The IFRS technical team, the custodian and business partner within Discovery Group, aims to ensure that Discovery complies with IFRS Accounting Standards in accounting and reporting transactions. Giel Pieterse, who leads the team, says what he values about IFRS is its intention to bring transparency and accountability in business reporting
GIEL PIETERSE CA(SA)
Head: Group IFRS Technical
Giel Pieterse says if he had not followed the CA(SA) route, he would most likely have gone the actuarial route. He says curiosity, coaching, patience and support structures have contributed to his success.
‘I believe that the CA(SA) designation empowers an individual with choice, both in the work you do and the global access,’ he says.
Within consulting and corporate, he believes there are softer skills that are essential for developing leaders: ‘These include how to communicate simply, clearly, concisely. Speaking confidently within public forums, be it large crowds or executives. To this day I learn and get coached by colleagues, junior and senior colleagues on how to zone in and improve these skills. Every environment I have worked in has been a learning environment where individuals challenge each other and build up and have been fortunate with those individuals that have contributed to my development.’
He studied at the University of Pretoria and completed his articles at KPMG. After articles, Giel joined KPMG’s IFRS technical department. In addition to his six years with KPMG post articles, he worked on the staff teams at the IFRS Foundation on the then IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments projects. In 2017, he joined Discovery Bank as a financial manager responsible for financial reporting, including technical matters and tax. An opportunity came in 2019 to move into a Discovery Group role, where he is currently managing the IFRS technical function.
‘As a technical accountant, I aim to participate as much as possible within the respective industry forums, fieldwork and standard development. For me it is not about always having the answer for the new standards, but making sure that the proposals are considered, ensuring consistency and understanding how stakeholders such as shareholders will be impacted. Most importantly, it must be progress for the accounting profession.’
As a CA(SA), he was a member of the SAICA Examinations Committee for a number of years. ‘What was great about this role is how we as members in practice can contribute to the educational standards of the profession and collaborate with universities to make sure that future generations of CAs(SA) can contribute to the country. I have also been fortunate to partake in studies of master’s and doctoral students that perform research into specified IFRS topics.’
Another aspect Giel enjoys about IFRS is the technical analysis, investigation and reasoning in accounting for complex transactions. ‘As the saying goes, seeing the wood through the trees.’
Advice for younger CAs
‘Be curious about the world and read, read, read about the world. You are never too young to start building wealth. Take more time to learn about investing early than about expensive luxuries that don’t last. You will be thankful you made those good choices when you become financially free.’
FUNDISWA NZUZA CA(SA)
Senior Manager: Group IFRS Technical
Fundiswa Nzuza was born and raised with her grandparents in a small town in Mpumalanga before moving to Gauteng when starting high school. After deciding on being a charted accountant, she obtained her undergraduate and postgraduate honours degree in BCom Accounting Sciences from the University of Pretoria.
After her studies she started her career in audit and advisory at KPMG. After completing her articles in auditing, she decided to specialise in IFRS with a focus on the financial services industry, particularly large JSE-listed banks and South African entities that also apply US GAAP. During her time in the KPMG technical department, she gleaned valuable knowledge consulting a large JSE-listed bank and various Mauritian financial institutions.
She joined Discovery as a technical accountant specialist in 2020 and her role includes assisting in the completion of IFRS technical matters for Discovery Group, with a particular focus on insurance.
‘My current contribution to the industry is focused on the implementation of the new accounting standard IFRS 17. The IFRS 17 standard changes how insurance contracts are measured and presented in the financial statements and there are several interpretation items across the auditing and insurance industry communities that I am involved in developing from a South African industry view by being involved in industry technical groups,’ she says.
Fundiswa attributes her growth as a technical accountant to communication and continuous learning and development. She stresses that being committed to life-long learning is vital to a career and that her experience as a technical accountant has helped her tremendously in climbing the ladder.
Advice to younger CAs
‘Maintaining a work/life balance is important throughout your career. During articles, the work/life balance may be strained, as that is the time to absorb as much information and develop the skills that you will carry throughout your career. Learning and growth during this period are exponential. As you mature in your career and understand how to effectively manage your time and work cycle (ie, the busy vs the quiet periods), a work/life balance is easier to achieve.’
