“The result – watered-down ‘integrated reports’ and ‘sustainability reports’ that were full of disclosure gaps.” The penny has finally dropped. To survive and thrive, companies are embedding sustainability into management reporting For corporate South Africa, sustainability became real in 2010, when the King III Code became effective for JSE-listed companies. Managements now needed to ‘comply…
“They may be high-income producers but, by trying to emulate glittering rich millionaires, they are living a treadmill existence.” While the highly educated were busy studying, the super wealthy were already earning … We are all aware that extreme wealth often correlates with a low standard of education. Richard Branson and Walt Disney dropped out…
“Differing accounting recognition and measurement criteria, applied to various components of a hedge relationship, create volatility in financial reporting” Hedge accounting is becoming imperative for companies exposed to exchange rate volatility The recent volatility in the South African rand (ZAR) has seen many local corporates scrambling to control the impact of dwindling local currency value…
“Translating the social and environmental aspects of our business into numbers is a challenge – but it’s a challenge that some people are rising to magnificently.” Translating business sustainability into numbers is a challenge some are rising to magnificently Integrated reporting is a motherhood-and-apple-pie kind of issue. It’s an obviously good thing that nobody with…
“The function of leadership is to produce more leaders, not more followers.While this sounds like a commendable ambition, it is not always easy in practice. ” Great leadership means growing past the comfort of your technical skills Activist Ralph Nader once said: “The function of leadership is to produce more leaders, not more followers.” While…
“It’s completely natural to try and avoid the burden of a potential loss, especially a financial one. By nature, we are all loss-averse!” Be aware of your predictably irrational responses and combat them with rational actions If you felt slightly challenged by the content of my previous three articles, don’t be too hard on yourself.…
“Challenge is a dragon with a gift in its mouth … Tame the dragon and the gift is yours” I just love these awesome words by Noela Evans. 31 days until 2014 … can you believe that? This one crept up on you faster than any year before … If you look back at 2013,…
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…
Obese annual reports hit the treadmill as the IASB and new reporting standards crack the whip. Annual reports are probably the most expensive publications ever produced that never get read. Each year, listed companies spend months preparing their glossy ‘flagship’ reports in a tedious process often called ‘the annual migraine’. Banks are notorious for their…