Introduction 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…
DetailsDaar is twee waarhede waaraan ons nie kan ontsnap nie. Ons volhoubare groei is nog nie so hoog soos ons dit verkies nie, so ons kan nog nie volhoubaar teen 5% groei sonder om inflasierisikos te loop nie. Ons moet vir eers tevrede wees met hoogstens 4.5% BBP groei. Terwyl ons vaste investering die land…
DetailsThere can be few more mournful sounds than that of a church bell tolling to summon congregants to church for a funeral. In some very old parishes, the bell is tolled for each year of the deceased’s life. Tolling involves pulling the rope so that the bell swings through a short arc, in contrast to…
DetailsLast month we introduced the “NEW GEN” column that is specifically for all our young generation CAs(SA) in the workplace. This month we talk about an area that has been a hot topic in businesses over the last few years – Emotional Intelligence. Why all the fuss? Human beings have always believed that cognitive intelligence…
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