2016 has certainly started with a huge bang: our currency hitting records lows, political uncertainty, terror attacks and serious conflict among the beautiful people of our homeland. Forecasts worldwide are pointing towards a very challenging 2016. What does it mean for you personally? In what way will it affect your career? What impact will it…
The International Accounting Standards Board (IASB) has issued a new leasing standard which may significantly change current lease accounting for lessees. By Herman Jonker and Helen Wise Leasing activities are important for most entities in South Africa. By entering into leasing activities, entities are able utilise assets without having to take on the risk associated…
This market commentary is intended to provide readers with insight into what happened over the period of review, even though the data may be somewhat dated owing to the timeframe of the publishing process. By Garth Saunders The South African economy was riled by the unexpected decision by President Jacob Zuma to change the Finance…
Ashika Mohan gives an overview of the auditor’s revised responsibilities under international standards to read and report on other information included in an entity’s annual report, focusing on the continued importance of the auditor’s responsibilities in this area and the main changes The International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to…
Financial statement disclosures continue to expand and are increasingly qualitative and subjective. We examine the IAASB’s recent amendments to the International Auditing Standards (ISAs), which are intended to support a more robust, consistent process of auditing disclosures. By Lindsay Croeser In order to drive improved focus on disclosures throughout the audit process and to clarify…
There are so many benefits to having your financial information and reports on hand whenever they are needed, that this shift has been inevitable. Taking your business mobile is no longer just a trend; it is more efficient and more effective; in much the same way that you choose to fly rather than drive to…
Thousands of companies will be making empowerment contributions before the end of February 2016 if this is their financial year-end. This is because contributions will only qualify if they fall within the measurement year which is the financial year of the company. What ‘emergency’ measures can still be taken under each scorecard element before 28…
Prior to the enactment of the constitution, SARS had wide and far-reaching powers in terms of the Income Tax Act (ITA). The constitution resulted in significant changes to the ITA to align SARS powers with taxpayer’s rights. A taxpayer’s charter was published for the first time in 1997. The SARS Service Monitoring Office (SSMO) was…
ACCOUNTING South Africa maintains its top position for auditing and reporting standards South Africa has maintained the number one position for its strength of auditing and reporting standards for the sixth consecutive year. Find more information on this ranking in the World Economic Forum’s Global Competitiveness Report 2014–2015. Revised Headline Earnings Circular issued Circular 2/2015…
2016 is around the corner. And what a 2015 it was. For many, 2015 will be remembered for Japan beating us in the Rugby World Cup; Bruce Jenner becoming Caitlin Jenner; VW being responsible for the biggest fraud in the motor industry ever; rhino killings sadly increasing and topping 2014 records; and ISIS’s presence getting…