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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XVB: Financial reporting standards

440P. Establishment of Council

 

 

1) There is hereby established a body corporate known as the Financial Reporting Standards Council.

 

2) The Council's objective is to establish financial reporting standards which promote sound and consistent accounting practices.

 

3) The Council shall consist of-
a) four persons registered and practising as auditors;
b) two persons responsible for preparing financial statements on behalf of public interest companies;
c) two persons responsible for preparing financial statements for limited interest companies;
d) four users of financial statements;
e) two persons knowledgeable in company law nominated by the Minister;
f) one person nominated by the executive officer of the Financial Services Board; and
g) one person each nominated by every exchange which imposes adherence to financial reporting standards as a listing requirement.

 

4) The Council shall be autonomous and its members shall serve to promote the objective of the Council.