The new deemed donation applies to the transfer (ie disposal) of the right to receive an asset in exchange for services rendered or to be performed (section 57B). Section 57B is implemented as an anti-avoidance measure commencing on 1 March 2022. A deemed donation must be considered in addition to actual donations. There are now…
Details‘Quiet quitting’ is a term referred to when an employee only commits to delivering the bare minimum at work and not going above and beyond. Most employees tend to be disengaged during this period and use it to look for their next employment. Whether quiet quitting is good or bad will depend on one’s perspective…
DetailsISQM 11, ISQM 22 and ISA 220 (Revised)3 come into effect on 15 December 2022. These standards are expected to have a significant impact on all firms that perform engagements in accordance with the IAASB standards. The South African Institute of Chartered Accountants (SAICA), in collaboration with the Pan African Federation of Accountants (PAFA) and…
Details‘Goodness is about character – integrity, honesty, kindness, generosity, moral courage, and the like. More than anything else, it is about how we treat other people’ – Dennis Prager Let’s define ethics Ethics are knowable, yet because ethical situations involve two or more entities and happen across time, there are many aspects to consider when…
DetailsSeveral years ago the KwaZulu-Natal Provincial Treasury (KZNPT) partnered with SAICA to help fund students via the Thuthuka Bursary Fund and begin the process of becoming an accredited SAICA training office. This was the start of an exciting and invaluable initiative to address the shortage of qualified CAs(SA) in the province and create opportunities for…
DetailsAGSA celebrating its successful contribution to a transformative and professional accounting pipeline. When the results of the 2021 Assessment of Professional Competence (APC) examinations were announced, the Auditor-General South Africa (AGSA) was thrilled to celebrate with their 309 candidates in their success. The success of the APC candidates from AGSA improved significantly, with the pass…
DetailsHow Africa’s youth and natural resources can drive the continent’s global economic and social leadership. Africa is facing a turning-point opportunity to become a global economic powerhouse. With its burgeoning youth population and abundance of natural resources, the continent has two primary elements that can help move its economies from being largely export-focused to a…
DetailsKPMG Africa recently launched the Africa Cyber Security Outlook 2022 survey, which unpacks the state of cybersecurity across the continent. The latest survey draws insights from 300 respondents from across Africa (East, West and Southern Africa), spanning various industries from both large (44%) and small-to-medium enterprises. It explores the nature of cyber challenges faced by…
DetailsThe emergence of cryptocurrencies attracted attention from entities and investors across the globe in recent years. But what type of asset are cryptocurrencies? There is diversity in respect of the accounting treatment of cryptocurrencies because of the differing interpretations and application of the current accounting guidance in International Financial Reporting Standards (IFRS). Furthermore, the International…
DetailsMasechaba Sesing CA(SA) was recently appointed Head Of Department at the Free State Provincial Treasury and is intent on making a significant contribution both locally and internationally in the public sector space. She wishes to see the Free State Provincial Treasury positively influencing the conduct of all public servants to manage the financials affairs of…
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