LATEST MATTERS FROM THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)
The following is a summarised update of key matters arising from the discussions and decisions taken by the IASB at its meetings on the following dates:
The promulgation of the Companies Act No. 71 of 2008 into law on 1 May 2011 meant that no new Close Corporations could be formed. Close Corporations that were already in existence prior to 1 May 2011 are, at this stage, allowed to remain in existence.
As an individual residing in South Africa and/or employed in corporate South Africa, you are probably aware of the Protection of Personal Information Act No 4 of 2013 (“POPIA”), which has been enforceable in the country since 1 July 2021.