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August 24, 2006
New accounting rules to affect treatment of BEE equity
The new accounting standards IFRIC 8 and AC 503, which became effective in May, require companies to account for equity-based black economic-empowerment (BEE) transactions in financial periods beginning on or after May 1, 2006...
Speaking at an Ernst &Young interactive breakfast session in Johannesburg on Thursday, senior manager Sonja Carshagen said that the standards were mandatory requirements for companies with a April 30, 2007 financial year-end or later.
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Posted by bernievn at August 24, 2006 2:19 PM