JSE LIMITED - GEN - General Financial Reporting Investigation Panel (FRIP) change in chairmanship

GEN - General Financial Reporting Investigation Panel (“FRIP”) change in chairmanship

GEN – General – Financial Reporting Investigation Panel (“FRIP”) change in
chairmanship

The FRIP (previously called the GAAP Monitoring Panel)   was formed in 2002 by the
JSE as a joint venture with SAICA, as an advisory body   to the JSE to enhance and
enforce financial statement compliance with IFRS. It      comprises a panel of 16
IFRS experts, and since its inception has been chaired   by Prof. Harvey Wainer of
the University of the Witwatersrand.

Under Prof. Wainer’s leadership, the FRIP considered approximately 50 separate
cases. Its advice to the JSE has played an invaluable role in improving
financial reporting in South Africa, and the results of the investigations have
in certain instances, affected the financial reporting of virtually all of the
listed companies on the JSE (and also contributed to necessary changes in IFRS).

In line with the principles of good corporate governance, after more than a
decade at the helm, Prof Wainer has decided to retire from the FRIP, effective
31 December 2013. The JSE and SAICA would like to express their gratitude to
Prof. Wainer for the years of dedication and service. IFRS reporting in South
Africa is highly regarded internationally - South Africa is consistently ranked
number 1 in the world for financial reporting in the World Economic Forum's
Global Competitiveness Report, and we believe that this is, in part, due to Prof
Wainer’s contribution to IFRS enforcement through his leadership of the FRIP.

The JSE and SAICA are pleased to advise that, effective 1 January 2014 the new
chair of the FRIP will be Linda de Beer. Linda has IFRS experience as a
standard-setter, in her previous role of Senior Executive: Standards at the
SAICA and her current membership of the Financial Reporting Standards Council;
as lecturer at a post graduate level in Financial Accounting as well as ongoing
practical exposure to IFRS as chairman of a number of audit committees.


Sandton
7 November 2013

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