financial statements Archives - Leaf Quality Systems (Pty) Ltd

Key Audit Issues and Emerging Trends in Financial Reporting Compliance
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Audit Issues & Trends

Key Audit Issues and Emerging Trends in Financial Reporting Compliance

Leaf Quality Systems2026-03-31T16:37:47+02:00

Your Content Goes Here Verification of compliance with the financial reporting framework Auditors frequently make use of disclosure checklists to verify compliance with the requirements of the relevant financial reporting framework. When making use of such checklists, it is very important to document the auditor’s considerations in support of the ‘Yes’, ‘No’ or ‘N/A’ answers provided. If there is no or insufficient support documented, the audit work is not re-performable, which is non-compliant with ISA 230 and makes it very difficult to check whether conclusions documented are correct under the circumstances. Incorrect conclusions regarding compliance with the financial reporting [...]

Key Audit Issues and Emerging Trends in Financial Reporting ComplianceLeaf Quality Systems2026-03-31T16:37:47+02:00

Revised Illustrative Reports and Applicability of the EAR Rule
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Revised Illustrative Reports and Applicability of the EAR Rule

Leaf Quality Systems2025-12-09T14:23:17+02:00

LATEST UPDATE Revised Illustrative Reports and Applicability of the EAR Rule The Independent Regulatory Board for Auditors’ (IRBA) Committee for Auditing Standards (CFAS) has approved the issuing of the revised illustrative reports for use by registered auditors when reporting on regulatory returns for banks, mutual banks, insurers and medical schemes, available on: https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/industry-specific-guides-and-regulatory-reports The narrow-scope amendments to ISA 700 (Revised) operationalise the changes to the IESBA Code related to PIEs. These changes, adopted into the IRBA Code, require firms to publicly disclose when the independence requirements for PIEs have been applied in an audit of [...]

Revised Illustrative Reports and Applicability of the EAR RuleLeaf Quality Systems2025-12-09T14:23:17+02:00

IASB Issues Illustrative Examples on Reporting Uncertainties in Financial Statements
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IASB Issues Illustrative Examples on Reporting Uncertainties in Financial Statements

Leaf Quality Systems2025-12-09T13:32:29+02:00

LATEST UPDATE IASB Issues Illustrative Examples on Reporting Uncertainties in Financial Statements The International Accounting Standards Board (IASB) has issued illustrative examples demonstrating how companies may apply IFRS Accounting Standards when reporting the effects of uncertainties in their financial statements. The examples use climate-related scenarios as practical illustrations, but the underlying principles apply more broadly to all uncertainties. According to stakeholders, the information companies provide about the effects of uncertainties is sometimes insufficient, or appears inconsistent with the information provided outside their financial statements. To help address this, the IASB developed these illustrative examples to [...]

IASB Issues Illustrative Examples on Reporting Uncertainties in Financial StatementsLeaf Quality Systems2025-12-09T13:32:29+02:00

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

Leaf Quality Systems2025-11-28T13:42:52+02:00

LATEST UPDATE Educational Modules on the Third Edition of IFRS for SMEs Published The IFRS Foundation has published a package of new educational resources to support implementation of the third edition of the IFRS for SMEs Accounting Standard. These materials are aimed at stakeholders learning about or applying the IFRS for SMEs Accounting Standard. New educational modules: Module 12 Fair Value Measurement Module 9 Consolidated and Separate Financial Statements. Each module provides practical support and includes a comparison to 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 [...]

Educational Modules on the Third Edition of IFRS for SMEs PublishedLeaf Quality Systems2025-11-28T13:42:52+02:00