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So far LEAF Quality Systems (Pty) Ltd has created 184 blog entries.
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Companies Amendment Act Changes Now Effective: Key Remuneration and Governance Implications

2026-07-01T19:10:18+02:00

Companies Amendment Act Changes Now Effective: Key Remuneration and Governance Implications On 22 May 2026, sections 5, 6 and 19 of the Companies Amendment Act 16 of 2024 came into operation following the publication of a Presidential Proclamation in Government Gazette 54722. These provisions introduce significant amendments to the Companies Act 71 of 2008, particularly in relation to remuneration disclosures, shareholder oversight of remuneration practices, and alternative dispute resolution mechanisms. Importantly, the amendments became effective immediately, without any formal transitional period. The commencement of these provisions has created a number of practical challenges for [...]

Companies Amendment Act Changes Now Effective: Key Remuneration and Governance Implications2026-07-01T19:10:18+02:00

Fee-related Disclosures

2026-07-01T18:50:22+02:00

Fee-related disclosures Audit regulators frequently identify audit documentation deficiencies when it comes to fee-related disclosures required by the IESBA Code for audits of public interest entities. Auditors often fail to document their considerations, or to consider whether sufficient fee-related disclosures were included in the financial statements. The IESBA Code para R410.30 requires auditors to discuss the importance of fee-related disclosures with those charged with governance of the public interest entity, and para R410.31 sets out the required fee-related disclosures. If the audit client does not make the relevant disclosure, the audit firm must publicly disclose in their audit report: [...]

Fee-related Disclosures2026-07-01T18:50:22+02:00

The Curious Case of the Missing Going-concern Assessment

2026-07-01T18:50:36+02:00

What’s News? I will limit this discussion to the audit of companies, but the principles make governance sense for any entity. In general, management’s assessment of the health of their business is only an afterthought to satisfy the auditors, without them realising the disastrous consequences on the business and themselves as individuals, if they don’t do so. Somehow, the understanding of the effect of going-concern assessments by auditors is not much different, as the required procedures, in terms of the auditing standards, are followed in a boilerplate fashion, without considering or understanding the effect on stakeholders and management. [...]

The Curious Case of the Missing Going-concern Assessment2026-07-01T18:50:36+02:00

Exposure Draft Consolidation Exception Published by IASB

2026-07-01T18:50:45+02:00

LATEST UPDATE Exposure Draft Consolidation Exception In May 2026, the IASB published the Exposure Draft Consolidation Exception, which is available on: https://www.ifrs.org/content/dam/ifrs/project/ifrs-for-smes-accounting-standard-consolidation-exception/ed-iasb-sme-2026-1-consolidation-exception.pdf It addresses a question that was raised to the SMEIG and is open for comment until 9 September 2026, with more details on: https://www.ifrs.org/projects/work-plan/ifrs-for-smes-accounting-standard-consolidation-exception/ed-cl-consolidation-exception/ The application question was about whether the exception in paragraph 9.3 of the IFRS for SMEs Accounting Standard (Standard), from preparing consolidated financial statements (the ‘consolidation exception’), applies to an intermediate parent, if its ultimate (or intermediate) parent is an investment entity that produces separate financial statements in which [...]

Exposure Draft Consolidation Exception Published by IASB2026-07-01T18:50:45+02:00

Targeted Ethics Code Update on Firm Culture and Governance

2026-07-01T18:50:53+02:00

LATEST UPDATE Targeted Ethics Code Update on Firm Culture and Governance Single, high-level, overarching requirement anchors firm culture and governance in the Code globally, allowing for development of practical guidance outside the Code to support implementation. Targeted approach aims to minimise compliance burden and costs by avoiding prescriptive provisions. Exposure draft planned for December 2026, with final approval targeted by end 2027. Firm culture and governance will be addressed through a targeted update to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code), available on: https://www.ethicsboard.org/iesba-code This follows a decision [...]

