SAICA was recently privileged to host Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), and two IASB members, Warren McGregor and Bob Garnett (a member of SAICA), along with representatives of the National Standard Setters (NSSs). Sir David has, of course, visited us previously; but this occasion was especially promising, given the…
Earlier this year, the SAICA Board and national structures identified key goals and focus areas for the next five to ten years. Our long-term vision is to develop leaders for business, government and communities; a vision underpinned by the three pillars built into the SAICA strategy – value, volume, and stakeholder management. Value means increased…
It was with great pride that we hosted the National Standard Setters’ meeting with Sir David Tweedie, the Chairman of the IASB, in April. One of the features of our deliberations was the recognition of the successes that South Africa has enjoyed in its early adoption of IFRSs for SMEs, and the resultant lessons for…
Enhanced Disclosures about Financial Instruments The International Accounting Standards Board (IASB) has issued amendments to IFRS 7(AC 144) – Financial Instruments: Disclosures, aimed at improving transparency in the disclosures about financial instruments. These amendments form part of the IASB’s response to the credit crisis and are effective for annual periods beginning on or after 1…
For some years now, SAICA has enjoyed global reciprocity with six Chartered Accountancy bodies and one CPA body. And today, it is a founder member of the Chartered Accountants’ Group of Eight (CAGE), together with: • Australia (ICCA); • Canada (CICA); • England and Wales (ICAEW); • Hong Kong; • Ireland (ICAI); • New Zealand…
A thought leadership issue Governments across the world have reacted to the credit crisis by committing to large scale economic stimulus packages, which include bringing forward infrastructure projects, making tax cuts, providing liquidity to key industrial sectors, guaranteeing bank loans, purchasing assets, injecting capital and, in some cases, nationalising banks or insurance companies. Stimulus packages…
As an investor in the equity markets, it is natural to feel elation at rising share prices. We all feel wealthier – at least on paper. As fund managers, we understand that prices fluctuate far more widely than values. Rather than despairing over falling prices, we fund mangers see them as long-term buying opportunities. The…
As the public sector begins the implementation of its conversion to Generally Recognised Accounting Practice (GRAP) for government, an examination of how this will assist in effective service delivery is necessary. The fundamental question is whether or not this exercise will provide benefits for the South African public – or if it will simply cost…
There is no doubt that the world we knew before the global economic meltdown will not return. The causes of the meltdown will not disappear, and lurking behind them is another set of even more fundamental issues facing humanity. The often quoted Chinese curse – ‘may you live in interesting times’ has never been more…
Ever since the adoption of International Financial Reporting Standards (IFRS) in South Africa in 2005, and even more so with the impending adoption of Generally Recognised Accounting Practice (GRAP) in the public sector, many entities in both the private and the public sectors have been finding the need to reconstruct their fixed asset registers. This…