Resource Center

Accounting and Reporting

 

1.     How to Serve Your Clients
In today's economy, clients are looking to cut or reduce costs. If a client considers you nonessential you are not providing them enough TLC, and I'm not referring to tender loving care.

2.     IFRS for SMEs and related material
According to the IASB the IFRS for SMEs is a “self-contained standard of less than 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world.

3.     Title: Accountants Key to Lender Decisions
A Global survey of banks conducted by The Banker magazine in association with the International Federation of Accountants (IFAC). The survey results confirmed the critical role that accountants play in providing information that influences lender decision making.

Audit, Assurance and related services

 

1.     Audit or Independent Review: Does it add value or is it just compliance?
The current hot topics in the accounting and auditing profession relates to the form and content of financial reporting standards that should be applicable to private companies, and the form and function of the “independent review” as alternative to the audit report for certain private companies.

2.     Accountants reassured on audit exemption
The revised Companies Bill [B61-2008] exemption of small businesses from stringent financial reporting requirements and audits is a serious threat to small accounting firms.

Corporate Governance

 

1.     King III Report and Code
The King III Report and Code were released on 1 September 2009.

2.     King III zeroes in on share-basedremuneration
The third report of the King Committee echoes the global call forrobust governance and transparency with respect to the remuneration of company executives and directors.

Global Financial Crises

 

1.     Directors and trustee should reconsider Governance structures
The collapse of global financial markets and the associated credit crisis has resulted in significant downward revaluations of investment values...

2.     Zuma: Transform global financial system
Speaking in a panel discussion following Zuma's address, former United Nations secretary-general Kofi Annan echoed Zuma's call for change in the global financial system.

Labour

 

1.     Exit Interview
"An exit interview is a way in which the employer gathers valuable information as to why the employee leaves the company."

2.     EXIT INTERVIEW
An exit interview is a way in which the employer gathers valuable information as to why the employee leaves the company.

3.     How To Demote An Employee For Misconduct
Demotion can be an attractive alternative to dismissal. The labour courts and tribunals, such as the CCMA, also encourage you to be more creative when you impose penalties, and to use dismissal as a last resort. You do need to ensure, as always, that you do things right. You must act fairly and not break any labour laws when you demote an employee as a penalty for misconduct.

Legal & ethics

 

1.     Strategic and Operational Plan Issued by IFAC
Following the consideration and approval of due process by the Public Interest Oversight Board (PIOB), the International Ethics Standards Board for Accountants (IESBA), an independent standard-setting board within the International Federation of Accountants (IFAC), has issued its 2008-2009 Strategic and Operational Plan

The objective of the IESBA is to serve the public interest by setting high quality ethical standards for professional accountants and by facilitating the convergence of international and national ethical standards, thereby enhancing the quality and consistency of services provided by professional accountants...

2.     Ethics Board Makes Further Progress on Independence
At its January 2008 meeting, the International Ethics Stand¬ards Board for Accountants (IESBA) approved revisions to indepen¬dence requirements in the Code of Eth¬ics for Professional Accountants resulting from the exposure draft that was issued in December 2006.

The revisions include a definition of “public interest entities” as listed entities and any entity that is defined by regula¬tion or legislation as a public interest entity or for which an audit is required to be conducted in accordance with the same independence requirements that apply to the audit of listed entities...

 

Professional Accountants in business

 

1.     Google translate now speakes 51 languages
We spend a lot of time thinking about how information travels around the globe. After all, there are Googlers living and working in dozens of countries — and we're pretty sure our products are used in many more.

2.     Judgment on a the removal of executors on an estate
This is an application by the Master of the High Court for the removal of the first respondent as executor of the estate of the late Willas Mukati Moyo. The application has been filed in terms of section 117 of the Administration of Estates Act [Chapter 6:01] ("the Act").

3.     IFAC News- New Guidance Issued For Evaluating And Improving Costing
The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC).offers the July 2009 issue with the below features.

Professional Accountants in practice

 

1.     New Companies Act offers relief to strugling business
The good news is that the new Companies Act offers some assistance to businesses struggling to hold onto their umbrellas. The Act was signed into law on 9 April 2009, though its commencement date is still to be proclaimed. It replaces the previous Companies Act in full, subject to certain transitional arrangements remaining in force

2.     EXAMPLE OF ANNUAL FINANCIAL STATEMENTS FOR A TRUST
Attached below is an Example of an Annual Financial Statement for a Trust.

3.     Top ten mistakes that the small business makes
This is one of the most important aspects of your business, yet many small business owners fail to think about this. There are many cost effective ways to market your business to your potential customer - be effective, efficient and consistent in your marketing efforts!

Regulation and Law

 

1.     Companies Bill Governance-Changes will be prudent
The anticipated Companies Bill - replacing the Companies Act of 1973 and expected to be implemented by 2010 – constitutes a commendable commitment and effort on the part of the Department of Trade and Industry.

2.     What Will Happen to Close Corporations?
You may have heard a lot of rumors and stories about the future of the Close Corporation. Read what really is going to happen to our beloved Close Corporation.

3.     An overview of the Role of the new Companies and Intellectual Property Commission
The Companies Bill provides for the establishment of a Companies and Intellectual Property Commission (Companies Commission) which combines and enhances the services of two existing agencies: Office of Companies and Intellectual Property Enforcement (OCIPE) and Companies and Intellectual Property Registration Office (CIPRO).

Submissions

 

1.     Extension for Submission of Return of Earnings - Was 08 Forms
Based on the information received from members the technical department requested the Compensation Commissioner/Department of Labour for an extension of the submission date.

Tax

 

1.     Trusts unable to be registered, delays and confusion at Master's Office
Confusion surrounding the use of revenue stamps for payment of registration of trust deeds and requests for certified copies of documents already lodged with the Master's Office will lead to delays and inconvenience for the public as of yesterday, Monday 2 November.

2.     The Tax Administration Bill: A Brief Overview
"The Tax Administration Bill seeks to provide a single body of law that outlines common procedures, rights and remedies and to achieve a balance between the rights and obligations of both SARS and the taxpayers in a transparent relationship."