“There appears to be limited authority on the interpretation of section 40(1); therefore it seems that the correct legal position at present is that found in this case.” Section 40(1) of the Insolvency Act, 1936 (Act 24 of 1936) (the Act) provides that the Master shall immediately convene a first meeting of the creditors of…
Obese annual reports hit the treadmill as the IASB and new reporting standards crack the whip. Annual reports are probably the most expensive publications ever produced that never get read. Each year, listed companies spend months preparing their glossy ‘flagship’ reports in a tedious process often called ‘the annual migraine’. Banks are notorious for their…
Ordering a forensic audit is like going to court to enforce a contract – both are last-resort actions when something has already gone very badly wrong. The horse is long gone over the hills, and there is bitterness and recrimination as everyone goes about fixing the stable doors. Understanding what, where, when and how things…
Responsible leadership The SAICA Member Values are: Integrity, Professionalism, Diligence, Accountability and Dedication. Your CA(SA) designation represents the essence of what you stand for as a true business leader. It tells the world that everything you do is filtered through SAICA’s stringent Ethics and Values Code … a part of the formula that sets you…
It may not be the most visible asset but like the gift that keeps on giving, it is the one that offers the greatest returns. We invest willingly in establishing our own physical and intellectual capacity – yet thereafter few of us take adequate precautions to protect our income earning capacity. Few professionals would fail…
The World Intellectual Property Organisation (WIPO) published a list of the Top 20 countries according to patent applications and patent grants. South Africa ranks 16th among the countries for patents granted, with 5 296 patents granted in 2012. Patents are granted according to the applicant’s country of origin. For example, if a South African applicant…
“The incorrect classification of a company may affect a range of provisions such as audit requirements, audit committee requirements, number of directors required” In terms of the new Companies Act, your private company may be a public company. In order for companies to ensure compliance with all relevant provisions of the Companies Act, it is…
The latest revenue standard proposes a single, complete revenue recognition model applicable to all contracts with customers. The International Accounting Standards Board (IASB) and the United States Financial Accounting Standards Board (FASB) indicated that the new revenue standard will be issued in the third quarter of 2013. BACKGROUND The process of compiling a new revenue…
For the first time in working environments, four generations will be functioning together. A plan is needed to manage these differences to the advantage of your employees, so that your company benefits. Globally growth-leading companies have something in common: a relentless focus on talent from the pit of generations. They are very intentional about this.…
The ratio of non-equity partners in accounting firms is on the rise. Accounting firm owners traditionally balance the requirement for capital to be introduced with the desire to add owners. However, the increasing costs associated with running an accounting firm, as well as ever-changing regulation and economic fortunes, promote an alternative or possibly a trial…