Targeted Ethics Code Update on Firm Culture and Governance2026-07-01T18:50:53+02:00

New Educational Modules on the Third Edition of IFRS for SMEs Published

2026-07-01T18:51:01+02:00

LATEST UPDATE New Educational Modules on the Third Edition of IFRS for SMEs Published The IFRS Foundation has published four new educational resources to help stakeholders learn, apply and implement the third edition of the IFRS for SMEs Accounting Standard. The new educational modules are: Module 13 – Inventories Module 17 – Property, Plant and Equipment Module 21 – Provisions and Contingencies Module 30 – Foreign Currency Translation Each module provides practical support and includes a comparison with the related full IFRS Accounting Standard. The educational models are available on: https://www.ifrs.org/supporting-implementation/2025-ifrs-for-smes-supporting-materials/modules/ more [...]

New Educational Modules on the Third Edition of IFRS for SMEs Published2026-07-01T18:51:01+02:00

IESBA Releases Snapshot on Ethics and Independence Approach to Technology

2026-07-01T18:51:41+02:00

LATEST UPDATE IESBA Releases Snapshot on Ethics and Independence Approach to Technology Snapshot explains how the IESBA Code applies to the use of technology. Highlights ethics and independence considerations arising from AI, digital assets, and other technologies. Outlines IESBA’s three-pillar approach to keeping the Code fit for purpose in a fast-changing environment. The International Ethics Standards Board for Accountants (IESBA) has released a new snapshot focused on ethics and independence in the use of technology. IESBA’s snapshots are short, plain-language overviews designed to help professionals and stakeholders to quickly understand IESBA's approach to key topics. [...]

IESBA Releases Snapshot on Ethics and Independence Approach to Technology2026-07-01T18:51:41+02:00

Compilation of Agenda Decisions – Volume 14 published

2026-07-01T18:51:48+02:00

LATEST UPDATE Compilation of Agenda Decisions – Volume 14 published The IFRS Foundation has published its 14th Compilation of Agenda Decisions by the IFRS Interpretations Committee (Committee), from November 2025 to April 2026, available on: https://www.ifrs.org/content/dam/ifrs/supporting-implementation/agenda-decisions/agenda-decision-compilations/compilation-agenda-decisions-vol-14-nov2025-april2026.pdf Agenda decisions are integral to the consistent application of IFRS Accounting Standards. This compilation includes eight new agenda decisions and updates to six previously published agenda decisions: Viewing agenda decisions By date – the How we help support consistent application of IFRS Accounting Standards page organises each agenda decision by publication date and includes previous compilations of agenda decisions, [...]

Compilation of Agenda Decisions – Volume 14 published2026-07-01T18:51:48+02:00

Exposure Draft: Proposed SAAPS 3 (Revised XXX 2026), Illustrative Reports

2026-07-01T18:51:59+02:00

LATEST UPDATE Exposure Draft: Proposed SAAPS 3 (Revised XXX 2026), Illustrative Reports The Independent Regulatory Board for Auditors’ Committee for Auditing Standards has approved the issuing of the proposed South African Auditing Practice Statement (SAAPS) 3 (Revised XXX 2026), Illustrative Reports, for exposure on public comment by 7 August 2026. The proposed SAAPS 3 (Revised) includes significant revisions to SAAPS 3, including the following. The incorporation of new and revised reporting requirements arising from: ISA 570 (Revised 2024), Going Concern ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements [...]

Exposure Draft: Proposed SAAPS 3 (Revised XXX 2026), Illustrative Reports2026-07-01T18:51:59+02:00

IASB issues IFRS 20 to improve financial reporting for companies subject to rate regulation

2026-07-01T18:52:09+02:00

LATEST UPDATE IASB issues IFRS 20 to improve financial reporting for companies subject to rate regulation The International Accounting Standards Board (IASB) issued IFRS 20 Regulatory Assets and Regulatory Liabilities, a new Accounting Standard for companies subject to a specific type of rate regulation that determines how much and when a company can charge customers. It aims to help investors better understand how that rate regulation affects a company’s financial performance, financial position and its prospects for future cash flows. The new Standard requires companies to account for the effects of differences in timing in their [...]

IASB issues IFRS 20 to improve financial reporting for companies subject to rate regulation2026-07-01T18:52:09+02:00
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