The International Accounting Standards Board (IASB) has published an Exposure Draft proposing a narrow amendment to the IFRS (International Financial Reporting Standards) for SMEs (small and medium-sized enterprises) Accounting Standard. 

The proposal would introduce a consolidation exemption for certain intermediate parent entities. 

Under the draft, the exemption would apply where a parent or ultimate parent is an investment entity that does not prepare consolidated financial statements. 

Instead, that parent would present financial statements in which its subsidiaries are measured at fair value through profit or loss under IFRS 10 Consolidated Financial Statements. 

The proposal follows a recommendation from the SME Implementation Group. The issue was raised after the group received a question about the application of the exemption from presenting consolidated financial statements in paragraph 9.3 of the IFRS for SMEs. 

That question asked whether SMEs could use the exemption when their ultimate or intermediary parent is an investment entity that does not present consolidated financial statements. 

The SME Implementation Group then referred the matter to the IASB, which decided to propose a targeted amendment to the standard. 

According to the IASB, the change is intended to give eligible SMEs the same cost savings available to similar entities applying full IFRS Accounting Standards. 

The consultation is open for comment until 9 September 2026. 

If approved, the amendment would take effect for periods beginning on or after 1 January 2027. 

The IASB has also proposed that SMEs apply the amendment at the same time, and on the same basis, as they apply the third edition of the standard. 

The International Federation of Accountants (IFAC) and the South African Institute of Chartered Accountants (SAICA) have announced that the World Congress of Accountants (WCOA) will be held in Cape Town in November 2028. 

The event is organised every two years and brings together members of the accountancy profession from jurisdictions around the world. 

It is the first time in the congress’s 124-year history that the event will take place in Africa. 

The announcement comes as the profession prepares for the 2026 WCOA in Seoul, South Korea, this November. 

WCOA 2028 will be held alongside the IFAC’s Annual Council Meeting, in line with the 2026 Congress. 

The event will include plenary sessions, expert panels and networking sessions for in-person participants. 

Those expected to attend include government officials, leaders from IFAC professional accountancy organisations, multilateral and development agencies, professional services companies, regulators, representatives from business and investor groups, and standard-setters. 

IFAC chief executive Lee White said: “Cape Town is a dynamic, diverse and globally connected city, an outstanding choice for WCOA 2028. This Congress will spotlight the accountancy profession’s role in driving trust, sustainability and innovation in an increasingly complex world. We are honoured to partner with SAICA to create an event that inspires our profession and equips our society for a better future.” 

SAICA CEO Patricia Stock said: “Securing WCOA 2028 is both a validation of our standing as a professional body deeply committed to serving the public interest, and a powerful affirmation of South Africa’s appeal as a premier destination for global business, tourism and investment. 

“Our CA(SA) designation was recently voted the #1 most trusted designation by renowned research body Edelman DxI in 2025, following similar success in 2023. Hosting this congress allows us to leverage trust to drive conversations on transparency, ethical leadership and the role of the profession in building resilient economies.” 

The United Arab Emirates’ (UAE) Ministry of Finance (MoF) has held a second awareness session on the national eInvoicing regime, in partnership with the Federal Tax Authority (FTA) and Dubai Chambers. 

The session drew more than 500 representatives from private sector companies and was attended by senior government officials. 

It outlined the eInvoicing system’s objectives and how it supports the UAE’s wider digital transformation agenda by increasing efficiency, transparency and accuracy in financial transactions. 

Attendees were also briefed on how to select Accredited Service Providers through the EmaraTax platform, and on the technical path for system integration and go‑live. 

MoF Under-secretary Younis Haji AlKhoori said: “The eInvoicing system provides a clear framework for strengthening the readiness of the UAE’s financial ecosystem by leveraging digital solutions to streamline transactions and improve data quality, thereby supporting a more transparent and efficient business environment. 

“The UAE’s successful activation of the ‘4-Corner’ model marks a key milestone in the system’s rollout, enabling companies to exchange invoices electronically through the system and select an Accredited Service Provider via the EmaraTax platform, in preparation for completing integration and commencing secure and efficient invoice exchange. 

“This forms part of the final UAE 5-Corner Model implementation, with the 5th corner to be introduced in the next phase.” 

He added that the platform has been built to mirror recognised global standards, with a focus on interoperability between systems, better quality data and reduced manual handling. 

UAE FTA director-general Abdulaziz Mohammed Al Mulla stressed that the briefing is one in a sequence of educational and training activities intended to offer technical assistance and clarify requirements for parties involved in adopting eInvoicing. 

Authorities also outlined a phased implementation strategy to give companies time to prepare and ensure alignment with the legal framework governing eInvoicing. 

The next milestone will be the launch of a pilot phase in July 2026, when selected companies will begin testing requirements and integration in a controlled environment.

Kenya has enacted changes to its tax laws that exempt capital gains tax (CGT) on certain internal company reorganisations. 

The changes took effect after President William Ruto assented to the Income Tax Act at State House in Nairobi. 

According to the government, the new Income Tax Act is designed to rationalise how CGT is administered, with the stated goal of aligning Kenya’s system with international practices and established taxation principles. 

