Shot in the arm for accountants

Mmegi: Take us through the process that has lead to Parliament's recent passing of the Financial Reporting Act and amendments to the Accountants Act.

Majinda: It has been about five years that we have been waiting for this legislation. I should, however, say that our Parliament was very quick in terms of considering the proposed legislation. The delay was in preparing the bills before presenting them in Parliament. The two pieces of legislation have changed from the original drafts that we produced; the final product is quite different and even more sophisticated than the first draft.