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Specific Financial Reporting

Specific Financial Reporting constitutes reporting of financial information which is specific to the entity.

Specific Financial Reporting can include:

  • Government Assistance – International Accounting Standard (IAS) 20
  • Financial Instruments – IAS 32
  • Borrowing Costs – IAS 23
  • Employee Benefits – IAS 19
  • Earnings per share – IAS 33
  • Leases – IAS 17
  • Segment Reporting – IFRS 8
  • Related Parties – IAS 24

Government Grants

Government sometimes find it necessary to promote policies, thereby issuing grants in cash or assets to parties/entities who comply with certain requirements and conditions.

This type of government assistance takes the form of subsidies for example, training programmes for employees (creating employment opportunities), farming assistance during drought conditions etc.

Types of government grants:

  • Asset-based grants
  • Income-based grants
  • Grants related to loans

The Department of Trade and Industries announced that cash incentives will be given to new and existing industries in South Africa (see www.governmentgrants.co.za).

Government grants are mainly issued to the Tourism and Manufacturing Industries.

Borrowing Costs

Borrowing costs are costs incurred by an enterprise that related to the borrowing of funds. The rule is that borrowing costs must be directly attributable to a qualifying asset (inventories, manufacturing plants, intangible assets).

All expenses with regards to the qualifying assets which are directly attributable to the acquisition, construction or production of an asset is being capitalized until such time that the asset is ready for its intended use or sale.

Borrowing Costs are categorized as follows:

  • Specific loans
  • General Loans
  • General pool of funds

Employee Benefits

Categories of Employee Benefits:

  • Short term Employee Benefits (include wages, salaries, social security contributions, paid annual leave, paid sick leave, bonuses, medical care, housing etc)
  • Post Employment Benefits (such as pensions, retirement benefits etc)
  • Long term Employee Benefits
  • Termination Benefits

Earnings per Share

Earnings and dividends per share are widely used by investors and analysts of financial statements to analyze the profitability of a company.

This Standard is mainly applicable to entities listed on the JSE. Entities whose shares are not publicly traded are not required to disclose earnings per share.


Types of leases:

  • Operating Lease
  • Finance Lease

Leases are being reported according to classification where relevant notes as to a financial asset or financial liability are being measured, and the agreement is disclosed.

For additional information, or to request a free, no-obligation, informative evaluation of your accounting system/software, Contact us today, or complete our online quote system


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