PAFA Bullettin August

1.1. NOTES FROM THE EDITORS

It is courage that makes us great and using every opportunity to learn and become better that breeds success. In this issue of PAFA, we include new developments within IFRS, specifically relating to the new Conceptual Framework which is challenging us to think in new and innovative ways about how and why we are accounting for certain elements. Also, attached to this PAFA you will find a pocket guide to IFRS 15: Revenue from contracts with customers. Also included is a summary of the JSE report on the maintaining of financial statements. Even though this is mostly relevant to companies listed on the Johannesburg Stock Exchange, we see the findings of the report as best practise guidance which will improve the way entities report in terms of IFRS.

“Success is not final, failure is not fatal: it is courage to continue that counts.”  - Winston Churchill

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