A registered VAT vendor on the invoice basis that fails to make payment within 12 months after the expiry of the tax period in which the deduction was made must account for an output tax adjustment to SARS calculated on the unpaid amount. Recent amendments clarify the value of the output tax adjustment CREDITOR: IMPLICATIONS…
Technology is a constantly evolving entity, one that penetrates every aspect of leadership, business and life, bringing significant progress and change. How might leaders meet the challenges of the age of AI and wield technological disruption to their – and their people’s – advantage? Early in my career, I received an excellent piece of…
Do you feel like you are speaking to a robot during your online meetings – speaking to a series of letters? Have meetings become mundane and disengaged? Let’s bring back the engagement into meetings using a range of online technology The basics It should be standard virtual meeting etiquette, that everyone on the meeting…
We begin with the obvious: team cohesion is decisive in whether an organisation succeeds. The finance function should critically challenge to what extent it adds to this cohesion. Are we intelligently weaving ourselves into the fabric of our organisations? With real buy-in from our colleagues, we can drive the positive change we seek The…
Xero integrated with the South African Revenue Service (SARS), to launch a VAT eFiling beta earlier this year. The closed beta is live now, with general release set for later this year when all Xero small business and accounting customers will be able to eFile directly with SARS. This follows the launch of two other…
The digital age does not cease to surprise with all kinds of new and interesting things with which we need to keep up in order to have a sense of comfort about how informed and prepared we are for a new world Digital transformation, digital strategy, digital innovation and other terms which start with the…
Being able to retain customer trust has never been more important – or more difficult – following the events of 2020. With so much disarray and widespread changes to working patterns, such as the mass migration to remote working, the job of keeping businesses secure has never been more difficult Between more sophisticated cybercriminals and…
The SAICA CPD policy states that all SAICA members and associates are required to: Paragraph 2.2: Undertake relevant continuing professional development (CPD) activities on an annual basis Paragraph 2.1.1(b): Follow an output-based measurement approach to CPD by demonstrating the maintenance and development of relevant competence by generating an annual CPD reflective plan Paragraph 2.1.1(f): Undertake…
In the 1980s, there were essentially three elements to corporate reporting: an income statement, which focused on profitability, a balance sheet that focused on solvency, and a cash flow statement that concentrated on movements in cash and essentially working capital. The associated disclosure, too, was relatively narrow. Notes to the balance sheet provided reconciliations to…
We explore some of the reasons for the lack of adoption of emerging technologies in the assurance space. The Fourth Industrial Revolution (4IR) and its associated technologies are creating a vast number of opportunities and millions of new jobs. Yet, accountants and auditors (collectively, assurance professionals) are not embracing these technologies at the same pace…
