Changes to accounting standards discussed

BOB Garnett, a member of the International Accounting Standards Board (IASB), recently visited the Department of Accounting for a seminar cum workshop on proposed changes to the international and local accounting standards.

Garnett, who commutes between his home in Johannesburg and the IASB's headquarters in London, was in Cape Town as part of a broader visit to bring the local accounting community up to speed with developments flowing from the IASB's improvement project. "This has particular reference for South Africa as the country closely follows international standards," Garnett noted.

He pointed out that companies listed on the stock exchanges in Europe and the United Kingdom would all comply with international accounting standards by the year 2005. Pressure to comply with international accounting standards was also likely to increase for South African companies, particularly those operating in an international market.

His visit presented UCT with an important opportunity to make a direct input regarding the international standard-setting process.

"We're delighted Bob made time to see us, despite his schedule," said Professor Geoff Everingham of the Department of Accounting.

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