The latest South African accounting, tax, payroll and business finance news, with practical insights for your business.
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Accounting & Reporting
The IASB has extended the comment period for proposed IFRS 9 and IFRS 7 amendments. South African finance teams using hedge accounting should review the proposals before the revised 30 November 2026 deadline.
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A practical accounting insight on aligning company and tax record-retention requirements before old financial documents are deleted.
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A new IFRS Foundation update discusses tentative agenda decisions involving IFRS 18, IAS 16 and IFRS 9. South African reporting teams should monitor the outcomes, but should not treat them as new accounting requirements yet.
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The IASB has tentatively agreed to propose a measurement approach for certain financial liabilities arising from contingent settlement provisions. South African finance teams should treat this as a standards-development issue, not an enacted requirement, but may wish to identify affected contracts before further proposals emerge.
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SARS completed scheduled digital-platform maintenance on 6 and 7 November 2026. SMEs should use the notice as a prompt to review filing continuity, payment evidence and internal tax-system controls.
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The IASB is preparing proposed IFRS 18 amendments on how certain government-imposed charges are presented and disclosed. South African finance teams should monitor the proposal and assess whether their reporting systems can support more detailed tax analysis.
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The Council for Medical Schemes’ Audit Quality Indicators submission platform is now live. Medical scheme audit and risk committees should confirm their assessments, supporting documents and submission responsibilities before the 20 November 2026 deadline.
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SARS is seeking stakeholder input on a proposed digital VAT model. VAT vendors should review the consultation paper and assess how e-invoicing, e-reporting and system integration could affect their processes.
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SAICA has proposed amendments to its Headline Earnings Circular to align with IFRS 18. Comments are due on 13 October 2026.
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South Africa’s Companies Amendment Act changes remuneration reporting and annual financial statement obligations. Finance teams should confirm which disclosures and AGM processes apply to their company.
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A recent IFRS Interpretations Committee update puts residual-value estimates under the spotlight. South African finance teams using IAS 16 should review their asset assumptions before year-end.
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SARS has published draft rules for advance customs rulings, setting out proposed application procedures, fees, supporting documents and record-keeping requirements. Importers should review their customs data before the 4 November 2026 comment deadline.
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