There are different interpretations as to when one should “discount” revenue or purchases. There are two totally different views – the first one being that discounting begins on the day after
the recognition of a sale or purchase and the second one allows for the concept of “extended payment terms” beyond “industry norms”. Note: This does not apply to debtors or creditors.
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A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the
transfer of assets.
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As of 1 April 2018, the effective VAT rate will rise from 14% to 15%. There are important aspects to consider as a result of the increase. The VAT rate to apply to transactions depends on the “time of supply rules”. This is the date on which the transaction is deemed to occur according to the VAT Act. The general time of supply rule is the “earlier” of when (a) an invoice is issued or (b) payment is received.
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Data Analytics is the process of inspecting, cleansing, transforming and modelling raw data with the purpose of discovering useful information, drawing conclusions and supporting decision making.
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Nexia International (Nexia), a network of independent accounting and consulting firms, is delighted to announce that according to the latest International Accounting Bulletin (IAB) World Survey, the network has risen one place since last year to become the 9th largest global accounting network, as measured by fee income.
We couldn’t be happier than to be recognised for our efforts in transforming the accounting, audit and business consulting sectors through Gender Empowerment. These awards follow on from our being recognised at the Standard Bank Top Women Awards in August of 2017.
When a business or a person is unable to pay their debts when they become due, they are considered to be insolvent. The business model is quite simple; when the money going out is more than money coming in, debts are accrued and the liabilities exceed the assets.
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Many SMEs face tax-related regulatory burden, and there is little doubt that navigating through all the tax requirements can be a daunting. Tax is levied on income and profit received by a taxpayer, which includes individuals, companies and trusts.
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There has been a number of new standards and amendments issued by the IASB that will become effective from 1 January 2018.
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IFRS 9 will become effective on 1 January 2018 and represents a fundamental change in the impairment of financial instruments. This will have a significant impact on how banks are required to
calculate provisions for credit losses (impairments). The South African Reserve Bank (SARB) issued Directive 5 as a transitional arrangement and to provide clarity to banks in South Africa on how
to categorise expected credit loss provisions. The transitional arrangement only applies to new provisions that did not exist prior to the adoption of the expected credit loss model.
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