SA Statements & Interpretations of Statements of GAAP

Last Updated Thursday, September 20, 2018 2:17:05 PM

Statements of Gaap Reference Numbers & SA Statements & Interpretations of Statements of Gaap

Statements of GAAP Reference Numbers

Statements of GAAP are the exact replica's of relevant IFRSs approved by the Accounting Practices Board (APB). To indicate this, every Statement of GAAP has a dual numbering system to refer to both the IFRS and the Statement of GAAP numbers. In terms of the Companies Act No .71 of 2008, a body known as the Financial Reporting Standards Council (FRSC) was established and in consultation with the APB it was agreed that Statements of GAAP be withdrawn in respect of financial years commencing on or after 1 December 2012.

Please click here to access the Statements of GAAP Reference Numbers.

SA Statements & Interpretations of Statements of GAAP

In certain instances a need exists for the AC 100-series of Statements of GAAP to be interpreted for specific aspects, transactions or other issues that only occur in the South African context, as such aspects, transactions or other issues are not specifically or clearly addressed in either AC 100s or AC 400s. In such circumstances AC 500-series are issued to address those South African specific issues.


  • AC 500 – Preface to South African Statements and Interpretations of Statements of GAAP (Issued November 2003) (17Kb PDF)
  • AC 501 – Accounting for Secondary Tax on Companies (STC) (Issued November 2003) (30Kb PDF)

Note: The FRSC has proposed changes to the Companies Act Regulations (Regulations) to make provision for the withdrawal date of Statements of GAAP (SA GAAP) and to create Financial Reporting Pronouncements (FRPs) which can be issued by the FRSC.  It was envisaged that the AC 500-series of SA GAAP would be issued as FRPs by the FRSC to ensure consistency and continuity of financial reporting, especially but not limited to listed companies.  As the Regulations have not been amended, SAICA's Accounting Practices Committee (APC) has reissued those AC 500-series that remain relevant as SAICA Financial Reporting Guides, the only amendments being to delete references to SA GAAP and deleting the effective date and transition sections.  In the interim, the JSE has amended the Listings Requirements to make reference to the SAICA Financial Reporting Guides.

The SAICA financial reporting guides can be downloaded from the SAICA website