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AGENDA FOR THE FINANCIAL REPORTING STANDARDS COUNCIL (FRSC)

DATE OF THE MEETING : 8 MAY 2013

TIME : 09:00 – 14:00

VENUE : NATIONAL EMPOWERMENT FUND

OFFICES

187 RIVONIA ROAD

MORNINGSIDE, SANDTON

CHAIRPERSON OF THE FRSC : Jeff van Rooyen

DEPUTY CHAIRPERSON OF THE FRSC : Christine Ramon

FRSC MEMBERS

Johan Brink : Company Law Specialist

Dawood Seedat : Nominated by the Financial Services Board

Linda de Beer : Nominated by the Johannesburg Stock Exchange

Naidene Ford-Hoon : Nominated by the South African Reserve Bank

Bruce Mackenzie : Preparer of private company financial statements

Khaya Dludla : Preparer of private company financial statements

Dawn Earp : Preparer of public company financial statements

Dumisani Manana : Registered and practicing as an auditor

Garth Coppin : Registered and practicing as an auditor

Kim Bromfield : Registered and practicing as an auditor

Suresh Kana : Registered and practicing as an auditor

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DEPARTMENT OF TRADE AND INDUSTRY, COMPANIES AND INTELLECTUAL PROPERTY COMMISSION (CIPC) AND THE SECRETARIAT

Zodwa Ntuli (DDG) : The Department of Trade and Industry

Busisiwe Ngwenya : The Department of Trade and Industry

Tumelo Baleni : The Department of Trade and Industry

Desmond Ramabulana : The Department of Trade and Industry

Mukona Mphidi : The Department of Trade and Industry

Ntombikayise Sithole : The Department of Trade and Industry

Rory Voller : Deputy Commissioner (CIPC)

Divyesh Joshi : PricewaterhouseCoopers

Bongeka Nodada : The South African Institute of Chartered

Accountants

AGENDA PREPARED BY Bongeka Nodada May 2013

AGENDA REVIEWED AND APPROVED BY Chairperson of the FRSC May 2013

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Time allocation

Agenda Papers

1. WELCOME AND INTRODUCTION To WELCOME members present and NOTE apologies.

Chairperson

1 minute

2. ETHICS To CONSIDER any ethical issues and declare any interest or perceived conflicts of interest.

Chairperson

1 minute

3. REPORT BACK FROM THE IFRS FOUNDATION TRUSTEES’ MEETING HELD ON 11 APRIL 2013 To PROVIDE a VERBAL REPORT BACK from the IFRS Foundation Trustees’ meeting held on 11 April 2013.

Prof Wiseman Nkuhlu/Chairperson

15 minutes

4. UPDATE FROM THE DTI 4.1 To PROVIDE a STATUS UPDATE on the IFRS Foundation

contribution for the 2012/2013 fiscal period. Chairperson/Deputy Chairperson

4.2 To PROVIDE a STATUS UPDATE on the IFRS Foundation

contribution for the 2013/2014 fiscal period. Tumelo Baleni

4.3 To PROVIDE a STATUS UPDATE on the FRSC vacancies.

Busisiwe Ngwenya

5 minutes 5 minutes 5 minutes

5. PREVIOUS MINUTES AND MATTERS ARISING

5.1 To CONSIDER and APPROVE minutes of the FRSC meeting held on 22 February 2013.

Chairperson 5.2 To NOTE matters arising from the FRSC meeting held on 22

February 2013 not dealt with elsewhere on the agenda. Chairperson

15 minutes 20 minutes

Agenda Paper 1 Agenda Paper 2

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6. INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) AND THE FRSC WORK PLAN 6.1 To NOTE the IASB work plan as at 30 April 2013.

Divyesh Joshi

6.2 To NOTE the FRSC work plan. Bongeka Nodada

5 minutes 5 minutes

Agenda Paper 3 Agenda Paper 4

7. EXPOSURE DRAFTS CURRENTLY ISSUED BY THE IASB FOR PUBLIC COMMENT 7.1 To NOTE ED/2013/2 – Novation of Derivatives and continuation

of hedge accounting - Proposed amendments to IAS 39 - Financial Instruments: Recognition and Measurement and IFRS 9 - Financial Instruments (comment deadline was 2 April 2012).

