SAICA NEWS: Distance Learning Education

Challenges faced by students following the distance learning route There has been much press recently about the shortage of accountants and more specifically Chartered Accountants in South Africa [CAs(SA)]. This follows research conducted by SAICA in 2008. There are many challenges we face in developing young CAs(SA). One such challenge is in the Distance Learning…

SAICA READING

Title: The EU VAT System and the Internal Market Author: Rita de la Feria This thesis focuses upon VAT in the context of the European Community’s internal market. Its central aim is to prove that the current EU VAT system is incompatible with the concept of an internal market, as set out in the EC…

TECHNICAL: AUDITING

IAASB STAFF ISSUES Q&As TO GUIDE AUDITORS’ EFFECTIVE IMPLEMENTATION OF CLARIFIED ISAs; AND ADDRESSES SME ISSUES To assist auditors worldwide in implementing the clarified International Standards on Auditing (ISAs), the staff of the International Auditing and Assurance Standards Board (IAASB) has developed a new question and answer publication entitled Applying ISAs Proportionately with the Size…

SWISS BANKING SECRECY

For the past nine months Swiss banking secrecy has been under enormous pressure from the United States, Germany, France and the UK. Some of these countries, indeed, are demanding an automatic information exchange. Others have demanded the abolition of the different treatment of tax evasion and tax fraud by Switzerland. If Switzerland is not co-operative…

TECHNICAL: ACCOUNTING

12 IMPROVEMENTS TO STANDARDS ISSUED AS STATEMENTS OF GAAP The Accounting Practices Board (APB) has approved 12 Improvements as Statements of Generally Accepted Accounting Practice (GAAP). The annual improvements project is aimed at making necessary, but non-urgent, amendments to Statements of GAAP that will not be included as part of another major project. The Standards…

A FRAMEWORK FOR SMEs

2007 was a landmark year for our country. Not only did we win the Rugby World Cup (for a second time), but South Africa was the first and only country to adopt the Exposure Draft of the International Financial Reporting Standard for Small and Medium Entities as South African Generally Accepted Accounting Practice for SMEs…