Many growing organisations find themselves confronted by the bewildering reporting complexity of multiple entities, divisions, business units and cost centres in locations locally and across the world. This expansion very often far outstrips the collating and reporting capabilities of the legacy spreadsheet and standalone accounting applications currently in use. In addition, finance departments in most…
Why the need for a new standard? The global financial crisis highlighted the lack of transparency around off-balance sheet structures and the request for enhanced disclosures. This well-known event accelerated the IASB’s consolidation project that was already under way. The IASB’s consolidation project was initiated as a result of the perceived inconsistency between IAS 27…
Turning the tide on the skills shortage As dire as the skills scarcity in the accounting profession is, there’s hope in the form of mentors who could just provide the lifeline our sector needs to survive The skills shortage in South Africa’s financial sector has reached critical level, with industries like the accounting sector being…
STRUCTURAL REFORMS NEEDED TO ADDRESS UNEMPLOYMENT South Africa’s endemic unemployment can be addressed through structural reforms that include improving the labour market environment and conditions of employment, International Monetary Fund (IMF) MD Christine Lagarde said in April. The IMF held meetings in Washington where representatives of member states were deliberating ways of achieving faster economic…
If only we didn’t have to work and live with human beings. But sadly, people bring their baggage – past and present – to every situation (socially and work). Unavoidably tensions will exist. If you are bumping heads in your social or work environment it means two people are having a fight (you being one).…
We encounter risk on a daily basis, as everything we do has an element of risk associated with it. Employees are one of an organisation’s greatest assets, but they are also a source of risk. Employees reflect the organisation’s values, talent, education, experience and success. Understanding the risks associated with employees is a priority for…
The ancient philosopher Pyrrho, credited as the founder of the Greek school of Skepticism, is said to have been so skeptical that he even mistrusted his very own senses. Apparently, if it were not for his friends who had to follow him around everywhere, Pyrrho would have fallen off cliffs (he would disbelieve his eyes…
South Africa’s National Development Plan (NDP) focuses on education as one of its priorities to address the issue of transformation and growth in the country. Some of the NDP’s priorities are: Eradicate infrastructure backlogs. Provide one million learning opportunities through community education and training centres. Improve the throughput pass rate to 80 per cent by…
Internal audit has long been viewed as a key element of financial services firms’ frameworks to managing risk – the third of the three lines of defence. But now, internationally, there is new guidance that raises the bar of good performance. The Committee on Internal Audit Guidance for Financial Services in the United Kingdom has…
Today’s workforce is more dynamic than ever before; new-generation employees will change jobs and even careers a number of times throughout their working lives. This does not have to be a bad thing, however: business owners need to look at longevity in a new way – it may not be about keeping someone in the…