Under the changes, CGT will not apply to transfers of property carried out as part of internal corporate reorganisations where there is no actual economic gain or no third-party transaction. 

The amendment is intended to support smoother business restructurings and promote tax neutrality in such transactions. 

It will also “preserve the tax base” by ensuring that taxation occurs only when there is a genuine external realisation of value. 

Alongside the Income Tax Bill, President Ruto also signed into law the Special Economic Zones (Amendment) Bill and the Technopolis Bill. 

The amended Special Economic Zones Act broadens the definition and scope of Special Economic Zones (SEZs) to cover, among others, oil and gas zones. 

It also seeks to standardise the tax incentives granted to companies operating within SEZs. 

The Technopolis Act provides a unified legal framework for developing and governing technopolises in the country. 

It creates the Technopolis Development Authority as the successor to the Konza Technopolis Development Authority, assigning it responsibility for planning, developing and managing technopolises across Kenya. 

Through these laws, the government aims to draw international investment, skilled labour and technological innovation, and support Kenya’s efforts to position itself as a knowledge-based digital economy. 

The Institute of Public Accountants (IPA) has said that Australia’s 2026 federal budget relied on “piecemeal” tax fixes. 

The accountancy body made the observation after Treasurer Jim Chalmers presented the federal budget on 12 May. 

It added that the budget falls short of the broader reform needed to lift productivity, encourage investment and strengthen Australia’s long-term fiscal position. 

IPA CEO Andrew Conway said: “This Budget opts for short-term wins while leaving the tax settings that drive productivity and long-run growth largely untouched. 

“A serious budget should make it easier to invest, easier to grow a business and easier to reward effort. This one stops short of that test. 

“Tax choices must be weighed against mounting fiscal pressure. With spending demands rising across health, aged care and disability services, Australia needs policy settings that build resilience and confidence – not more complexity.” 

In its budget, the Australian Government announced that it will replace the 50% capital gains tax (CGT) discount with an inflation-based discount and introduce a minimum 30% tax on gains from 1 July 2027. 

The changes are designed to ensure investors are taxed only on real gains after inflation. 

The reforms will apply only to gains that accrue from 1 July 2027. Investors in newly built properties will be able to opt to keep the existing 50% discount or move to the new arrangements. 

Conway added: “With respect to capital gains tax, any change should be considered as part of a broader and coherent package, particularly where investment settings affect housing, business formation and the flow of capital across the economy. 

“Tax policy should remain as neutral and simple as possible so that investment is directed to its most productive use.” 

The government also announced that it is cutting taxes for working Australians. 

It is introducing a A$250 Working Australians Tax Offset from 2027–28, delivering an ongoing annual tax cut for more than 13 million Australian workers. The measure comes in addition to the three tax cuts already legislated and the proposed A$1,000 instant tax deduction. 

“On the proposed A$1,000 standard deduction for work-related expenses, the measure will benefit some taxpayers, but clear communication will be essential because it is a deduction from taxable income rather than a cash refund, and many workers with higher legitimate expenses may still be better off claiming under the existing rules,” Conway stated. 

The Institute of Singapore Chartered Accountants (ISCA) has set up a new taskforce to strengthen Singapore’s financial reporting and improve investor confidence. 

The Strengthening Financial Reporting Taskforce was introduced at the ISCA Value Unlock Forum, organised with Singapore Exchange. 

In a statement, the ISCA said the taskforce will be chaired by Singapore Institute of Management Group chairman Euleen Goh. The group includes leaders from business, financial institutions, academia, professional services and investor circles. 

The taskforce will explore how companies can better convey financial results, key risks and long-term value creation to their audiences. 

It will also look at how Singapore can retain high standards of governance, transparency and accountability as business conditions evolve. 

Goh said: “Financial reporting has always been the language of business. As markets evolve, it must speak more clearly and more usefully to the stakeholders who rely on it. 

“The taskforce will take a practical and holistic look at how Singapore can raise the bar so that companies communicate value and insights with the confidence and clarity that investors and the market expect.” 

The ISCA said the initiative comes as Singapore continues to reinforce its capital markets and business ecosystem. 

Recent national efforts, such as the Accountancy Workforce Review Committee and the Monetary Authority of Singapore’s Equities Market Review, have underlined the importance of credible financial reporting, strong professional skills and sustained investor trust. 

The formation of the taskforce also coincides with ongoing discussions on lowering compliance costs for smaller entities, including the Accounting and Corporate Regulatory Authority’s review of the audit exemption framework. 

The ISCA noted that, irrespective of any changes to that framework, sound financial reporting, capable finance teams and effective internal controls remain central to maintaining confidence among investors, creditors and other stakeholders. 

ISCA president Lee Boon Teck said: “As Singapore’s national accountancy body, ISCA believes professionally trained finance and accounting professionals play a critical role in safeguarding trust in business and capital markets. 

“This taskforce reflects our commitment to supporting Singapore’s continued standing as a trusted global financial and business hub.” 

The taskforce will consult stakeholders over the coming months and is expected to deliver recommendations on how to further strengthen Singapore’s financial reporting ecosystem.