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Thread: The end of GAAP in SA

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    Site Caretaker Dave A's Avatar
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    The end of GAAP in SA

    The Accounting Practices Board and the Financial Reporting Standards Council, have withdrawn SA GAAP for financial periods beginning on or after 1 December 2012.

    Entities currently applying SA GAAP will need to move to either IFRS or IFRS for SMEs.

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    dellatjie (25-Jun-14)

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    Diamond Member Citizen X's Avatar
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    Quote Originally Posted by Dave A View Post
    The Accounting Practices Board and the Financial Reporting Standards Council, have withdrawn SA GAAP for financial periods beginning on or after 1 December 2012.

    Entities currently applying SA GAAP will need to move to either IFRS or IFRS for SMEs.
    A very good afternoon to you Dave
    So, GAAP is the acronym for 'generally accepted accounting practice,' which to my knowledge was a standardised approach to accountancy so that everyone could be on the same page, what is this IFRS?
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    Site Caretaker Dave A's Avatar
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    IFRS is the International Financial Reporting Standards. There is also a lighter version for SMME's called IFRS for SMEs.

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    Citizen X (05-Feb-13)

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