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Accounting and accounting rules in South Africa

Accounting Rules

Tax Year
For companies, the tax year is the same as the accounting year. For individuals, the tax year begins on 1 March and ends on the last day of February of the following year.
Accounting Standards
IFRS apply to all domestic and foreign companies. SMEs have the option to choose between IFRS Standards for SMEs and full IFRS. SMEs that have a public interest score under 100 points (under the Companies Act) and whose financial statements are internally compiled can use their own accounting policies if they are not required to comply with any other financial reporting standards.
Accounting Regulation Bodies
ASB
SAICA
Accounting Reports
In accordance with international accounting rules, annual accounts must provide the following information: the balance sheet, the profit and loss account and the notes to the accounts.
Publication Requirements
All companies must keep their accounts in English. Records must include the company's assets and liabilities, the fixed assets register, the company's income, the annual stock report, a summary of goods that were bought and sold. Moreover, they have to produce their annual financial statement, which must contain the balance sheet and annexes, a report on income with annexes, a report certified by the director, a report certified by the executives and a profit and loss account.
Professional Accountancy Bodies
SAICA , South African Institute of Chartered Accountants
SAIPA , South African Institute of Professional Accountants
Certification and Auditing
Financial statements must be prepared annually, according to the International Financial Reporting  Standards (IFRS). Certain companies are required to have audited financial statements and other companies must have their financial statements independently reviewed (Companies Act requirements).
External auditors can be found at Independent Regulatory Board for Auditors (IRBA); ERNST & YOUNG in South Africa; KPMG in South Africa; PriceWaterhouseCoopers in South Africa.
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Latest Update: November 2022

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