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:


IFRS Guidance - Standards and interpretations issued and not yet effective
Levels of control
SA Supplementary checklist for non-listed entities
SA Checklist for JSE short-form announcements
REIT Checklist entities listed on the JSE
Disclosure Checklist - SA supplementary checklist for JSE listed summarised financial statements Apr 2021.
Disclosure checklist - SA Supplementary checklist for JSE listed entities - Apr 2021
Amendments to Income Taxes Standards (IFRS and IFRS for SMEs): International Tax Reform - Pillar Two Model Rules

Amendments to Income Taxes Standards (IFRS and IFRS for SMEs): International Tax Reform - Pillar Two Model Rules

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.

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Limitation of assessed losses – Section 20 of the Income Tax Act N0.58 of 1962 (“IT Act”)

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 a reduced tax rate is to restrict the application of assessed losses in order to maintain a revenue neutral effect.

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Limitation of assessed losses – Section 20 of the Income Tax Act N0.58 of 1962 (“IT Act”)
Revenue recognition: Complex complexities

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.

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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

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Summary of proposed amendments to IFRS 9/IFRS 7
Tip of the Month:  Is there a potential impact of IFRS 17 on cell captives?

Tip of the Month: Is there a 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.

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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 acquisition of an entity that may or may not constitute a business.

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Business combinations vs asset acquisition
Condoning loan breaches

Condoning loan breaches

The current/non-current debate continues… but should it?

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IBOR reform, still reforming

It is 2023, where are we at when it comes to IBOR reform?

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IBOR reform, still reforming
Revised Non-Assurance Services Provisions of the Code

Revised Non-Assurance Services Provisions of the Code

Section 400 of the Code prohibits firms and network firms from assuming management responsibility for an audit client. What specific guidance does the Code provide in relation to assuming management responsibility when providing a NAS to an audit client?

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Crypto Accounting – it’s not that tough

We all agree that crypto assets are assets as defined in the Conceptual Framework of Accounting, but what kind of asset?

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Crypto Accounting – it’s not that tough

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