Vir inflasie om te bly versnel, moet daar iets verkeerd loop met die kredietskepping, veral as gevolg van oordanige owerheidsbehoeftes om geld te leen. ‘n Inflasie spiraal kan dan maklik ontstaan, en uiteindelik hand uitruk en in ‘n hiperinflasie eindig. Ons, en die wêreld, is egter nie in so ‘n situasie nie. In ons geval…
DetailsYou may rightly question your correspondent’s sanity. Has she forgotten, I hear you ask, that this column deals with tax? All will be revealed. It is an understandable human habit, writes R E Megarry QC in Miscellany-at-Law published by Wildy, Simmonds & Hill (1955), to illustrate the characteristics of fellow men by reference to the…
DetailsThe biggest challenge for us as the New Generation is that we live in a very fast-paced world. Things are constantly changing and the ability to adapt has become essential for survival in our world of speed. One of the ways we can stay on track in our current culture is through NLP (Neuro-Linguistic Programming).…
DetailsIntroduction IFRS 3 – Business Combinations was initially issued by the IASB in March 2004 and its US GAAP equivalent, SFAS 141 – Business Combinations, was issued in June 2001. These two standards have now been substantially revised in terms of the first ever joint project between the IASB and the FASB. The FASB issued…
DetailsInternal control is a process effected by an entity’s board of directors, management and other personnel and is designed to provide reasonable assurance that the system achieves its objectives of efficient and effective operations, reliable financial reporting and compliance with legislation. After identifying the business objectives, the existing controls for managing the risks should be…
DetailsSince last contributing to ASA in May 2007 (IFRS, Cold Comfort at Minus 40), I have continued my travels to deliver the IFRS message. Last year took me to Russia, to South East Asia and to one of the new EU states in Eastern Europe. All three had different reasons for having or wanting to…
DetailsIntroduction The introduction of capital gains tax (CGT) with effect from 1 October 2001 brought about many additional administrative changes. In addition, CGT had to be integrated with a variety of different sections in the main body of the Income Tax Act, 58 of 1962 (the Income Tax Act). The topic of dividends was no…
DetailsIASC FOUNDATION AMENDS CONSTITUTION TO EXPAND THE PACTICAL EXPERIENCE OF ITS INTERPRETATIONS COMMITTEE The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board (IASB) has published amendments to the Foundation’s Constitution reflecting its wish that the membership of the International Financial Reporting Interpretations Committee (IFRIC) should…
DetailsFROM THE PEN The observation issue In this issue, we ask shareholders if they know the full extent of their tax liability (page 10) and on page 14, Colin Sutherland takes us on an interesting journey around Ruusia, south east Asia and Europe as he gets down to the business of implementing IFRS in very…
DetailsCan persons other than SARS officials inspect the financial records of the business? Over the past few years, a number of persons would appear to have been appointed as commission agents under the Unemployment Insurance Act, and persons appointed by the Sector Education Training Authorities (SETAs). The question that arises is whether these persons are…
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