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?
In this Issue Get the Most Out of Your Audit While Saving Cost Importing From Amazon: You Could Be Forced to Register as an Importer Directors Beware! You Could Be Held Personally Liable For Data Breaches Surviving a Business Crisis: Consider Your Turnaround Options Will the 21st Century Really Be Africa’s Time to Flourish? Your […]
The due date for non-provisional taxpayers who submit their income tax via eFiling or electronically at a SARS branch is 31 October. Time is running out and SARS is cracking down on late lodgements and failure to submit returns. The penalty amount that will be charged for late lodgement depends on your taxable income and, […]
“We really need to have a third wave, and it needs to happen in sub-Saharan Africa” (Bill Gates) Two factors often cited as to why “Africa’s time is coming” are: Demographics – the huge populations of India and China are cited as a key factor in their rapid growth. Currently Africa is the fastest growing […]