7.2 To NOTE that SAICA comment letter on ED/2013/2 – Novation

of Derivatives and continuation of hedge accounting - Proposed amendments to IAS 39 - Financial Instruments: Recognition and Measurement and IFRS 9 - Financial Instruments.

7.3 To NOTE ED/2013/3 – Financial Instruments: Expected Credit

Losses (comment deadline is 25 July 2013). 7.4 To NOTE ED/2013/4 – Defined Benefit Plans: Employee

Contributions – Proposed Amendments To IAS 19 – Employee Benefits (comment deadline is 25 July 2013).

7.5 To NOTE the Request for information on Rate Regulation

(comment deadline is 30 May 2013). 7.6 To NOTE ED/2013/5 – Regulatory Deferral Accounts

(comment deadline is 30 May 2013). Divyesh Joshi

7.7 To CONSIDER and DETERMINE whether to draft FRSC

comment letters. Chairperson

60 minutes

Agenda Paper 5 Agenda Paper 6 Agenda Paper 7 Agenda Paper 8 Agenda Paper 9 Agenda Paper 10

8. FINANCIAL REPORTING INVESTIGATIONS PANEL (FRIP) AND THE FRSC To CONSIDER and DISCUSS the relationship between the work of the FRIP and the FRSC.

Garth Coppin

20 minutes

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9. INTEGRATED REPORTING To CONSIDER and DISCUSS the relationship between the work of the International Integrated Reporting Council and the FRSC.

Chairperson

10 minutes

Agenda Paper 11

10. REPORT BACK FROM FRSC SUB-COMMITTEE MEETINGS

10.1 To PROVIDE a STATUS UPDATE from the communications sub-committee.

Khaya Dludla

10.2 To PROVIDE a STATUS UPDATE from the sub-committee to formulate the FRSC funding model.

Dumisani Manana

10.3 To PROVIDE a REPORT BACK from the sub-committee meeting held to draft the FRSC due process handbook.

Suresh Kana/Divyesh Joshi

25 minutes

11. OFFSETTING OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES: AMENDMENTS TO IAS 32 – FINANCIAL INSTRUMENTS: PRESENTATION

To NOTE and CONSIDER the need for publishing guidance in South Africa to deal with the legal issues that could arise when applying Offsetting of Financial Assets and Financial Liabilities: Amendments to IAS 32 – Financial Instruments: Presentation.

Kim Bromfield/Johan Brink

10 minutes

12. STATUS UPDATE ON THE AMENDMENTS TO THE COMPANIES ACT REGULATIONS To PROVIDE a STATUS UPDATE on the amendments to the Companies Act Regulations.

Johan Brink/Rory Voller

5 minutes

13. REPORT BACKS FROM INTERNATIONAL MEETINGS

13.1 To PROVIDE a REPORT BACK from the meeting held with the UK Financial Reporting Standards Council in April 2012.

Chairperson/Dumisani Manana

13.2 To PROVIDE a VERBAL REPORT BACK from the International Forum of Accounting Standard Setters (IFASS) meeting held in Brazil on 17 and 18 April 2013.

Garth Coppin

10 minutes 10 minutes

Agenda Paper 12

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13.3 To PROVIDE a VERBAL REPORT BACK from the IFRS

Advisory Council on 25 and 26 February 2013 in London. Bruce Mackenzie

13.4 To PROVIDE a VERBAL REPORT BACK from the meeting of

the IASB Emerging Economies Group meeting held on 4 and 5 December 2012 in Brazil.

Kim Bromfield

13.5 To PROVIDE a VERBAL REPORT BACK from the meeting of the Accounting Standards Advisory Forum (ASAF) held on 8 and 9 April 2013.

Kim Bromfield

10 minutes 10 minutes 10 minutes

14. GENERAL

To NOTE other matters not dealt with elsewhere on the agenda. Chairperson

10 minutes

15. FUTURE MEETINGS

The proposed FRSC meeting dates are set out below:

• Wednesday 28 August 2013 from 09:00 – 14:00 at National Empowerment Fund Offices;

• Wednesday 27 November 2013 from 09:00 – 14:00 at National Empowerment Fund Offices.

Chairperson

16. CLOSURE

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