1
AGENDA FOR THE FINANCIAL REPORTING STANDARDS COUNCIL (FRSC)
DATE OF THE MEETING
: 22 May 2017
TIME
: 09:00 – 14:00
VENUE
: NATIONAL EMPOWERMENT FUND
OFFICES
187 RIVONIA ROAD
CHAIRPERSON OF THE FRSC
: Suresh Kana
DEPUTY CHAIRPERSON OF THE FRSC
: Christine Ramon
FRSC MEMBERS
Johan Brink
Rory Voller
Precious Mbingo
Tania Wimberley
Naidene Ford-Hoon
Bruce Mackenzie
Khaya Dludla
Dawn Earp
Dumisani Manana
Garth Coppin
Kim Bromfield
Matshepo More
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THE SECRETARIAT
Nobuhle Makuni (Administrative Director –
Technical Support – FRSC)
Mahdiyyah Moola
: The Department of Trade and Industry
: The Independent Regulatory Board for Auditors (IRBA)
INVITEES
Desmond Ramabulana
Sibusiso Sasayi
Prof Danie Coetsee
Prof Wiseman Nkuhlu
Amanda Botha
: The Department of Trade and Industry
: The Department of Trade and Industry
: Chairperson of the Financial Reporting Technical
Committee
: IFRS Foundation Trustee
: Accounting Standards Board (ASB)
AGENDA PREPARED BY
Nobuhle Makuni
May 2017
AGENDA REVIEWED BY
Mahdiyyah Moola
May 2017
AGENDA APPROVED BY
Chairperson of the FRSC- Suresh Kana
May 2017
3
AGENDA ITEMS
1.
TIME
ALLOCATION
CLOSED SESSION – ADMINISTRATION SESSION
09:00am -10:35am
WELCOME AND INTRODUCTION
1.1
2.
To WELCOME members present and NOTE apologies.
Chairperson
1 minute
ETHICS
To CONSIDER any ethical issues and declare any interest or
perceived conflicts of interest.
Chairperson
3.
AGENDA
PAPERS
1 minute
PREVIOUS MINUTES AND MATTERS ARISING
3.1
To CONSIDER and APPROVE minutes of the FRSC meeting
held on 3 February 2017.
Chairperson
5 minutes
Attachment 1
3.2
To DISCUSS matters arising from the FRSC meeting held
on 3 February 2017 not dealt with elsewhere on the agenda.
30 minutes
Attachment 2
Payments to members
NM to provide a status update on statements of payments due to
members.
Nobuhle Makuni
XBRL Project
Attachment 3
Update on meeting with the CIPC.
Chairperson
IFRS Taxonomy Consultative Group nomination
Attachment 4
Chairperson
Status Update on Recommended FRPs issued to Minister:
- Substantively enacted tax rates and tax laws under IFRS and
IFRS for SMEs.
- The limit on a Defined Benefit Asset, Minimum Funding
Requirement and their interaction under IFRS in the South African
Pension Fund environment.
- Accounting for Black
transactions under IFRS.
Economic
Empowerment
(BEE)
4
- Accounting for Black Economic
transactions under IFRS for SMEs.
Empowerment
(BEE)
- Financial Reporting Framework on Summarised Financial
Statements.
Nobuhle Makuni
Website
NM to investigate if the dti could set up a restricted access section
on the FRSC website for members access only.
Nobuhle Makuni
SAICA Updated Circular on discounting-ED 374
Attachment 5
Kim Bromfield
Review of Companies Act Amendments
Johan Brink
3.3
4.
To DISCUSS the FRSC work plan, strategy, budget and
annual report.
Chairperson
Chairperson
5 minutes
FRSC Conference
To DISCUSS and form a sub-committee to organise the FRSC
conference.
All
7.
10 minutes
SAIBA Proposal
To DISCUSS the SAIBA Proposal regarding monthly IFRS/IFRS for
SME webinars.
Chairperson
6.
Attachment 6
FRSC Member Terms
To DISCUSS FRSC members’ remining terms.
5.
15 minutes
10 minutes
STAKEHOLDER ENGAGEMENT
To PROVIDE an update on the outcomes of any engagements with
15 minutes
Attachment 7
5
stakeholders.
Chairperson
SESSION OPEN TO THE PUBLIC
10:45am – 14:00pm
6
8.
TECHNICAL ACTIVITIES OF THE FRTC
8.1 To DISCUSS the discussion paper drafted by the FRTC on the
Reduced Disclosure Framework.
Prof Danie Coetsee
20 minutes
Attachment 8
8.2 To NOTE the activities of the IASB including:
20 minutes
Attachment 9
-Minor amendments to IFRS 9 to aid implementation.
-Discussion paper on Principles of Disclosure.
-Exposure Draft on amendments to IFRS 8.
-IASB Update January- April 2017
-ED 3/2017- Prepayment features with negative compensation
Prof Danie Coetsee
9.
DRAFT FINANCIAL REPORTING PRONOUNCEMENTS/GUIDES
ISSUED BY THE FRSC FOR COMMENT
To DISCUSS any updates on the Draft Financial Reporting Guide
on Offsetting of Financial Assets and Financial Liabilities:
Amendments to IAS 32 – Financial Instruments Presentation.
Kim Bromfield/Johan Brink
10.
5 minutes
REPORT ON THE ACTIVITIES OF THE ASB
To PROVIDE a report back on the activities of the ASB.
10 minutes
Attachment 10
5 minutes
Attachment 11
5 minutes
Attachment 12
Amanda Botha
11.
REPORT BACKS FROM INTERNATIONAL MEETINGS
11.1. To PROVIDE a REPORT BACK from the Accounting
Standards Advisory Forum meeting held on the 6-7 March
2017.
Kim Bromfield
11.2. To PROVIDE a REPORT BACK from the IFRS
Interpretations Committee meeting held on 14-15 March
2016.
Secretariat
7
11.3. To PROVIDE a REPORT BACK from the IFRS Advisory
Council meeting held on 4-5 April 2017.
Secretariat
11.4. To PROVIDE a REPORT BACK from the Emerging
Economies Group meeting held on 8-9 May 2017.
5 minutes
Attachment 13
5 minutes
Dumisani Manana
11.5.
To PROVIDE a REPORT BACK from the National
Standard Setters meeting held on 8 March 2017.
Secretariat
th
11.6. To PROVIDE a REPORT BACK from the 4 Africa Congress
of Accountants conference hosted in Uganda on 2-5 May
2017.
Chairperson
12.
13.
5 minutes
5 minutes
EMERGING ISSUES
12.1. To PROVIDE input on emerging issues and CONSIDER any
future actions necessary.
All
10 minutes
12.2. To DISCUSS updates on the Proposal from the Chinese
Accounting Regulator.
Chairperson
5 minutes
GENERAL
To NOTE other matters not dealt with elsewhere on the agenda.
5 minutes
Chairperson
14.
FUTURE MEETINGS
Next meeting dates:
 4 August 2017
 24 November 2017
15.
CLOSURE
1 minute
Attachment 14