Report back on Proactive Monitoring of Financial Statements in 2011
In February 2011 the Johannesburg Stock Exchange (“JSE”) announced that it would commence a process of reviewing Annual Financial Statements for compliance with International Financial Reporting Standards (“IFRS”). The integrity of financial information is a critical element of a well functioning market. The objective of the review process is therefore to contribute towards the production of quality financial reporting of entities listed on the JSE.
The JSE wishes to announce that is has published a report which provides an overview of the proactive monitoring activities in 2011. This report is available on the JSE website.
This report is intended to be of interest to all market participants, including Issuers, investors, auditors, other regulators and the general public. It sets out the important points which came to our attention during the year with a view to assisting Issuers when they prepare their next set of accounts. By presenting the points in an uncomplicated manner we also hope that this will help demystify IFRS for the public.