4 Dec 2025
IFRS 16 - Key points of the lease standard
IFRS 16 - Leases is mandatory for financial statements prepared under IFRS from 1 January 2019.
Financial reporting
Find updates, news and checklists related to financial reporting/IFRS
Tell your story effectively and transparently to all your stakeholders
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.
Our approach
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
- Implementing new accounting standards
- Addressing complexities arising from proposed new accounting standards and guidance
- GAAP conversions
- Mergers and acquisitions
- Consolidations support
- Group reorganisations
- Complex consolidations
- Financing structures
- Capital reductions
- Purchase price allocation valuations
- Share-based payment valuations
- Pension scheme arrangements
- Infrastructure projects
Non-financial aspects
- Developing non-financial, integrated annual reports
- Assisting with establishing corporate governance risk disclosures
- Collecting and collating nonfinancial data to support reporting to management, the board and external disclosures
- Identifying key performance indicators
- Providing support on developing integrated reporting frameworks
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.
Our tools & solutions
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:
- IFRS services:
- Financial statement reviews
- IFRS advise and memorandums
- IFRS opinions
- IFRS for SMEs services
- JSE Listings Requirements
- Training and webinars
JSE Accreditation
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.
Our people
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:
Documents
10 Oct 2025
Closing the Jibar chapter: Progress toward ZARONIA
As South Africa advances its financial benchmark reform, the transition from the Johannesburg Interbank Average Rate (Jibar) to the South African Rand Overnight Index Average (ZARONIA) as the recommended alternative reference rate for rand denominated financial contracts marks a pivotal shift toward greater transparency and resilience in financial markets.
26 Sept 2025
My customer isn’t paying … now what?
Let’s face it – getting paid late (or not at all) is one of the most frustrating parts of doing business. You’ve delivered the goods or services, sent the invoice, and now you’re stuck waiting… and wondering. You have a contract, so you keep delivering. You’re doing your bit, but can you still recognise the revenue? What does IFRS 15 say about this?
31 Jul 2025
Can companies still keep information under wraps?
Private, non-profit and personal liability companies will in future have to allow any person access to certain information including the Memorandum of Incorporation (MOI), records in respect of directors, annual financial statements (AFS), the securities register of profit companies or the members register of non-profit companies (NPC) and the register of disclosure of beneficial interest (BI) of...
30 Jun 2025
IFRS 18
On 9 April, 2024, the International Accounting Standard Board (IASB) published the new standard IFRS 18 Presentation and Disclosure in Financial Statements aimed at improving the quality of corporate financial reporting.
6 Jun 2025
Unpacking (or packing) the data
Exploring IFRS 18 - Aggregation and disaggregation requirements
22 Apr 2025
MPMs – How will they affect reporting
A look at IFRS 18’s management-defined performance measures (MPMs) - enhanced disclosure insights for non-GAAP performance measures in the financial statements
4 Mar 2025
IFRS for SMEs® Accounting Standard
The International Accounting Standards Board (‘IASB’) has released the third edition of the IFRS for SMEs Standard, effective for reporting periods beginning on or after 1 January 2027. Anyone using this framework and preparing general-purpose financial statements without public accountability needs to be aware of these new updates.
18 Feb 2025
Companies Amendment Acts effective
Effective date proclaimed – changes to the Companies Act 71 of 2008
13 Feb 2025
2024 JSE Proactive Monitoring Report Findings
The JSE issued its latest proactive monitoring report on their 2024 financial statement reviews, highlighting several findings focused on the measurement and disclosure of financial instruments.
29 Jan 2025
The EFT dilemma
The clock is ticking - one hour remains in the financial year; the stakes couldn’t be higher. As you rush to finalise the accounts, an EFT is executed using an electronic payment system to settle your largest creditor. In a heartbeat, a bank notification alerts you that the payment has been processed.
11 Dec 2024
Registered address conundrum
Why your auditor/accountant’s address can no longer be your company’s registered address.
27 Nov 2024
Disaggregation disclosure decisions
Revenue generation is core to most entities. Disclosure of revenue is therefore vital to understanding the business. The disaggregation thereof gives additional insight to support decision making.
