Gerhardus Burger discusses past and current public sector procurement in the context of amendments to broad-based black economic empowerment legislation. He also identifies some unintended consequences of legislative changes and explores possible solutions One of the major challenges of black economic empowerment (BEE) is fronting. The big problem with fronting is that it frustrates and…
Gary Berchowitz and Simon Whitehead of PWC discuss the implications of the introduction of IFRS 15, the long-awaited global standard on revenue recognition. Those closely following the project know there are potentially significant changes coming for some industries, and some level of change for almost all entities The International Accounting Standards Board (IASB) recently issued…
It may be time to start investigating the opportunities that IFRS 9 could offer, writes Rodgers Mavhiki Whenever IFRS 9 Financial Instruments is mentioned, impairment is the first word that comes to mind. People generally view IFRS 9 as daunting, but every cloud has a silver lining. In particular the IFRS 9 principles relating to…
Darrel Scott discusses the long heralded, yet much delayed, IFRS 9: the International Accounting Standards Board’s longer-term answer to the lessons learned from the financial crises of 2008 At its February meeting, the International Accounting Standards Board (IASB) tentatively decided that the mandatory effective date of IFRS 9 Financial instruments will be for annual periods…
Yusuf Dukander highlights key technical, regulatory and industry dashboards impacting financial institutions in South Africa and globally IFRS 9 FINANCIAL INSTRUMENTS PROJECT (REPLACEMENT OF IAS 39) The IASB recently issued a discussion paper for macro hedging, separate to its amendments to hedge accounting which was added to IFRS 9 in November 2013 making three important…
SAICA started the exciting journey of making sure that future CAs(SA) remain relevant back in 2006. The following is a summary of the significant changes made so far in respect of the qualification process over the last few years: Review of the future of the CA(SA) Development and introduction of a competency framework for CAs(SA)…
With the reform of the company law regime in South Africa through the enactment of the new Companies Act 71 of 2008 (the Companies Act), as well as the regulations to the Companies Act, there has been uncertainty in practice with regard to the transitional status and treatment of shares under the Companies Act, with…
South African firms are bracing themselves for the introduction of new accounting standards which will address the issue of how they account for revenue. While a great number of companies are aware of the impending changes, far fewer are enamoured with the idea. The Financial Accounting Standards Board and the International Accounting Standards Board are…
“There appears to be limited authority on the interpretation of section 40(1); therefore it seems that the correct legal position at present is that found in this case.” Section 40(1) of the Insolvency Act, 1936 (Act 24 of 1936) (the Act) provides that the Master shall immediately convene a first meeting of the creditors of…
“In all cases, the real estate owner will need to file with SARS an annual tax return for each period of 12 months, ending on the last day of February in each year.” Meticulous paper work and the right legal is required to meet tax requirements Many non-resident private individuals (and entities) have acquired real…