LUNGA MNISI CA(SA)
Manager: Group IFRS Technical
Lunga Mnisi says he landed in technical accounting by accident (well, sort of). After having joined the Absa Young Chartered Accountant Programme (YCAP) in 2016 (a programme intended for newly qualified CAs with no banking experience), his initial goal was to become an investment banker. ‘You know, do the cool stuff we see in movies and wear the shiny suits,’ he laughs.
As part of the YCAP, he was placed on a six-month rotation to Absa’s technical accounting department, where he fell in love with technical accounting.
‘It was different from the technical accounting perception I had formed from varsity and articles. The work wasn’t just IFRS theory. Although understanding IFRS is a key component, it also involved a great deal of liaising with various stakeholders within a business and understanding the economics of transactions as a first base principle before the IFRS theory. Technical accounting work is very broad and diverse from day to day – today I may be helping a stakeholder with basic debits and credits, tomorrow unpacking a complex structured transaction and related accounting implications, and the next day drafting a memo,’ he explains.
He says that the CA profession has opened many doors and, more importantly, has afforded him the opportunity to apply for various roles, including his current technical accountant role at Discovery.
‘Through the rigorous journey one goes through from university to articles training, the CA qualification has afforded me opportunities to skill myself to be a fast learner in understanding multiple industries as well as a hard worker − which is a bonus in any career progression. I moved across industries … for example I did my TOPP articles at Eskom, after completing my articles joined Absa Bank through YCAP, and am currently at Discovery.’
Some of his highlights include being seconded on work to other countries (international work experience, travel opportunities and other cultures, plus a six-month stint in Kenya).
Why be passionate about IFRS? ‘Over the years, as the world has become more complex with more and more peculiar types of transactions and products (non-fungible tokens, cryptocurrencies, etc), so the IFRS standards have become “grey” to keep up in the fast-changing world of today. Where previously IFRS standards were black and white, we are presented with more and more grey areas where the role of a technical accountant is to add colour (black, read “simplify”) and define the black areas from the grey using accounting principles outlined in the IFRS standards.’
Advice for younger CAs
‘It’s never 50/50: often in the early stages it’s going to be 80/20 weighted more to work. As long as the sum is a hundred or greater, you know you are on the right track. It does get better as you gain more experience in your profession. Be willing to get out of your comfort zone and challenge yourself. You are probably going to find out you are more capable than you give yourself credit for.’
STHABILE (ABBIE) MBONAMBI CA(SA)
Manager: Group IFRS Technical
Sthabile Mbonambi is the newest team member. She was born and raised in Durban, matriculated in 2012, and subsequently chose to attend Rhodes University as Allan Gray (her bursar) was a Rhodes alumnus. Although she initially registered for BCom Law, she realised from the accounting lectures that she would enjoy accounting more. She subsequently requested to change her major to BCom Accounting due to her love for accounting, and she completed this degree in 2015.
After completing her Postgraduate Diploma in Accounting in 2016, she started her training articles at Deloitte Cape Town, where she had exposure to financial service clients in the banking, asset management and insurance industries.
‘I then lectured at Stellenbosch University, lecturing accounting and auditing. I then moved to Johannesburg to challenge myself in an unfamiliar environment. After being a technical manager at EY, I joined the Discovery team in July 2023 as a technical accountant,’ she recounts.
‘Being a CA(SA) has given me the freedom of choice and abundant opportunities in the corporate space. I have been lucky enough to realise where my passion lies relatively early and pursue that passion with all of me. I love what I do, and deciphering IFRS Accounting Standards is it for me.’
She currently has a YouTube channel providing CTA videos to students explaining concepts most of them find difficult. ’I am trying to grow the CA(SA) profession, so this is not limited to an industry.’
Though she is still relatively new to the accounting technical industry, her attention to detail and language skills has made it easier to adapt and interpret the more complex areas at Discovery.
‘Attention to detail is critical in all roles and responsibilities, but even more so if one is assisting with a technical issue that deals with the annual financial statements. Language and communication are interrelated skills because it means one can be part of a team, build rapport, and ask for help where necessary, especially when one is still starting in a role,’ she explains.
‘I also believe always being mindful of deadlines is a trait I could never have excelled without. I believe in doing things and staying focused in the face of pressure. Remaining calm when faced with a lot of information and being able to filter out what is important and what is urgent has been crucial in my roles (both current and previous).’
Advice for younger CAs
‘Sacrifice your ego to sow seeds of knowledge. You cannot grow if you are unteachable or refuse to be accountable for the work you have delivered. That was the biggest lesson I had to learn: accepting that I do not know everything and asking for help.’
