The auditor should be alert and apply professional scepticism regarding the potential for COVID-19 to give rise to possible financial reporting misstatements when fulfilling its responsibilityView PDF
A lessee can choose to apply IFRS 16 through either a full retrospective approach or using a simplified approach. The simplified approach seems to provide some benefits to the preparers of financial statements when applying module 2.View PDF
In October 2018, the IASB amended the definition of “material” in IAS 1 Financial Statement Presentation and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to applicable through all IFRS Standards to make it easier for entities to make material judgements. Practice Statement 2 and the TIP issued March 2017 provides further guidance in applying materialityView PDF
The revised standard on Auditing Accounting Estimates has enhanced auditors’ responsibilities when auditing accounting estimates and its related disclosures.
The revised ISA 540 applies to all audits for periods beginning on or after 15 December 2019. View PDF
Whilst IFRS 15 is primarily a standard on revenue recognition, it contains specific requirements relating to contract costs. Companies may therefore need to change their accounting for those costs on adoption of IFRS 15 for annual reporting periods beginning on or after 1 January 2018. View PDF
The South African Companies Act has specific requirements on the approval of financial statements View PDF
The IASB has developed IFRS 16 as a new leases Standard which supersedes IAS 17. A company is required to apply the new leases from 01 January 2019. View PDF
Cash receipts and cash payments must be classified as operating, investing, or financing activities on the basis of the nature of the cash flow View PDF
The Companies Act 71 of 2008 no longer permits companies to have shares of par value, resulting in companies no longer recognizing share premiums. In this issue we look at what this means for existing share premium accounts. View PDF
Corporate governance is essential to reduce risk within entities and to increase growth and long-term value for the business. View PDF
