Joyce-Mina wa Kalonji, a senior lecturer in the Department of Accounting, has been appointed as a member of the newly established Financial Reporting Technical Committee (FRTC), which is a standing technical advisory committee to the Financial Reporting Standards Council (FSRC) in the national Department of Trade, Industry and Competition. The appointment is from 1 June 2023 until 31 May 2026.
Candidates for this committee were appointed as a result of their exceptional technical expertise and experience in the area of financial reporting.
The Financial Reporting Standards Council (FRSC) is responsible for, amongst others, receiving and considering any relevant information relating to the reliability of and compliance with financial reporting standards, advising the Minister on matters relating to financial reporting standards, and consulting with the Minister on the making of regulations establishing financial reporting standards.
The purpose of the newly established FRTC is to function as a standing technical advisory committee to the FRSC in South Africa. Its main objective is to provide input in the setting of new and revised/amended pronouncements as issued by the FRSC and other financial reporting bodies and to provide guidance on financial reporting matters.
Wa Kalonji feels honoured and is looking forward to the financial reporting projects that she will be involved in as a member of FRTC. “I plan to play a key role in these projects, and I hope that my contribution within this committee will improve financial reporting quality in the South African business environment.”
Prior to joining UP, she worked in the Technical Accounting department of KPMG for two and a half years. During that time, she drafted accounting reports for transactions prepared under the International Financial Reporting Standards (IFRS) accounting framework. She also prepared IFRS training material and presented training. Her role enabled her to gain extensive knowledge in IFRS.
Wa Kalonji has been lecturing accounting at the University of Pretoria for five years. “I currently lecture to prospective CA(SA) students in their third year. The South African Institute of Chartered Accountants (SAICA) syllabus is highly technical and has a great focus on IFRS. Therefore, my role provides me with extensive knowledge in accounting for transactions in terms of IFRS,” she says.
Her goal while serving on the committee is to deepen her accounting knowledge from a technical perspective through the different projects that she will be involved with, as well as through interactions with the different accounting bodies. Furthermore, she would like to gain a better understanding on the accounting practices in the South African business environment.
Her future plans include academic research in the field of financial reporting with a focus on IFRS. “I plan to use the knowledge that I gain from my academic research to inform the input that I provide in the financial reporting projects that I will be involved in as a member of the FRTC.”
Wa Kalonji obtained her Bachelor of Commerce in Accounting Sciences from the University of Pretoria in 2011. She also completed her BCom honours degree in Accounting Sciences and the Certificate in the Theory of Accountancy at UP in 2012, and her Master of Commerce in Accounting Sciences in 2014.
She was an academic trainee at the University of Pretoria during 2013, completed her articles with KPMG South Africa in 2015 and has been a registered Chartered Accountant (South Africa) since 2016. Her research area is capital markets research, with a particular focus on financial reporting, earnings management and the value relevance of accounting information.
She is currently registered for her PhD in Accounting Sciences at UP.