Companies Act, 1973 (Act No. 61 of 1973)

Chapter XVB: Financial reporting standards

440S. Functions of Council
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1)The Council shall-
a)establish financial reporting standards for public interest companies; and
b)develop accounting standards for limited interest companies.

 

2)Financial reporting standards mentioned in subsection (1)(a) shall be in accordance with the International Financial Reporting Standards of the International Accounting Standards Board or its successor body.

 

3)Standards mentioned in subsection (1)(b) shall be developed in consultation with representatives of limited interest companies.