19 Nov 2024
Companies Amendment Acts
Everything you need to know about the changes to the Companies Act 71 of 2008
18 Nov 2024
IFRS 18 Disclosure in Financial Statements
IAS 1 Presentation of Financial Statements has been amended a number of times over the years, each time they change the name for the income statement… this time the IFRS Foundation issued a whole new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, and once again we see a name change… for years beginning on or after 1 January 2027 we will call it a ‘statement of financial performance’.
30 Oct 2024
2 + 0 + 2 + 4
8 things a preparer should know
25 Sept 2024
(Ac)counting for extractives
The closure phase of the IASB’s Extractives Project
25 Sept 2024
Disclosing Financial Instruments
What is a financial instrument and what is not? Why is it so important?
Still complying with IFRS Accounting Standards?
The 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.
Equity or Liability - will it be clearer now?
Determining 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...
Ghana going hyper?
Ghana 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.
The Loyal Millionaire
Millionaire’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?
Temporary exemption from IFRS 9
Many 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...
IAS 12 Initial recognition exemption
No 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.
Headline earnings per share clarification
All 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.
IFRS 16 Supplier Substitution Rights
When 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?
How sustainably ready are you?
On June 26, 2023, the International Sustainability Standards Board (ISSB) made a significant announcement by issuing its first-ever global sustainability disclosure standards, launching them in South Africa on 29 June 2023. These standards, comprise IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2),...
Amendments to IAS 7 and IFRS 7
The IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to cater for supplier finance arrangements.
Amendments to Income Taxes Standards
The International Accounting Standards Board (IASB) recently issued amendments to IAS 12 Income Taxes (IAS 12). The Organisation for Economic Co-operation and Development’s (OECD) international tax reform creates accounting implications leading to the recognition deferred tax assets and liabilities. The amendments give companies temporary relief from these accounting implications.
Limitation of assessed losses
In the 2020 Budget Review the Minister of Finance, Enoch Gondwana, announced a reduction in the corporate tax rate. The reason for the deduction as explained by the Minister of Finance was to improve the country’s competitiveness, reduce the appeal of base erosion and profit shifting, encourage investment and promote economic growth. In this regard, the international trend applied with regards to...
Revenue recognition: Complex complexities
Complex living has become very popular due to the perceived safety and affordability. Complexes range from apartments to estates to retirement villages; we all know someone who is in, was in, or is moving into, one, if not ourselves.
Summary of proposed amendments to IFRS 9/IFRS 7
The IASB has issued an exposure draft (‘ED’) with proposed amendments to IFRS 9 Financial Instruments (‘IFRS 9’) and IFRS 7 Financial Instruments: Disclosures (‘IFRS 7’) following feedback received during the Post-implementation Review (‘PIR’) of IFRS 9 Classification and Measurement
Potential impact of IFRS 17 on cell captives
20 years of development and the new insurance standard (IFRS 17 Insurance Contracts) is finally here, effective for periods beginning on or after 1 January 2023.
Business combinations vs asset acquisition
In recent years the IASB amended how the business definition is applied with said amendments becoming effective for business combinations on or after 1 January 2020. The inclusion of a concentration test as a practical expedient assists in simplifying the distinction between a business and an asset acquisition, yet there is often confusion as to what this means practically when accounting for the...
Condoning loan breaches
The current/non-current debate continues… but should it?
IBOR reform, still reforming
It is 2023, where are we at when it comes to IBOR reform?
Limited Scope Thematic Review– October 2022
The JSE’s proactive monitoring report from its limited scope thematic review was published in October with going concern, liquidity risk and cash flow statement disclosures being the focus areas. We take a closer look at the main findings identified from the review.
IFRS Tip of the month
My client did not consider whether there was a significant increase in credit risk as they believe the financial instrument has a low credit risk…. is this correct and what does low credit risk mean in context of IFRS 9 Financial Instruments (‘IFRS 9’)?
Hot off The Press!
Liquidity Risk Maturity Analysis: Lease liabilities back in.
When borrowing costs is not your friend
The impact of borrowing costs on the cash flow statement.
Restatement of Comparatives
IFRS requires what is commonly referred to as a third balance sheet when a preparer reports an error, a change in accounting policy or a reclassification that affects the Statement of Financial Position.
Proposed changes to SMEs
The exposure draft on the IASB’s proposed amendments to SMEs is out! In a nutshell:
Am I getting it right?
