Teaching is depressing. Every year, my baldness spreads, my bones calcify, my ear-hair sprouts, and every year, the students walk into class exactly the same age as they were the year before. The other day, a female student waited for everyone else to leave after class, and then told me sweetly that she had a…
If you were to ask me what I view as SAICA’s prime priority, I’d identify it as the maintenance of the highest standards. Virtually all our activities are directed towards this end; it is, indeed, our “raison d’être”. During the course of striving to meet this mandate, we regularly conduct reality checks; something akin to…
CONSOLIDATION OF ZIMBABWEAN SUBSIDIARIES On 29 January 2009, following a period of chronic hyperinflation associated with the Zimbabwean dollar, the acting Finance Minister of Zimbabwe announced that Zimbabwean entities would be permitted to trade in foreign currency. As a result, Zimbabwean entities no longer consider the Zimbabwean dollar to be their functional currency. During the…
This article focuses on customs duty in South Africa, including the role and status of the South African Customs Union (SACU). Introduction In South Africa, customs duty is levied on all products imported into SACU. Interestingly, SACU is the world’s oldest customs union and has its origin in a convention held in 1889 between the…
Exchange Traded Funds (ETFs) have enjoyed significant growth, both locally and globally, over the past few years. This growth has occurred despite significant losses across equity market indices over the past year. According to Black Rock, global ETF assets increased by 45.2% in 2009, which is more than the 30% rise in the MSCI World…
The professional development unit at SAICA is responsible for “delivering competent entry level members” to the profession. As is the case with most of the world around us, we have undergone many changes over the past 12 to 18 months. These changes can be summarised as follows: • Reflection of the Qualification Process for CAs(SA): SAICA’s…
Overall prognosis: A game of two halves; good for all in the first half, less good for some – especially the West and Japan – in the second. My essential prognosis for 2010 is that, whilst the US, Europe and Japan will NOT have a double dip recession in the sense that they will again…
Fokus op langasem groei Die resessie is alweer iets van die byna verre verlede soos ons op 2010 se herstel fokus, en by dit verby probeer kyk na die jare wat daarna volg. Daar is nie juis iets wat ons nou regtig terughou nie, hoewel daar wel kanttekeninge is. Die tradisionele betalingsbalansbeperking is nie eintlik…
Bruce Freer CA(SA) was nominated for membership of the Commonwealth Secretariat Audit Committee (AC) by the SAICA UK region, through the South African High Commission and was elected Chairman at the 3 December 2009 AC meeting. The Commonwealth is a voluntary association of 54 countries that enables member states to support each other and work…
During poor economic times, management of various companies may be under pressure to produce good results, and may use various means to justify the fair value of goodwill and indefinite life intangible assets. In these circumstances, the auditor should proceed with skepticism and caution when reviewing the impairment tests prepared by management for these elements…