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Which Three South African Bodies That Were Instrumental In Aligning South African Financial Reporting Standards With The Rest Of The World?

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Aidan McCartney answered
The South African Institute of Chartered Accountants (SAICA), the Financial Reporting Standards Council and the Department of Trade and Industry were the three main bodies responsible for bringing South African financial trading in line with the rest of the world.

It was an on-going process throughout the 90s which started in 1992 with the dismantling of apartheid, through to establishing the new constitution in 1996.

Throughout this process, the SAICA were at the forefront as the country's economy became aligned with the outside world using internationally recognised standards that would allow South Africa to take its place in the international economy on a sound footing.

Seven of South Africa's top trading partners are in Western Europe, with the country's historical ties to the United Kingdom and Netherlands having a major impact in the ease with which financial reporting standards became internationally recognised.

With close liaison between the three bodies, and with the full backing of the government, South Africa was able to work quickly towards international standards which helped bring the economy up to date after the years of sanctions imposed against the apartheid regime.

International goodwill was plentiful towards the new government with the charismatic President Nelson Mandela generating enormous respect. South Africa's re-introduction to the world economy brought great benefits to tourism as the international community became reacquainted with an English speaking nation with enormous potential.

Thanks to the hard work and overlapping of the Department of Trade and Industry, international standards were quickly applied to South Africa as the economy quickly grew and developed without the restrictions imposed during the years of sanctions imposed against apartheid.

The continuing vigilance of all three bodies has ensured that South Africa has been quickly accepted into the international economic community allowing the economy to develop and prosper.

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