Recommend: Principles versus rules in professional ethics

By adopting a principles-based code, SAICA requires all its members to apply professional judgement at all times to identify, evaluate and address threats to professional accountants’ compliance with the fundamental principles of ethics. These principles determine the standard of behaviour that the public can expect of members of the profession, and adhering to the code…

Recommend: On the relevance of IFRS financial statements

Although billions are spent every year preparing and auditing financial statements, many people question the relevance and usefulness of IFRS-compliant financial statements. In this article I interrogate two common reasons given for IFRS’ declining relevance, discuss two additional considerations, and make a few suggestions I love IFRS. I think it is amazing what one can…

Recommend: Changes to ISA 315

According to the International Auditing and Assurance Standards Board (IAASB), International Standard on Auditing 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement (ISA 315 (Revised 2019), has been revised to promote robust and consistent risk identification and assessment After reviewing the changes to ISA 315, I agree that the changes have clarified…

RECOMMEND: Consolidated annual financial statements: A case for government?

With the poor financial position the South African government finds itself in, with low single-digit growth forecasts and spiralling debt, it could very well be left to accountants to help lead an economic recovery process by producing international standards of financial reporting and analysis to promote strategic decisions and allow for greater transparency The appendix…

RECOMMEND: What do executives really earn from share-based remuneration?

Executives of South African listed companies are increasingly incentivised using share-based remuneration. However, the valuation of share-based remuneration is complex and disclosure thereof in annual reports is often inconsistent – providing an opaque picture of what executives realise from such remuneration Globally, executive remuneration has become a topic of interest to shareholders, regulators, and even…

RECOMMEND: APC Results 2020 & Honours Roll

SAICA congratulates candidates who overcame the difficulties of COVID-19 to achieve success in the 2020 APC SAICA announced that 1 653 of the 3 880 candidates who wrote the Assessment of Professional Competence (APC) in December 2020 successfully demonstrated their competence in the assessment. ‘SAICA would like to recognise the 2020 cohort for their dedication…