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JSE: Proposed financial reporting disclosure requirements
- 22 November 2022
- Accounting
- South African Accounting Academy
The Annual Improvement Project mainly aims to propose amendments to the Debt Requirements, where the JSE has determined that (i) certain provisions in the Debt Requirements require more clarity/context and/or (ii) there is ambiguity in the interpretation which needs to be remedied. New proposed amendments to the Debt Requirements are intentionally limited.
There was overwhelming support for the JSE to proceed with (i) the introduction of dual class share structures, (ii) the reduction of the free float for new listings and (iii) the inclusion of fund managers and portfolio managers, holding 10% or more in the applicant issuer on listing, in the free float assessment. The JSE is therefore proposing to amend the free float assessment in the JSE Listings Requirements.
This October 2022 announcement consists of:
- Consultation Paper Proposals: Explanatory Memorandum and Amendment Schedule
- Financial Report Disclosures: Explanatory Memorandum and Amendment Schedule
- Debt Listings Requirements - Annual Improvement Project: Explanatory Memorandum and Amendment Schedule
The JSE invites comments on the proposed amendments by close of business on 30 November 2022, and comments can be sent to [email protected].
Click here to download the Amendments:
https://www.jse.co.za/regulation/companies-issuer-regulation
Relevance to Auditors, Independent Reviewers & Accountants:
- Your relevant clients should take heed of proposals published by the JSE as a regulator.
- These clients have to comply with the Listings Requirements and Debt Listings Requirements.
- You need a good working knowledge of these requirements. The Amendment Schedule to the proposal includes explanatory notes, to guide the reader through the amendments across the various sections in the Requirements. As such, it will be far simpler to follow the proposed amendments through the Amendment Schedule.
- As their auditor, you need to evaluate their compliance with relevant laws and regulations, and fulfil your reporting obligations in respect of NOCLAR, where applicable.
Relevance to Your clients:
- Your relevant clients should take heed of proposals published by the JSE as a regulator.
- They have to comply with the Listings Requirements and Debt Listings Requirements.
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