JSE LIMITED - GEN General - Johannesburg Stock Exchange Circular 2/2013 Headline Earnings

GEN – General - Johannesburg Stock Exchange –Circular 2/2013 –Headline Earnings

GEN – General - Johannesburg Stock Exchange –Circular 2/2013 –Headline Earnings

Circular 2/2013 – Headline Earnings

The Headline Earnings Circular is issued by the South African Institute of Chartered
Accountants (“SAICA”) at the request of the JSE. The JSE Listings Requirements (the
“Requirements”) require the calculation of headline earnings and disclosure of a detailed
reconciliation of headline earnings to the earnings numbers used in the calculation of basic
earnings per share in accordance with the requirements of IAS 33 – Earnings per Share.
The incorporation of Circular 2/2013 – Headline Earnings into the Requirements will
constitute an amendment to the Requirements and therefore must comply with the
amendment process pursuant to the provisions of the Financial Markets Act No 19 of 2012.
Until such time that the Circular 2/ 2013 – Headline Earnings is formally incorporated in
the Requirements, the Circular is released for voluntary early adoption and is effective for
financial periods ending on or after 31 July 2013.
The revisions contained in Circular 2/2013 reflect new IFRSs/amendments to
IFRSs/Interpretations issued from 30 April 2009 to 30 April 2013. Furthermore changes were
introduced to clarify certain aspects specifically:

(i) IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, where there is a
    change in a plan with regard to an asset or group of assets held for sale.
(ii)                                         IAS 16 – Property, Plant and Equipment/IAS 38 –
       Intangible Assets for the subsequent measurement of the compensation receivable.
(iii) IAS 17 – Leases has been added for completeness.
(iv) IFRIC 1 – Changes in Existing Decommissioning, Restoration and Similar Liabilities,
     IFRIC 18 – Transfers of Assets from Customers and SIC 25 – Income Taxes – Changes in
     the Tax Status of an Entity or its Shareholders, have been added for completeness
     because these interpretations deal with re-measurements not already included in the
     underlying standard (Interpretations dealing with disclosure issues alone have not been
     added to the rule table).


SAICA     has    issued     Circular    2/2013     which        can    be     viewed      at
www.saica.co.za/Technical/Financial Reporting/Circulars.

14 August 2013

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