Accounting in South Africa

Overview by

Accounting System

Accounting Standards
Accounting principles are very strict in South Africa and in accordance with International Accounting Standards Board.
Accounting Regulation Bodies
ASB, Accounting Standards Board
SAICA, South African Institute of Chartered Accountants
Accounting Law
Visit the South African Revenue Service 's webiste.
Difference Between National and International Standards (IAS/IFRS)
The process to harmonize South Africa 's accounting standards with international standards was completed in 2001. For more details, visit: as well as the website of the Accounting Standard Board. This board  develops and issues local accounting standards.
Accounting News
Accountancy SA
South Africa Accounting News

Accounting Practices

Tax Year
The tax year begins on 1 March and ends on the final day of February the following year
Accounting Reports
In accordence with international accounting rules, the accounting structure is as follow: the balance sheet, the profit and loss account and the notes to the accounts.  For more information, you can consult the Guide (See pages 24-28) published by the Accounting Standards Board.
Publication Requirements
All the companies must hold their accounts in English, these recordings must include: capital and obligations of the company, the fixed assets register, the incomes, the annual stock report, a summary of the goods sold and bought.
Moreover, they have to produce their annual financial statement. It must contain the balance sheet and the annexes, a report on the incomes with annexes, a report made authentified by the director, a report authentified by the executives and a profit and loss account.

Accountancy Profession

A Chartered Accountant  provides services related to accounting & financial analysis, auditing, taxation, cost accountancy, etc. In order to become a certified Chartered Accountant (CA), one needs to pass an examination conducted by t he College of Chartered Accountants .


The accountant is responsible for the legal obligations of the company in regards to accounting. As one of South Africa's foremost accountancy institutes, the South African Institute of Professional Accountants (SAIPA), plays a very important role in ensuring that its members are able to optimise their accountancy practices or add value to their employers in the corporate world. To find an accountant in South Africa, you can consult: Findanaccountant.

Professional Accountancy Bodies
SAICA, South African Institute of Chartered Accountants
SAIPA, South African Institute of Professional Accountants
Member of the International Federation of Accountants (IFAC)
Both SAICA and SAIPA are member of the International Federation of Accountants (IFAC).
Member of Other Federation of Accountants
One of the South African Accounting Standard Board (ASB)'s goals is to harmonise with other standard setters in establishing generally accepted accounting standards. To that end, the CEO of the ASB represents South Africa on the International Public Sector Accounting Standards Board (IPSASB) . South Africa is also currently represented at the International Financial Reporting Interpretations Committee (IFRIC).



South Africa is a member of the The Eastern Central and Southern African Federation of Accountants (ECSAFA).

Audit Bodies
The companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization.
You can consult an external auditor: Independent Regulatory Board for Auditors (IRBA) ; ERNST & YOUNG in South Africa ; KMPG in South Africa ; PRICEWATERHOUSECOOPERS in South Africa

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