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AFRIKAANS TRANSLATION - ILLUSTRATIVE FINANCIAL STATEMENTS
SAICA has issued Circular 4/2006 - Afrikaans Translation - Illustrative Financial Statements/ Afrikaanse Vertaling - lllustrerende Voorbeeld van Finansiële State, to replace Circular 8/2004. The circular provides an Afrikaans translation of the illustrative financial statements structure per the IAS 1 - Presentation of Financial Statements, and the IFRS Glossary of Terms and can be accessed on the SAICA website.
HEADLINE EARNINGS AND BEE TRANSACTIONS
The Accounting Practices Committee (APC) has issued a further addendum to Circular 7/2002 - Headline Earnings, as a result of the issuing of AC 503 - Accounting for Black Economic Empowerment (BEE) Transactions.
Issue 7 is entitled Application of Circular 7/2002 - Headline Earnings to the expensing of the cost of BEE equity credentials in terms of IFRS 2 (AC 139) - Share-based Payment, and concludes that the expense arising...