It’s poor economy to use bank notes to boil water for tea, not very efficient to boil five litres of water to make only one cup of tea, and certainly not effective to produce a cup of tea, when the customer wants a cool drink. Sometime in the late 1960s, I became fascinated with what…
Why XBRL? The US Securities and Exchange Commission (SEC) (www.sec.gov <http://www.sec.gov/> ) adopted a rule proposal on the 16th of May that makes compulsory the use of eXtensible Business Reporting Language (XBRL) for some regulatory filings within three years (Cummings 2008). Under the proposal, the 500 largest companies will begin filing XBRL attachments with their…
The role of the chairman has been in the spotlight recently as a result of the high profile cases where the part played by management in alleged breeches of competition legislation is under scrutiny. Chairmen have played a leadership role in ensuring that the commitment of their companies to high standards of integrity is not…
IASB CONCLUDES FIRST ANNUAL IMPROVEMENTS PROJECT The International Accounting Standards Board (IASB) has issued Improvements to IFRSs – a collection of amendments to International Financial Reporting Standards (IFRSs). These amendments are the result of conclusions the IASB reached on proposals made in its annual improvements project, which were exposed for comment in October 2007. Unless…
Directors found guilty of anti-competitive behaviour could face up to 10 years in prison, warns Jean Meijer, competition lawyer at commercial law firm Bowman Gilfillan. “These are among several profound implications to emerge from the new Competition Bill.” Meijer says that the Bill creates criminal liability for price fixing, market division and collusive tendering. Thus:…
POST ELECTION VIOLENCE AND THE KENYAN PRACTITIONER The 2007 post election violence that rocked the country during December 2007 and most of January 2008 saw the destruction of many businesses and a mass exodus of people, resulting in a huge number of individuals being displaced. The signing of the peace accord by the government and…
We continue to grapple with the pervasive shortage of qualified professionals and sound accounting skills across the country. The emigration of skilled professionals, coupled with an inadequate pipeline of qualifying Chartered Accountants are two of the pressing issues that the profession faces today. Dealing with both challenges is complex and is often beyond the reach…
Financial Performance Management – new mid-market solutions offer an alternative to spreadsheet terror. Careful management of the financial performance of any organisation is critical to its success and long-term sustainability. In a dynamic marketplace, however, static reporting based on spreadsheets seldom delivers the agility necessary to remain competitive. Small and medium sized organisations are thus…
The individuals entrusted with the management of any company have numerous responsibilities, including providing returns to their capital shareholders and the monitoring and control of performance across divisions, and across the company as a whole. Management thus requires performance measures that allow for the assessment of performance across the company, and which at the same…
GAAP MONITORING PANEL FEEDBACK The GAAP Monitoring Panel (GMP) is a joint initiative between the South African Institute of Chartered Accountants (SAICA) and the JSE Limited (JSE). It was created in 2002 as an oversight body to enhance compliance with accounting standards. A total of six companies listed on the JSE were referred to the…