Companies Act, 1973 (Act No. 61 of 1973)Chapter XVB: Financial reporting standards440P. Establishment of Council |
| 1) | There is hereby established a body corporate known as the Financial Reporting Standards Council. |
| 2) | The Council's objective is to establish financial reporting standards which promote sound and consistent accounting practices. |
| 3) | The Council shall consist of- |
| a) | four persons registered and practising as auditors; |
| b) | two persons responsible for preparing financial statements on behalf of public interest companies; |
| c) | two persons responsible for preparing financial statements for limited interest companies; |
| d) | four users of financial statements; |
| e) | two persons knowledgeable in company law nominated by the Minister; |
| f) | one person nominated by the executive officer of the Financial Services Board; and |
| g) | one person each nominated by every exchange which imposes adherence to financial reporting standards as a listing requirement. |
| 4) | The Council shall be autonomous and its members shall serve to promote the objective of the Council. |