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…
I was quite heartened recently to receive a letter from one of our members who was optimistic about both South Africa and the chartered accountancy profession. Mr Guy Addison, a CA(SA) based partly in Cape Town and partly in Dubai on account of business obligations, was responding to an article written by another CA(SA) based…
Thuthuka has made significant progress in the past seven years, according to the people who should know – the trustees of the Thuthuka Bursary Fund (TBF). In June this year, SAICA polled the trustees with a view to assessing whether or not Thuthuka was achieving its objectives and to ascertaining what steps should be taken…
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…
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…
BMW is normally known for being fast, comfortable and exclusive, so, I was astounded that it would launch a 5 series with a two litre four cylinder engine. A car of this size and weight surely requires at least a 3 litre six cylinder engine to perform effectively, especially on the reef. To my surprise,…
Introduction The social, political and economic inequalities of women throughout the world are well known and well documented by interest groups and lobbyists alike. So when you read about women who, throughout history, have made significant impacts in the sciences, business, political and environmental fields, you cannot help but want to celebrate and laud these…
The response of the International Accounting Standards Board If this question was asked to politicians and business leaders, the answer would be a resounding ‘YES’. The ‘grey men who sit in dimly lit rooms and dream up accounting standards’ are responsible for the current global financial crisis. The gluttony of criticism has been primarily focused…
The global financial crisis, which came to the fore in August 2007, has led to a worldwide recession, the consequences of which have been of an unprecedented magnitude and scale. This has included rapid decline in international trade volumes, increased risk aversion, reduced liquidity and heightened market uncertainty. In the main financial centres of the…
There has been a number of enquiries from members on how exactly the structures referred to in our August article operate. In this update, we focus on the various Governing Councils and SAICA member structures that exist within the Regions, their roles and responsibilities, and how they ensure implementation of the SAICA-wide strategy. In each…