The financial and auditing skills exodus Plugging the ‘brain drain’ in the Financial and Auditing sector will be no mean feat as the SAICA commissioned research reveals. Pressure comes from different sources that impact negatively on the number of skilled professionals and workers in the sector; unacceptably low output of capable learners from school level,…
In August 2008, the United States (US) Securities and Exchange Commission (SEC) unanimously approved a proposed roadmap for conversion to International Financial Reporting Standards (IFRSs). The roadmap’s first step is to allow for the early adoption of IFRSs by 110 of the largest publicly held companies in the US; companies that represent 14% of the…
The Revenue Laws Amendment Bill, 2008 (the Bill) introduced an amendment to the Income tax Act No.58 of 1962 (the Act) in respect of the taxation of pre-retirement withdrawals from retirement funds (SARS, 2008:4). Pre-retirement withdrawal benefits are payable to fund members when they exit the fund prior to retirement or involve payments before termination…
Walking down George Street in the CBD of Sydney, Australia and hearing the variety of accents engulfing me I asked myself the question; ‘Am I proud to be a South African?’. Do I hold my head high ready to debate the current political turmoil or the perceived pessimistic outlook with anyone who dares question my…
The number of recent claims against audit firms, some of them running into billions of Rands, for alleged ‘audit failures’, is a stark reminder of the problems facing the auditing profession in the absence of some protection offered by an equitable apportionment of liability regime. This constant threat of seeking to be held liable as…
Dit is waar dat die Suid-Afrikaanse ekonomie in 2008 gegroei het. Maar dit is ongeveer die enigste brokkie goeie nuus wat ’n mens aan kan dink. Onmiddellike vooruitsigte is nag. Die verbruiker het gedurende 2H2008 in resessie inbeweeg soos verbruiksbesteding begin daal het, gelei deur swak duursame verbruiksbesteding, veral motors, behuising, meubels en huishoudelike toebehore.…
It was the gifted Irish playwright George Bernard Shaw who said that the reasonable man adapts himself to the world. The unreasonable man adapts the world to himself. All progress depends upon the unreasonable man. At first sight Shaw’s aphorism seems outrageous but, on careful reflection, there is much truth in what he said. Shaw…
When I was offered a Forester to test drive I braced myself for the boxy car, but when I laid my eyes on the new Forester I have to admit that I was pleasantly surprised. The new Forester is said to be taller, wider and sleeker than its predecessor and that it certainly is. The…
Editorial corrections and changes to IFRSs The IASB has issued editorial corrections and changes to Improvements to IFRSs and Bound volume 2008 on 11 September 2008. Please click https://www.saica.co.za/DisplayContent.asp?ContentPageID=268 to access these editorial corrections and changes to IFRSs. Proposed amendments to the retrospective application of IFRSs The International Accounting Standards Board (IASB) has published for…
ACEDEMIC TRAINEESHIP PROGRAMME – SOME QUESTIONS ANSWERED During the 1980s, SAICA introduced the Academic Traineeship Programme (ATP). In essence, this programme allows academically strong students, upon successful completion of their studies, to spend the first year of their three-year training contract in academia at a SAICA accredited university, instead of in public practice or commerce…