Update on use of IFRSs in South Africa

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15 Jan 2007

During 2003, the local standard setting body made a decision to issue the text of IFRSs in South Africa as South African Statements of Generally Accepted Accounting Practice (SA GAAP).

Currently (start of 2007), with the exception of IFRS 1, which applies only to first time adopters of IFRSs, SA GAAP and IFRSs are fully harmonised. To indicate the harmonisation, SA GAAP has a dual numbering system to refer to both the IFRS and SA GAAP numbers.

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