Johannesburg Stock Exchange Proactive Monitoring Of Financial Statements Report Released

The JSE wishes to announce that is has published a report which provides an overview of the proactive monitoring activities in 2011. This report is available on the JSE website at http://www.jse.co.za/How-To-List/Main-Board/Listing-requirements.aspx
 
In February 2011 the Johannesburg Stock Exchange (JSE) announced that it would commence a process of reviewing Annual Financial Statements for compliance with International Financial Reporting Standards (IFRS).
 
The integrity of financial information is a critical element of a well functioning market. The objective of the review process is therefore to contribute towards the production of quality financial reporting of entities listed on the JSE.
 
This report is of interest to all market participants, including issuers, investors, auditors, other regulators and the general public. It sets out the important points which came to the JSE’s attention during the year with a view to assisting issuers when they prepare their next set of accounts.
 
Under the proactive review and monitoring process, the financial statements of every listed company will be reviewed at least once every five years, in addition to any other queries arising from public or other complaints. Previously reviews were conducted on the JSE’s own initiative or upon the JSE receiving a query or complaint.
 
World Economic Forum (WEF) Global Competitiveness report for 2011-2012 ranks South Africa first out of 142 countries for its regulation of securities exchanges. This is the second successive year that South Africa achieved this ranking.