Changes made to the Headline Earnings Circular
The following notice was issued by The South African Institute of Chartered Accountants (SAICA) on 6 June 2013:
The South African Institute of Chartered Accountants (SAICA) has, at the request of the JSE Limited (JSE), issued an exposure draft on the proposed changes to its previous Headline Earnings Circular, Circular 3/2012 for South African companies. The amendments made to Circular 3/2012 deal largely with new/amended/revised IFRSs or IFRIC Interpretations issued since April 2009. A few other changes were made in order to remove uncertainty that existed in the market place.
Furthermore, the revisions to the Headline Earnings Circular clarify how the re-measurements through profit or loss should be treated in headline earnings for the relevant IFRICs/SICs and this guidance had not previously been included in the detailed rules table.
It is proposed that the revised Headline Earnings Circular will be effective for financial periods (interim and/or annual periods) ending on or after 30 June 2013 and will be applicable for all results published by 1 August 2013 or the date on which the revised Circular is issued. Early application is permitted.
Comments on the changes made to the Headline Earnings Circular and specifically on the questions raised in the exposure draft are welcome by no later than 8 July 2013.
The exposure draft has been issued as ED 333 – Headline Earnings, and can be downloaded from the SAICA website.
The original article as well as links to the relevant ED can be accessed from https://www.saica.co.za/News/MediaKit/Publications/ElectronicNewsletters/StandardsandLegislation6June2013/ChangesmadetotheHeadlineEarningsCircular/tabid/3145/language/en-US/Default.aspx?Reference_ID=25888835.
Source: The South African Institute of Chartered Accountants.