Understanding the intricacies between estimates and judgements
Are you ready for CHANGE?
The only constant in life is change. Whether you want to not, at some time you need to change, and adapting form the old to the new can be challenging.
Revenue Recognition
The distinction between the role an entity plays as an agent or principal has significant consequences on the recognition and presentation of revenue in the financial statements. Entities often get confused whether to recognise revenue on a gross or net basis. Acting as a principal would require revenue recognition on a gross basis. In other words, the full revenue and the full related expenses would...
Dirty Laundry – PPE or Inventory?
While enjoying your December vacation on your lush hotel sheets, have you ever wondered if the sheets were PPE or inventory?
A tale of two SOCIs
Under International Financial Reporting Standards (“IFRS”) as well as IFRS for small and medium-sized entities (“IFRS for SMEs”), the statement of comprehensive income (“SOCI”), or ‘income statement’ as it is often conversationally referred to, must be presented either “by nature” or “by function”.
The joys of JIBAR
I have a JIBAR loan, IBOR reform doesn’t impact me… does it?
Lessor: Components of a Lease
Lease contracts typically include various elements other than the leased asset. Common examples include service and maintenance of the asset, recoveries such as water, electricity, sewerage, rates and taxes and insurance (to name a few).
Tax rate changes
The tax rate reduction was announced for years ending on or after 31 March 2023. How should entities be accounting for the change in corporate tax from 28% to 27% and when?
Russia and Ukraine Conflict
The Russia/Ukraine conflict, while having devastating effects on people physically and economically, there are accounting impacts that must be considered when preparing financial statements almost anywhere in the world. Click here to read some of the considerations that must be made.
Show me the money!
When your company hasn’t received payment for your services for a significant period, should you still be recognising revenue? Read Show me the money! To find out more.
Russia and Ukraine Conflict
The recent outbreak of the conflict between Russia and Ukraine has caused some uncertainty and possibly panic in the world today, once again. The world economy is taking quite a knock with energy and commodity prices increasing significantly. These significant price increases are diminishing the sprouting post-COVID-19 economic recovery which the world has been awaiting.
IASB has published an exposure draft
The IASB has recently published an exposure draft for proposed amendments to IAS 1 Presentation of Financial Statements (‘IAS 1’) for non-current liabilities with debt covenants. The deadline to submit comments is 21 March 2022.
JSE Proactive monitoring report
The JSE has issued their latest proactive monitoring report in November. The date of issuing has been amended from February to November at the request of SAICA, for the benefit of the financial services sector and entities with December to February year-ends. The 2021 report only includes review activities for a 9-month period.
Shared workspaces
Covid-19 has brought about many changes in the world. One of these is how we use office space.
Proposed amendments to JSE listings requirements
The JSE has recently published proposed amendments the listings requirements
Uplifting the profession & enhancing audit quality
Among the many recent and upcoming initiatives to enhance audit quality there is one underdog that could really shift the landscape, but will it be soon enough? Could ISQM1 be the secret weapon we do not even realize we have?
Balanced reporting- an integrated approach
There is a great need to change the way we approach the assessment of internal controls, which includes how we consider, find solutions and report on limitations and weaknesses in internal controls. Those charged with governance have a key role to play in influencing this approach to enhance the manner in which management and assurance providers interact by fostering a culture of working more closely...
Covid-19-related rent concessions
In May 2020, the IASB issued Covid-19-Related Rent Concessions as an amendment to IFRS 16 Leases, effective for annual reporting periods beginning on or after 1 June 2020 with early adoption permitted (paragraph 46A).
The IFRS comparison
The South African Companies Act allows companies to prepare their financial statements in accordance with one of two frameworks, International Financial Reporting Standards (IFRS), and, if they are not listed, in the process of listing, or a state owned entity, IFRS for Small and Medium-sized Entities (IFRS for SMEs).
Amendments to IFRS Standards
The International Accounting Standards Board issued a narrow scope amendment to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements to assist preparers in identifying which accounting policies to include in their financial statements by replacing the requirement to disclose all ‘significant’ accounting policies to all ‘material’ policies.
Amendments to IAS 8 Accounting Policies
The International Accounting Standards Board has issued an amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in order to more clearly define an accounting estimate and assist users in distinguishing between a change in accounting policy and a change in accounting estimate.
