FROM THE PEN At the time of writing this editorial, Kgalema Motlanthe has just been announced as South Africa’s third President at a time that many considered the beginning of the end of the African National Congress (ANC) as we know it. For the past 14 years, the ANC has controlled the National Assembly with…
SPECIAL REPORT: MOTORING 2008 ROLLS ROYCE PHANTOM If, like me, you’re a motoring enthusiast (some say fanatic), then you can only imagine my sheer delight when a pristine 6m long white Rolls Royce pulled into my driveway to take me on what can only be described as a royal ride of a lifetime. Now, while…
DEATH AND TAXES: DIE SWAKKE BTW Readers will, I hope, forgive the weak pun about VAT or BTW. Members of the profession that relax by playing golf or tennis or succumb to a beer or three at the rugby club are no doubt glad to escape momentarily from the rigours of audit, accounting and tax…
WIK EN WEEG: SWAKKER KOMMODITEITSPRYSE Dit is vroegdag om te wil spekuleer oor goeie tye. Maar daar is veranderings op pad wat uiteindelik die ekonomie weer ’n hupstoot kan gee. Dit is egter ‘n komplekse storie, van gee en neem, met miskien nuwe wenners maar dalk ook verloorders. Internasionaal is daar groot woelinge, soos die…
NEW GENERATION: BUILDING AN AUTHENTIC LEADERSHIP IMAGE I am in numerous conversations with friends and clients where the topic under discussion is the perception formed of them by people. In many cases, the person is not happy with this perception because he/she knows that he or she is brilliant in what he or she does…
DIGITAL PIRACY: FILESHARING IN THE CORPORATE ENVIRONMENT Introduction With an online/digital revolution sweeping the music industry, it is not only the music industry, but companies in general, that need to adapt the way they run their businesses. Online copyright theft is no longer being allowed to run rampant on ISP networks under the guise of…
The new reportable arrangement provisions contained in sections 80M to 80T of the Income Tax Act have been activated with effect from 1 April 2008. Unfortunately for taxpayers and their advisers, this is no April Fools Day hoax. The new provisions are far wider in their ambit than those that they replace in the previous…
CONVERTING UNDERWRITTEN RETIREMENT FUNDS TO THE ACCRUAL-BASIS OF ACCOUNTING Background In 2005, the Financial Services Board (FSB) made it compulsory for all retirement funds registered with the FSB in terms of the Pension Funds Act of 1956 to submit financial statements to the FSB. Prior to this only privately administered funds submitted audited financial statements…
QUARTERLY REPORTING: GOOD CORPORATE GOVERNANCE OR AN OBLIGATION OF LITTLE VALUE? Many international listed entities operate in a business environment that demands increased transparency through corporate disclosure. Quarterly reporting has been identified as a tool that may meaningfully enhance transparency through more frequent public disclosure. However, the question as to whether quarterly reporting is beneficial…
IASB ISSUES: NEW REQUIREMENTS FOR CHANGES IN DEGREE OF CONTROL The International Accounting Standards Board (IASB) completed the second phase of its business combinations project on 10 January 2008 by issuing a revised version of IFRS 3 – Business Combinations and an amended version of IAS 27 – Consolidated and Separate Financial Statements (referred to…