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Headline Earnings: Circular 1/2023
- 07 July 2023
- Accounting
- South African Accounting Academy
The requirement to disclose headline earnings has been a reporting requirement for companies listed on the JSE Limited (JSE) since 2000.
This Circular has been issued by the South African Institute of Chartered Accountants (SAICA) at the request of the JSE Limited (JSE). The JSE Listings Requirements require the calculation of headline earnings and disclosure of a detailed reconciliation of headline earnings to the earnings numbers used in the calculation of basic earnings per share in accordance with the requirements of IAS 33 – Earnings per Share. Disclosure of headline earnings is not a requirement of International Financial Reporting Standards (IFRS).
Click here to download the Circular:
Relevance to Auditors, Independent Reviewers & Accountants:
- JSE Reporting Requirements is legislation/rules/regulations that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- Accountants must be able to calculate and disclose Headline Earnings accordingly.
- As an auditor, independent reviewer and accountant, you need to be aware of the latest updates/guides/publications issued by relevant professional bodies and regulators.
Relevance to Your clients:
- Entities listed on the JSE must be aware of and comply with the reporting requirements.
- Accountants must be able to calculate and disclose Headline Earnings accordingly.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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https://cpd.accountingacademy.co.za.