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Concise and easily understandable description of Accounting Principles for Grade 12
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MODULE 7ACCOUNTING PRINCIPLES
INTERNATIONAL FINANCIAL REPORTING
STANDARDS
Accountants and auditors in South Africa have to abide by certain international guidelines and
requirements when preparing and auditing company financial statements. These are known as
International Financial Reporting Standards (IFRS). These standards were conceived by the
International Accounting Standards Board, an international body of chartered accountants.
The aim of IFRS is to ensure that the financial statements of a company are:
Relevant
The information contained in the statements should be relevant to the users and should assist
them in their decision making.
Faithfully represented
The statements should faithfully and fairly represent the profitability and financial position of the
company.
Comparable
It should be possible to compare the statements of a company to those of another, or with the
statements from previous years.
Verifiable
The statements should be verified by means of an independent audit.
Timely
The statements should be produced as quickly as possible after the financial year end.
Understandable
Users should be able to understand the basis upon which the financial statements were
prepared.
With effect from 2012, all listed companies on the JSE were required to comply with IFRS.
Prior to this, all bookkeeping and accounting was based on Generally Accepted Accounting
Practise (GAAP).
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