The Companies Act, 2008 (“the Companies Act”), has brought about changes to the standardsetting
process that has required the continued existence of South African Statements of Generally Accepted Accounting Practice (“SA GAAP”) to be re-evaluated.
The APB, who looked after generally accepted accounting practise, decided that SA GAAP will be withdrawn and will cease to apply in respect of financial years commencing on or after 1 December 2012.
There will be some implications for entities who used SA GAAP and not IFRS, e.g. the revaluation of assets will no longer be permitted.
Read attached press release from SAICA.