DEATH AND TAXES: DIE SWAKKE BTW Readers will, I hope, forgive the weak pun about VAT or BTW. Members of the profession that relax by playing golf or tennis or succumb to a beer or three at the rugby club are no doubt glad to escape momentarily from the rigours of audit, accounting and tax…
DetailsWIK EN WEEG: SWAKKER KOMMODITEITSPRYSE Dit is vroegdag om te wil spekuleer oor goeie tye. Maar daar is veranderings op pad wat uiteindelik die ekonomie weer ’n hupstoot kan gee. Dit is egter ‘n komplekse storie, van gee en neem, met miskien nuwe wenners maar dalk ook verloorders. Internasionaal is daar groot woelinge, soos die…
DetailsNEW GENERATION: BUILDING AN AUTHENTIC LEADERSHIP IMAGE I am in numerous conversations with friends and clients where the topic under discussion is the perception formed of them by people. In many cases, the person is not happy with this perception because he/she knows that he or she is brilliant in what he or she does…
DetailsDIGITAL PIRACY: FILESHARING IN THE CORPORATE ENVIRONMENT Introduction With an online/digital revolution sweeping the music industry, it is not only the music industry, but companies in general, that need to adapt the way they run their businesses. Online copyright theft is no longer being allowed to run rampant on ISP networks under the guise of…
DetailsThe new reportable arrangement provisions contained in sections 80M to 80T of the Income Tax Act have been activated with effect from 1 April 2008. Unfortunately for taxpayers and their advisers, this is no April Fools Day hoax. The new provisions are far wider in their ambit than those that they replace in the previous…
DetailsCONVERTING UNDERWRITTEN RETIREMENT FUNDS TO THE ACCRUAL-BASIS OF ACCOUNTING Background In 2005, the Financial Services Board (FSB) made it compulsory for all retirement funds registered with the FSB in terms of the Pension Funds Act of 1956 to submit financial statements to the FSB. Prior to this only privately administered funds submitted audited financial statements…
DetailsQUARTERLY REPORTING: GOOD CORPORATE GOVERNANCE OR AN OBLIGATION OF LITTLE VALUE? Many international listed entities operate in a business environment that demands increased transparency through corporate disclosure. Quarterly reporting has been identified as a tool that may meaningfully enhance transparency through more frequent public disclosure. However, the question as to whether quarterly reporting is beneficial…
DetailsIASB ISSUES: NEW REQUIREMENTS FOR CHANGES IN DEGREE OF CONTROL The International Accounting Standards Board (IASB) completed the second phase of its business combinations project on 10 January 2008 by issuing a revised version of IFRS 3 – Business Combinations and an amended version of IAS 27 – Consolidated and Separate Financial Statements (referred to…
DetailsSTATEMENT OF GAAP FOR SME’s: IMPLEMENTATION ISSUES Background It has been more than a year since the Statement of Generally Accepted Accounting Practice (GAAP) for Small and Medium-sized Entities (SMEs) has been approved by the Accounting Practices Board (APB). This document, which is an exposure draft of a proposed International Financial Reporting Standard for Small…
DetailsACCOUNTING APB APPROVES AMENDMENTS, IMPROVEMENTS, INTERPRETATIONS At its meeting on 1 August 2008, the Accounting Practices Board (APB) approved the following for issue as amendments, improvements or interpretations of Statements of GAAP: Amendments to IFRS 1(AC 138) − First-time Adoption of International Financial Reporting Standards and IAS 27(AC 132) – Consolidated and Separate Financial Statements:…
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