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
As the effective date for Parts 1 and 3 of the IRBA Code differs from that of Parts 4A and 4B, it will have an impact on how the IRBA Code is described in the auditor’s and assurance reports. View PDF
The Companies Act requires full disclosure of the remuneration of directors and prescribed officers (whether executive, non-executive or alternate directors) in the financial statements of companies that require an audit in terms of the Act. This requirement may become quite cumbersome where a Group of Companies consists of multiple companies. View PDF
IFRS 15, Revenue from Contracts with Customers came into effect for years commencing on or after 1 January 2018, with many entities having fully adopted the new Standard at this point. One of the more practical issues which entities are likely to encounter is the accounting requirements for non-cash consideration. View PDF
IFRS 16 Leases comes into force for years commencing on or after 1 January 2019, which means that the transition date (the opening date of the comparative period) for December year ends has just passed. Bearing this in mind, if you have not yet started work on your IFRS 16 impact assessment, now is the time to start. View PDF
There has been a number of new standards and amendments issued by the IASB that will become effective from 1 January 2019 View PDF
On Friday, 21 September 2018 the Department of Trade and Industry published the draft Companies Amendment Bill 2018 for comment and comments closed on 20 November 2018. The following is a summary of the more significant changes proposed by the Bill. View PDF
The International Accounting Standards Board (IASB) have introduced a new accounting standard IFRS 9: Financial Instruments to replace IAS 39: Financial Instruments Recognition and Measurement. The standard is effective for annual periods beginning on or after 1 January 2018. The following are the principles behind the restatement of financial statements after adopting IFRS 9.
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One of the most complex and rapidly evolving issues which affect all entities is cybersecurity. This leads to the question of whether cybersecurity risk is relevant to the audits of financial
statements. What is the auditor’s responsibility in respect of cybersecurity risk when planning and performing audits?
