GEN - General - Proposed update to the SAICA headline earnings circular
JSE
GEN
GEN - General - Proposed update to the SAICA headline earnings circular
In terms of the Listings Requirements, Issuers are required to publish headline
earnings as calculated in terms of the Circular 8/2007, Headline Earnings, as
issued by SAICA
Circular 8/2007 included rules for all International Financial Reporting
Standards (IFRS) issued on or before June 2007. Changes are being proposed to
the headline earnings circular to update the rules table for all IFRS`s issued
from June 2007 until April 2009. A proposed new headline earnings circular has
been issued today for public comment in the form of an exposure draft, ED265.
The proposed circular updates the rules table with the amendments made to IFRS 3
- Business Combinations, IAS 12 - Income Taxes, IAS 16 - Property, plant and
Equipment, IAS 20 - Accounting for Government Grants and IFRIC 17 -
Distributions of Non-cash Assets to Owners. Other changes to the circular are
brought about by terminology revisions that were introduced by amendments to IAS
1 - Presentation of Financial Statements.
Changes most likely to have an impact on earnings and headline earnings result
from the issue of the revised IFRS 3. IFRS 3 (as revised in 2008) is due to be
implemented for financial periods commencing on or after 1 January 2009.
This proposed circular will replace Circular 8/2007 and is proposed to be
effective for financial periods (interim and/or annual periods) ending on or
after 30 June 2009.
Comments are invited on the changes made to the rules table of the proposed
circular and on the effective date. The deadline for comment to SAICA is 27 July
2009.
ED 265 - Exposure Draft of a Proposed Circular x/2009, can be downloaded from
the SAICA website (url
https://www.saica.co.za/TechnicalInformation/Accounting/ExposureDraftsSubmission
s/tabid/1257/language/en-ZA/Default.aspx ).
25 June 2009
Date: 24/06/2009 15:31:02 Produced by the JSE SENS Department.
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