Public Sector: Treatment of fully depreciated assets still in use (GRAP 17)

The Accounting Standards Board has during their March 2021 FAQ raised the issue surrounding fully depreciated assets still in use beyond their accounting useful life. The disclosure requirements of GRAP 3 must be applied irrespective whether the adjustment should be treated as a change in accounting estimate or an error.View PDF

The Protection of Personal Information Act (Popia) – Compliance

The South African Constitution gives every person the right to privacy, and the right to safeguarding of personal information. The Protection of Personal Information Act (POPIA) gives effect to this right. Here is what you need to know!View PDF

IFRS 3 Business Combinations – New definition of Business

The South African Constitution gives every person the right to privacy, and the right to safeguarding of personal information. The Protection of Personal Information Act (POPIA) gives effect to this right. Here is what you need to know!View PDF

Budget Highlights for 2021/22

The Minister of Finance delivered his budget speech on 24 February 2021. Due to Covid pandemic, tax relief were provided mainly for individual tax to assist in the recovery of the economy. The individual tax brackets were increased with the lowest tax rate of 18% applicable to income of R216 200 and the maximum marginal rate at 45% applicable to income above R1 656 601.View PDF

Auditor’s responsibility on JSE Listing Requirement 3.84(k) – CEO / CFO sign-off on internal financial control

The JSE Listing Requirement 3.84(k) requires the Chief Executive Officer (CEO) and the financial director (FD) to sign a responsibility statement that they have implemented the necessary internal financial controls to ensure the financial statements are fairly presented and no facts have been omitted or untrue statements made. The auditor has a responsibility to conclude whether this statement is inconsistent with the financial statements or with the auditor’s knowledge obtained during the audit.View PDF