When you’re calculating how much capital you need to retire on, take care because the assumptions we use for post-retirement costs may be much different to your current pre-retirement costs. Your basket of goods changes and research in the US has shown that inflation for retirees over the past three decades has been higher than…
DetailsThe biggest challenges facing small- and medium-sized accounting practices (SMPs) worldwide are complying with regulations and standards and attracting new clients, according to the 2014 IFAC® Global SMP Survey. Conducted annually, the Global SMP Survey provides unique insights into the challenges and opportunities facing SMPs around the world. “IFAC is committed to building the capacity…
DetailsThe International Auditing and Assurance Standards Board® (IAASB®) today released proposals to enhance auditor reporting on special purpose financial statements. The Exposure Draft includes changes proposed to ISA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or…
DetailsIncreasingly stringent regulatory environments are driving a stronger focus on identifying, measuring, and managing risk exposure. Managing vast amounts of data is a crucial component in the accurate assessment of risk, and is one of the top reasons why big data risk management is stealing the headlines today. Jayson O’Reilly, director of Sales and Innovation…
DetailsBut confidence in growth of their companies remains steady US has overtaken China as top target for growth for the first time in five years Fewer CEOs than last year think global economic growth will improve over the next 12 months, though confidence in their ability to achieve revenue growth in their own companies remains…
DetailsThe dramatic collapse of the oil price during the final quarter of the year was probably the most important macro-event of 2014. Oil fell from $91/barrel at the start of the fourth quarter to $55 at the end of the year. It fell further in the first two weeks of 2015 to around $48/barrel. Since…
DetailsThe enterprise resource planning (ERP) market is evolving at a rapid pace as a result of technology innovation. At the same time, most businesses are changing themselves as they try to keep up with the frantic pace of business in the digital era. That means that you should always be keeping a close eye on…
DetailsGoing into a new year, there are a few things that those who prepare financial statements need to keep in mind. Here are my top 5: 1. The new standards applicable for the year that affects your financials A number of amendments to standards became effective in 2014, either from 1 January or 1 July…
DetailsTo enter a trainee contract as a prospective CA(SA) is rigorous and not for the faint-hearted. It has taken long hours, mental anguish and tears to get this far! To ride on a mountain bike from Cairo to Cape Town will take blood, sweat and tears. Some will even say it is madness. What do…
DetailsWhat is integrated reporting assurance all about? By Mark Hoffman Following the gathering momentum behind the integrated reporting initiative, it was not long before the debate regarding how to go about obtaining the necessary assurance over integrated reporting ensued. The International Integrated Reporting Council (IIRC) in August 2014 released an insightful discussion paper entitled “Assurance…
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