CA(SA) appointed to global body to advise on the application of the accounting standard for SMEs
The South African Institute of Chartered Accountants (SAICA) congratulates Blaise Colyvas CA(SA), for his appointment to the International Accounting Standards Board (IASB) Small Medium Enterprise Implementation Group (SMEIG) with effect from 1 July 2022.
The SMEIG supports the IASB, the global accounting standard-setter, with the international adoption, implementation and application of the International Financial Reporting Standard for the Small and Medium-sized Entities (IFRS for SMEs) Accounting Standard. Colyvas is a seasoned International Financial Reporting Standards (IFRS) expert with vast experience in the application of the IFRS for the SMEs Accounting Standard. He will also bring the emerging economy perspective to the global debate affecting changes to this Standard.
The IFRS for SMEs Accounting Standards is tailor made for SMEs and focuses on the needs of lenders, creditors and other users of SMEs’ financial statements who are primarily interested in information about cash flows, liquidity and solvency.
Colyvas’ appointment to the SMEIG comes at a time when the IASB is conducting its second comprehensive review of the IFRS for the SMEs Accounting Standard which began during 2020. A first of its kind since the Standard was published over a decade ago, this second review will result in a major overhaul of the IFRS for the SMEs Accounting Standard and will impact South African SMEs applying the Standard.
This review seeks to align the IFRS for SMEs with the full IFRS Accounting Standard so as to improve the financial reporting for SMEs. The significant changes likely to be brought to the IFRS for SMEs Accounting Standards include the rewrite of the revenue requirements; the review of the financial instruments (e.g. debtors) impairment (write offs) which could see SMEs recognising impairments much earlier than they currently do under the incurred loss model; and a review of the definitions of assets, liabilities, expenses and income (to align with the Conceptual Framework for Financial Reporting in full IFRS Accounting Standards).
The draft amendments to the IFRS for the SMEs Accounting Standard are expected to be published during September 2022 and SMEs are encouraged to contribute in shaping the changes to the IFRS for SMEs Accounting Standard.
Bongeka Nodada, Executive: Corporate Reporting at SAICA, said: “SAICA congratulates Mr Colyvas, who is also the deputy chair of the SAICA Accounting Practices Committee, on his appointment. He is an exemplary ambassador for the Institute and we wish him well in this new role.”
About SAICA
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The Institute provides a wide range of support services to more than 50 000 members and associates who are chartered accountants (CAs[SA]), as well as associate general accountants (AGAs[SA]) and accounting technicians (ATs[SA]), who hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in every sphere of commerce and industry, and who play a significant role in the nation’s highly dynamic business sector and economic development.
Chartered Accountants are highly valued for their versatile skill set and creative lateral thinking, that's why all of the top 100 Global Brands employ Chartered Accountants.
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