Abstract:
Over the last few years a number of changes have been noted in the South African accounting profession. An improvements project was undertaken by the International Accounting Standards Board that changed a number of International Financial Reporting Standards (IFRS). These changes to international standards were also effected by the South African Institute of Chartered Accountants (SAICA) to South African accounting standards. SAICA also undertook a project to align the South African standards with IFRS. South African Statements of Generally Accepted Accounting Practice (SA GAAP) is now an exact replica of IFRS. The South African standard on income taxes has also been aligned with the international standard on income taxes. The objective of this study was to determine the extent that companies listed on the JSE Limited complied with the income tax presentation and disclosure requirements in their annual financial statements. The outcome of this study was also compared with a similar study conducted in 2002. The results of the study show that companies do comply with presentation and disclosure requirements to a great extent. There is, however, definite room for improvement. In some cases the extent of compliance has improved since the study conducted in 2002. In other cases it has worsened.