Standards and Interpretations issued
New Standards and Interpretations not adopted
Accounting for Lessee COVID-19 rent concessions
The novel coronavirus of 2019 (‘COVID-19’) is an unprecedented event that has changed the world we live in today. COVID-19 has also prompted accountants to reconsider how certain transactions are accounted for, particularly rent concessions received by lessees as a direct result of COVID-19.
CEO / CFO financial statement pocket guide
The JSE requires that CFOs and CEOs of issuers, prepare and present a responsibility statement regarding the effectiveness and adequacy of internal financial controls and the fair presentation of presented financial information. But do you know how to prepare this?
IFRS for SMEs second comprehensive review update
The IASB has issued a staff paper that deals with a project plan for the second phase of the review, this paper deals with providing responses obtained from stakeholders who have provided feedback on the alignment approach and principles in the Request for information.
JSE Proactive Monitoring
The JSE published its latest proactive monitoring report for the year 2020. This report provides an overview of the JSE’s detailed findings from their monitoring activities and summarises the main issues from a reporting perspective that preparers (listed and non-listed) should strongly consider when preparing their respective financial statements.
Business combinations under common control
The IASB issued a discussion paper in November 2020 on Business combinations under common control
IFRS 16
IFRS 16 further amendment to COVID-19 related rent concessions
Looking forward - IFRS Standards & interpretations
At the beginning of each year I try to take some time to gather my thoughts and plan for the year ahead. One of the areas I always look at and I’m sure many preparers do too is to look at what accounting standards will need to be applied in the current year.
IFRS for financial instruments
Forvis Mazars latest IFRS Insight addresses the accounting for financial instruments under IFRS. It draws on several relevant IFRS standards to tackle, in one handbook, the entire range of challenges related to financial instruments among which: recognition and derecognition, classification and measurement, impairment for credit risk, derivatives and hedging, and related disclosures. It includes all...
IFRS 16 - Key points of the lease standard
IFRS 16 - Leases is mandatory for financial statements prepared under IFRS from 1 January 2019.
Read moreIFRS 18 Resource Hub
This hub provides quick access to our latest insights, guidance, and practical tools on IFRS 18.
Read more
Closing the Jibar chapter: Progress toward ZARONIA
As South Africa advances its financial benchmark reform, the transition from the Johannesburg Interbank Average Rate (Jibar) to the South African Rand Overnight Index Average (ZARONIA) as the recommended alternative reference rate for rand denominated financial contracts marks a pivotal shift toward greater transparency and resilience in financial markets.
Read moreMy customer isn’t paying … now what?
Let’s face it – getting paid late (or not at all) is one of the most frustrating parts of doing business. You’ve delivered the goods or services, sent the invoice, and now you’re stuck waiting… and wondering. You have a contract, so you keep delivering. You’re doing your bit, but can you still recognise the revenue? What does IFRS 15 say about this?
Read more
Can companies still keep information under wraps?
Private, non-profit and personal liability companies will in future have to allow any person access to certain information including the Memorandum of Incorporation (MOI), records in respect of directors, annual financial statements (AFS), the securities register of profit companies or the members register of non-profit companies (NPC) and the register of disclosure of beneficial interest (BI) of companies of affected companies.
Read moreIFRS 18: key points from the new standard on presentation of financial statements
On 9 April, 2024, the International Accounting Standard Board (IASB) published the new standard IFRS 18 Presentation and Disclosure in Financial Statements aimed at improving the quality of corporate financial reporting.
Read more
Unpacking (or packing) the data
Exploring IFRS 18 - Aggregation and disaggregation requirements
Read moreMPMs – what are they and how will they affect reporting
A look at IFRS 18’s management-defined performance measures (MPMs) - enhanced disclosure insights for non-GAAP performance measures in the financial statements
Read more
A new edition of the IFRS for SMEs® Accounting Standard
The International Accounting Standards Board (‘IASB’) has released the third edition of the IFRS for SMEs Standard, effective for reporting periods beginning on or after 1 January 2027. Anyone using this framework and preparing general-purpose financial statements without public accountability needs to be aware of these new updates.
Read moreCompanies Amendment Acts effective
Effective date proclaimed – changes to the Companies Act 71 of 2008
Read more
Our experts
Justine Combrink Partner - Quality & Risk Management - Johannesburg
