(Ac)counting for extractives
The closure phase of the IASB’s Extractives Project
Good reporting offers a window into the culture of the organisation. Recent years have seen a stronger emphasis placed on reporting quality, with tighter regulation and rising demands from stakeholders. Companies must work harder than ever to tell their story. From fast-growing start-ups to established multinationals, we work with companies to help them communicate clearly and effectively.
Demands for greater financial transparency and proof of organisational sustainability are coming from many sides, including regulators, investors, and other stakeholders. The result: today’s reports are expected to go beyond reporting financials and embrace strategy, quality of governance, remuneration schemes, and even the organisation’s impact on the environment, employees, society and other stakeholders.
This growing list of requirements has already placed a heavy burden on leadership teams and is likely to expand further. At Forvis Mazars, we have a strong track record helping our clients to meet – and exceed – the very latest corporate reporting standards.
We bring together a team of professionals combining financial reporting and accounting knowledge with non-financial reporting expertise to deliver a pragmatic business approach.
We regularly support our clients offering them integrated solutions in the following areas:
Financial aspects
Non-financial aspects
Our “Beyond the GAAP” monthly newsletter highlights our approach and our expertise, offering insights into the thinking of national and international accounting standards bodies plus other organisations that can affect corporate reporting such as securities regulators.
We have a continuous innovation process to design and develop bespoke tools and solutions that support our work and help us provide more value and better insights. How we can assist:
Forvis Mazars is accredited with JSE Limited to perform IFRS advisory services for listed companies. Forvis Mazars has two internal IFRS advisors, Suzanna de Jager and Justine Combrink, who specialise in International Financial Reporting Standards.
We have professionals dedicated to the analysis of emerging accounting and corporate reporting standards, familiar with regulatory requirements in different parts of the world and with extensive experience across different industries.
Members of our team meet regularly with policymakers, participate in industry working groups and collaborate as one global, integrated team to share knowledge and best practice, meaning we are well placed to be proactive in advising our clients on the forthcoming standards and their implications.
Please download latest checklists and documents below:
The closure phase of the IASB’s Extractives Project
Read moreWhat is a financial instrument and what is not? Why is it so important?
Read moreThe preparers of group financial statements had long complained to the International Accounting Standards Board (IASB®) that the disclosures included in IFRS® Accounting Standards are too detailed. Most people acknowledge that entities with listed debt or equity instruments should comply with all the IFRS Accounting Standards disclosers, but for other smaller entities, the burden is heavy.
Read moreDetermining whether an instrument must be classified as equity or a liability has been a contentious issue for many years. There have been various projects on ‘the equity issue’ and the IASB has finally published a much anticipated exposure draft on Financial Instruments with Characteristics of Equity Classification. Does it make it easier to determine what is equity and what is a liability? We’ve summarised the issues covered in the exposure draft for you to consider, but you’ll need to work through the whole document to decide for yourself.
Read moreGhana has been on the hyperinflation watchlist for a while. Effective 31 December 2023 the International Practices Task Force (IPTF) determined that with a 3-year cumulative inflation of 128% it is now there.
Read moreMillionaire’s Club (Pty) Ltd earned loyalty points using its bank card to purchase inventory, electronics and other fixed assets. Can the company recognise the loyalty points on the balance sheet or will it be forced to settle for bragging rights?
Read moreMany insurance companies applied the temporary exemption from IFRS 9 Financial Instruments to continue applying IAS 39 Financial Instruments to account for their financial instruments. This was available to entities using IFRS 4 Insurance Contracts until they converted to the new standard IFRS 17 Insurance Contracts. IFRS 17 is effective for years beginning on or after 1 January 2023, the application thereof effectively eliminates the temporary exemption. All companies that apply IFRS 17 to account for their insurance or reinsurance contracts must apply IFRS 9.
Read moreNo one enjoys accounting for deferred tax. It can be confusing and, more often than not, a frustrating process. So, when there is an exemption to recognising deferred tax, reporting entities usually jump at the chance. Exemptions can, however, cause their own problems, especially when they are not applied properly.
Read moreAll JSE-listed entities are required to present this number and its related reconciliation to earnings per IAS 33 Earnings per Share (IAS 33) in their financial reports as the JSE believe there is still a large demand from users in general for a clearly defined reference number which can be used for reporting and comparative purposes.
Read moreWhen assessing whether a contract is a lease one must always consider if the owner of the asset has substitution rights, but what does this mean and how does it play out?
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