The exemption was introduced to prevent double taxation of an individual’s income between South Africa and a host country. The exemption creates opportunities for double non-taxation in instances where the host country imposes little or no tax on employment income. View PDF
All companies that are required to have their annual financial statements (AFS) audited and those that have their AFS voluntarily audited in terms of Section 30(2) of the Companies Act 71 of 2008, shall disclose directors’ or prescribed officers’ remuneration and other benefits paid, payable or receivable as per Section 30 (4)(5)(6) of the Act. View PDF
The last few months forced many entities to renegotiate lease terms and review their current lease agreements – the question arises how and when to account for a new lease when the lease terms and/or lease payments have changed, or where it was determined that it is not a new lease but a lease modification.View PDF
Despite being effective since 2007, entities often misinterpret the most basic requirements of IFRS 7. This tip deals with what‘s “HOT” and what’s “NOT” when it comes to disclosure of the significance of financial instrument for an entity’s financial position and performance.View PDF
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IFRS (IAS 16) requires the review of the useful life, residual value and depreciation method of asset items at least at each financial year-end. IFRS for SME (Section 17) requires such a review when factors have been identified that may indicate that the residua value or useful life of an asset has changed.View PDF
The amendment is effective for financial periods beginning on or after 1 June 2020. Earlier application is permitted, including financial statements not yet authorised for issue at 28 May 2020. The amendment is also available for interim reports.View PDF
All preparers of Annual Financial Statements should consider the impact of the Coronavirus (COVID-19) on interim and annual financial statements.View PDF
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
