TECHNICAL ACCOUNTING

APB APPROVES TWO AC 500 INTERPRETATIONS AS STATEMENTS OF GAAP At its meeting held on 18 March 2009, the Accounting Practices Board (APB) approved the following South African Interpretations as Statements of Generally Accepted Accounting Practice (GAAP); AC 504 – IAS 19(AC 116) – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and…

STRAIGHT SHOOTING

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…

STRAIGHT SHOOTING

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…

TECHNICAL: ACCOUNTING

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…

THE WORLDWIDE CREDIT CRISIS: IS IT A PUBLIC ACCOUNTING CRISIS?

 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…

GOLDEN OPPORTUNITIES IN BEAR MARKETS?

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…

GOVERNMENT’S MOVE TO ACCRUAL ACCOUNTING

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…