EXECUTIVE COMPENSATION

According to the King III report, which was released at the end of February 2009, companies’ boards are responsible for the development of remuneration policies. However, companies’ boards are now required to present the proposed remuneration policies to the companies’ shareholders for approval at a general meeting, which is in line with international best practice.…

SEGMENT REPORTING IN THE PUBLIC SECTOR

The GRAP Standard on Segment Reporting (GRAP 18) was approved by the Accounting Standards Board (ASB) in March 2005, but the Minister of Finance did not approve implementation of this standard by entities for financial periods starting 1st April 2009 as had been suggested by the Board. Since then the International Accounting Standards Board (IASB)…

TECHNICAL: ACCOUNTING

2009The IASB has revised IAS 24 – Related Party Disclosures, to provide a partial exemption from the disclosure requirements for government-related entities and to clarify the definition of a related party. The IASB did not change the fundamental approach to related party disclosures contained in previous versionS of IAS 24(AC 126), which requires entities to…

SAICA NEWS: Ensuring a sustainable profession

In this article we will explore some of SAICA’s initiatives aimed at ensuring the profession’s future sustainability by leveraging off its regional presence. Transformation and growth including trainees SAICA’s transformation and growth strategy is implemented throughout South Africa via numerous projects and initiatives aimed at increasing the number of African and coloured students to study…

STRAIGHT SHOOTING: Another year bites the dust…

The year 2009 has been riddled with change, challenges and lessons. In January, Barrack Obama became America’s 47th and first black president. In April, Jacob Zuma became South Africa’s fourth post-apartheid president. South Africa joined the long list of world economies to slip into recession, and was one of twenty-two of the world’s leading countries’…

SPECIAL REPORT: SUSTAINABILITY 2009: 7

Sustainability reporting and assurance: the way of the future Introduction The evolving concepts of business ethics and stakeholder rights are no longer merely modern jargon, or the “flavour of the month” buzz words, but a key aspect of the modern business environment. Doing business ethically and in a responsible manner will not only contribute to…

SPECIAL REPORT SUSTAINABILITY 2009 – 4

SA’s reality in terms of climate change and sustainable development There is little dispute amongst world climate scientists that anthropogenic induced climate change is a very real threat to long-term global environmental sustainability. The most vital and real consequences of predicted climate change is the increased intensity of severe weather events that could include extended…