Over the past 12 to 18 months the world has experienced the worst economic crisis in 80 years. Beginning with the sub-prime disaster and the collapse of many banks around the world, the economic fallout spread to all sectors of the economy. We are now seeing signs of recovery in some European countries and parts…
2009The IASB has revised IAS 24 – Related Party Disclosures, to provide a partial exemption from the disclosure requirements for government-related entities and to clarify the definition of a related party. The IASB did not change the fundamental approach to related party disclosures contained in previous versionS of IAS 24(AC 126), which requires entities to…
In this article we will explore some of SAICA’s initiatives aimed at ensuring the profession’s future sustainability by leveraging off its regional presence. Transformation and growth including trainees SAICA’s transformation and growth strategy is implemented throughout South Africa via numerous projects and initiatives aimed at increasing the number of African and coloured students to study…
The year 2009 has been riddled with change, challenges and lessons. In January, Barrack Obama became America’s 47th and first black president. In April, Jacob Zuma became South Africa’s fourth post-apartheid president. South Africa joined the long list of world economies to slip into recession, and was one of twenty-two of the world’s leading countries’…
A financial institution perspective The impact of the credit crunch has by now irrevocably changed the landscape of the economy. Companies have been forced to look at different and innovative ways of maintaining and improving on their operating cash flows. The practice of debtors factoring has since established itself as a legitimate alternative source of…
Sustainability reporting and assurance: the way of the future Introduction The evolving concepts of business ethics and stakeholder rights are no longer merely modern jargon, or the “flavour of the month” buzz words, but a key aspect of the modern business environment. Doing business ethically and in a responsible manner will not only contribute to…
SA’s reality in terms of climate change and sustainable development There is little dispute amongst world climate scientists that anthropogenic induced climate change is a very real threat to long-term global environmental sustainability. The most vital and real consequences of predicted climate change is the increased intensity of severe weather events that could include extended…
Sustainable Motoring Is there a term referring to efficient and realistic alternatives to fossil-fuelled internal-combustion engines? Let’s start by dispelling a rumour that is the source of numerous internet debates. No reliable evidence exists to suggest that the carbon footprint of the Toyota Prius exceeds that of a Hummer. However, importing the Prius does not…
What are the common misconceptions about auditing and auditors? Sadly, many people have a rather negative impression of the word audit. Many associate an audit with international corporate collapses since auditors had some role in these. Others think that an audit involves someone who has accounting knowledge and prepares an entity’s year end financial statements.…
We all pay tax. Sometimes we pay it over to SARS ourselves. But, at least as far as individuals are concerned, it is usually withheld by someone else, who then pays it over. The most ubiquitous form of tax is probably VAT. Even the humblest among us pays VAT. In fact, it’s almost impossible to…
