August 2008

FROM THE PEN THE EXODUS ISSUE The policy debate around South Africa’s brain drain has been a long, protracted and oftentimes an emotional one. We know, intellectually anyway, that too many skilled professionals are leaving the country. We may also acknowledge, intellectually, that our economy will in all probability not be able to cope with…

STRAIGHT SHOOTING: Transformation Reigns

We continue to grapple with the pervasive shortage of qualified professionals and sound accounting skills across the country. The emigration of skilled professionals, coupled with an inadequate pipeline of qualifying Chartered Accountants are two of the pressing issues that the profession faces today. Dealing with both challenges is complex and is often beyond the reach…

QE 1 SPECIAL REPORT: QE1 RESULTS

CA(SA) qualification results give stunning boost to transformation in accountancy profession The ongoing quest to grow the number of South Africa’s chartered accountants – and, in particular, the relatively small number of black CAs(SA) – continues to bear fruit. The South African Institute of Chartered Accountants (SAICA) qualifying examination results reflect 3 902 candidates who…

DEATH AND TAXES: TEA WITH A CROCODILE

We all know that tax evasion is criminal and that tax avoidance, if it is not a shame, is lawful. But what of tax avoidance? This is an expression coined by Mickey van der Walt, a former Commissioner for Inland Revenue. In principle, tax avoision does not exist. A transaction is either lawful or unlawful…

WIK EN WEEG: KOMMODITEITE SE FRAGMENTASIEBOM

Dit wil dikwels voorkom asof kommoditeitspryse eenvormig styg. Dit is beslis nie die geval nie, en dit mag belangrike implikasies vir ons almal inhou. Vir dekades het die wêreld baat gevind by China se industralisasie. China se ekonomiese groei het aanleiding gegee tot vinnig stygende lewensstandaarde. Verhoogde fabrieksproduksie het versnelde invoere, van basiese grondstowwe soos…

NEW GENERATION: PRIORITISING INVESTMENT

If we take a look at the well publicised research of Harvard Business School (HBS) and its Profit Success Chain, leaders have to admit that, in business as, people are their most treasured investment. The people in your business determine your success. This is why HBS keeps reminding leaders to create a positive work environment…

XBRL EMBRACE IT NOW

Why XBRL? The US Securities and Exchange Commission (SEC) (www.sec.gov <http://www.sec.gov/> ) adopted a rule proposal on the 16th of May that makes compulsory the use of eXtensible Business Reporting Language (XBRL) for some regulatory filings within three years (Cummings 2008). Under the proposal, the 500 largest companies will begin filing XBRL attachments with their…

TECHNICAL: ACCOUNTING

IASB CONCLUDES FIRST ANNUAL IMPROVEMENTS PROJECT The International Accounting Standards Board (IASB) has issued Improvements to IFRSs – a collection of amendments to International Financial Reporting Standards (IFRSs). These amendments are the result of conclusions the IASB reached on proposals made in its annual improvements project, which were exposed for comment in October 2007. Unless…