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The Financial Reporting Standards Council

The FRSC was formed in October 2011 and is the legally constituted financial reporting standard-setter for companies in South Africa. The FRSC was established by the Minister of Trade and Industry in terms of section 201 of the Companies Act, Act no 71 of 2008, and has the following responsibilities in terms of section 204 of the Companies Act:

• to receive and consider any relevant information relating to the reliability of, and compliance with financial reporting standards and to adapt international reporting standards for distinctive local circumstances;
• to advise the Minister of Trade and Industry on financial reporting standards matters; and
• to consult with the Minister of Trade and Industry on regulations establishing financial reporting standards.

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