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The FRSC replaced the Accounting Practices Board in October 2011 as the official body determining accounting standards in South Africa. It is established in terms of the Companies Act (71 of 2008). In terms of section 204 of the ACT, the FRSC is responsible:
(1) to receive and consider any relevant information relating to the reliability of and compliance with financial reporting standards and adapt international reporting standards for distinctive local circumstances,(2) to advise the Minister of Trade and Industry on financial reporting standards matters and(3) to consult with the Minister on regulations establishing financial reporting standards.