotland (ICAS) and the Integrated Reporting Committee of South Africa (IRC) have each published documents that discuss the concept of materiality in financial and sustainability reporting.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.