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.
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.
The IFRS Foundation is reviewing feedback on a proposed consolidation exception for certain intermediate parent companies. South African SMEs should monitor the project, but no accounting policy change is required yet.
SARS has published requirements for companies seeking to qualify as a REIT, including asset, rental income, leverage, distribution and governance tests. Property groups should assess their financial reporting and tax controls before the rules apply to a new year of assessment.