For the first time in more than a decade, the chairman of the International Accounting Standards Board (IASB); an independent body responsible for setting accounting standards, preparing, auditing, or using financial reports, and accounting education; paid a visit to South Africa.

Following the re-establishment of the Financial Reporting Standards Council (FRSC), the Minister of Trade, Industry and Competition, Ebrahim Patel, has appointed members to bolster the integrity of South Africa’s financial reporting ecosystem and promote and enhance the global recognition of the country’s accounting standards.

The South African Institute of Chartered Accountants (SAICA) encourages taxpayers issued with an auto assessment from the South African Revenue Service (SARS) to carefully examine it before treating it as correct.