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…
SAICA announced that 2 507 (2020: 2 149) candidates who wrote the first 2021 sitting of the Initial Test of Competence (ITC) in April had passed When it comes to education and training during the COVID-19 pandemic, the global consensus is that students are negatively affected by the challenges of studying remotely. Over and above…
SAICA has identified a need to develop guidance and increase awareness on integrated reporting in the public sector, and the Public Sector Integrated Reporting Project Group (PSIRPG) was established to with this. The PSIRPG’s objectives include raising awareness and the development of guidance for integrated reporting in the public Integrated reporting and the concept of…
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…
It is often said that the internal audit function (IAF) is the eyes and ears of the audit committee. What does this exactly mean when we deal with the public sector environment for members of audit committees? Each entity in the public sector sphere must have an internal audit function (IAF) that has primary reporting…
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…
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…
From 2022, the global financial reporting agenda is set to change. How will South African companies be impacted? This change comes as the global standard-setter, the International Accounting Standards Board (IASB), is embarking on its third agenda consultation. Much like the changes which were brought about by the second agenda consultation, the new global financial…
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…
A rigorous approach to the CA examinations process ensures that the qualification remains held in high regard There’s a reason the chartered accounting (CA(SA)) qualification is both coveted and esteemed: it’s hard earned. The work that goes into obtaining this qualification is often gruelling – but that’s precisely what ensures that the competencies (knowledge, skills,…