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
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
