Companies Act, 2008 (Act No. 71 of 2008)

Chapter 8 : Regulatory Agencies and Administration of Act

Part D : Financial Reporting Standards Council

204. Functions of Financial Reporting Standards Council
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(1)        The Financial Reporting Standards Council must—

(a)receive and consider any relevant information relating to the reliability of, and compliance with, financial reporting standards and adapt international reporting standards for local circumstances through the issue of financial reporting pronouncements and consider information from the Commission as contemplated in section 187(3)(b);

[Section 204(1)(a) substituted by section 23(a) of the Companies Amendment Act 16 of 2024, Notice No 5082, GG50991, dated 30 July 2024 – effective 27 December 2024 per Notice 238, GG51837 dated 27 December 2024]

(b)advise the Minister on matters relating to financial reporting standards; and
(c)consult with the Minister on the making of regulations establishing financial reporting standards, subject to the requirements set out in section 29(5).

 

(2) For the purposes of this section, financial reporting pronouncements may be issued by the Financial Reporting Standards Council and published in the Gazette, from time to time, in relation to international reporting standards which require adaptation for local circumstances: Provided that such pronouncements are not in conflict with the International Financial Reporting Standards or the International Financial Reporting Standards for Small and Medium-sized Entities.

[Section 204(2) inserted by section 23(b) of the Companies Amendment Act 16 of 2024, Notice No 5082, GG50991, dated 30 July 2024 – effective 27 December 2024 per Notice 238, GG51837 dated 27 December 2024]

 

(3) "financial reporting pronouncements" means standards, guidelines and circulars developed, adopted, issued, or prescribed by the Financial Reporting Standards Council.

[Section 204(3) inserted by section 23(b) of the Companies Amendment Act 16 of 2024, Notice No 5082, GG50991, dated 30 July 2024 – effective 27 December 2024 per Notice 238, GG51837 dated 27 December 2024]