Companies' financial statements improving

There have been significant improvements in the financial statements of South African companies over the past 12 years, some as a result of the increased requirements of accounting standards.

So says UCT's Professor Alex Watson (left) on the latest Department of Accounting rankings of financial statements done on behalf of auditing firm Ernst & Young.

Watson and her team of Professor Mark Graham and Goolam Modack recently completed the department's 12th annual assessment of the financial statements of the country's largest listed companies and parastatals. The rankings are based on the quality of the corporate report, which includes the financial statements and additional information provided to explain their performance. Standard Bank Group pipped Sasol as the top organisation in the standings.