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HOW THE FOURTH INDUSTRIAL REVOLUTION IS RESHAPING ACCOUNTING How the Fourth Industrial Revolution is reshaping accounting. Some accountants believe their very existence is under threat from AI, machine learning and blockchain. It is a virtual certainty that the role of bookkeepers and accountants will change forever, probably within five years. Automation is coming, and this will drasticallylower the
HOW TO FIRE A CLIENT Let’s talk about firing a client because sometimes you do need to fire your client. Maybe they’re difficult to work with or a guy is belligerent and loud and yells and you don’t want to work for him. Maybe there are ethical issues. One of my clients was a specialty sporting goods store and he SAICA FINDS ANOJ SINGH GUILTY ON 12 CHARGES, STRIPS HIM OF In July 2019, the South African Institute of Chartered Accountants (SAICA) said in a statement that it had suspended Mr. Anoj Singh’s membership pending the outcome of his disciplinary hearing. Mr. Singh’s disciplinary hearing concluded in July 2020 and the SAICA Disciplinary Committee has made its final ruling, finding him guiltyof 12 of the
THE ROLE OF KING IV IN THE RISK MANAGEMENT PROCESS The KING IV report could however also assist an entity in its risk management process. The risk management process consists of the following five steps: Identify risks. Analyse risks identified. Evaluate the risks. Respond to the risks. Monitor the risks and review the outcomes. Principle 8 of the KING IV report states that: “Thegoverning
JUDGE DENNIS DAVIS JOINS SARS TO HELP ROUND UP WEALTHY TAX SA Revenue Services (Sars) has announced that Judge Dennis Davis – a former judge and chairperson of the Davis Tax Committee (DTC) – has joined its team “on a more permanent basis” to help round up high net worth individuals and make sure they are paying their fair shareof
CALCULATING A COMPANY’S PUBLIC INTEREST (PI) SCORE SHOULD The term “PI score” has managed to intimidate and confuse many small business owners. We’d love to shed some light on the topic and summarise what you need to know. Why your company’s PI score matters First off, the Companies Act actually requires all companies to calculate their PI score. This score serves as an HOME - ACCOUNTING WEEKLYACCOUNTING & AUDITINGABOUT USCOVID-19 HUBCOVID-19 ARTICLESCONTACT USHEADLINE 183 Accounting and Auditing 893. Practice Management 745. Community 737. Tax 281. COVID-19 234. Headline 223. HOW SAIBA MEMBER JEAN MARAIS TOOK HIS FIRM INTERNATIONAL MaraisWilkinson and Co, an accounting practice specialising in corporate finance, taxation, auditing services and independent contractors, recently merged with one of Dubai’s most revered names in accounting, Affiniax, the first stage in an international expansion for the merged operation. Jean Claude Marais, one of the directors of MaraisWilkinson and Co, is a proud member of WHAT HAPPENED TO STEINHOFF’S GOVERNANCE? 2017 was marred by accounting and business related scandals. From the state-capture report, KPMG, the Gupta’s, and SARS reports to the Steinhoff and Deloitte case. Not to mention the problems in the State Owned Entities such as SAA, Denel and the SABC. Each of these cases provided a unique learning opportunity to both the private WHAT'S YOUR COMPANY'S PUBLIC INTEREST SCORE? This article is compiled with the assistance of Lettie Janse van Vuuren of the SA Accounting Academy. The Companies Act of 2008 introduced the concept of a company’s Public Interest Score (PIS). This is an important new development, as it will be crucial in determining the financial reporting standards that the company mustadopt (these
HOW THE FOURTH INDUSTRIAL REVOLUTION IS RESHAPING ACCOUNTING How the Fourth Industrial Revolution is reshaping accounting. Some accountants believe their very existence is under threat from AI, machine learning and blockchain. It is a virtual certainty that the role of bookkeepers and accountants will change forever, probably within five years. Automation is coming, and this will drasticallylower the
HOW TO FIRE A CLIENT Let’s talk about firing a client because sometimes you do need to fire your client. Maybe they’re difficult to work with or a guy is belligerent and loud and yells and you don’t want to work for him. Maybe there are ethical issues. One of my clients was a specialty sporting goods store and he SAICA FINDS ANOJ SINGH GUILTY ON 12 CHARGES, STRIPS HIM OF In July 2019, the South African Institute of Chartered Accountants (SAICA) said in a statement that it had suspended Mr. Anoj Singh’s membership pending the outcome of his disciplinary hearing. Mr. Singh’s disciplinary hearing concluded in July 2020 and the SAICA Disciplinary Committee has made its final ruling, finding him guiltyof 12 of the
THE ROLE OF KING IV IN THE RISK MANAGEMENT PROCESS The KING IV report could however also assist an entity in its risk management process. The risk management process consists of the following five steps: Identify risks. Analyse risks identified. Evaluate the risks. Respond to the risks. Monitor the risks and review the outcomes. Principle 8 of the KING IV report states that: “Thegoverning
JUDGE DENNIS DAVIS JOINS SARS TO HELP ROUND UP WEALTHY TAX SA Revenue Services (Sars) has announced that Judge Dennis Davis – a former judge and chairperson of the Davis Tax Committee (DTC) – has joined its team “on a more permanent basis” to help round up high net worth individuals and make sure they are paying their fair shareof
CALCULATING A COMPANY’S PUBLIC INTEREST (PI) SCORE SHOULD The term “PI score” has managed to intimidate and confuse many small business owners. We’d love to shed some light on the topic and summarise what you need to know. Why your company’s PI score matters First off, the Companies Act actually requires all companies to calculate their PI score. This score serves as an COULD 'MEGATRENDS' SHAPING THE WORLD MAKE YOU MEGA-RICH From Thisismoney: ‘Megatrends’ are global changes that transcend physical, geopolitical and cultural boundaries – such as climate change and the ageing population Thematic funds based on these trends can provide rich pickings for investors But backing specialist funds can be risky, and the pandemic has put certain predictions out of kilter We asked investing experts ACCOUNTING FOR INVESTMENTS IN ASSOCIATES The following is a summary of the impact of the investment in Coffee on the various line items in the separate financial statements of Winter, depending on the accounting policy choice, for the year ended 31 December 20.17 (the impact was determined by adding all the journal entries above to the relevant line item): TIPS FOR SUCCESS IN YOUR FIRST ACCOUNTING JOB Accounting is a rewarding career with plenty of growth opportunities. Accountants enjoy solid pay, ample advancement opportunities, and the chance to serve the broader good, but the transition from studying accounting to practicing it can be an adventure. In a recent newsletter, the American Institute of CPAs (AICPA) offers the following tips for young accountants THE POPI ACT IS IN FORCE By Kirsten Eiser, Partner and Shane Johnson, Professional Support Lawyer at Webber Wentzel The Protection of Personal Information Act 4 of 2013 (POPIA) which came into force on 1 July 2020 places several obligations on employers in terms of managing employees personal information; it also gives certain rights to privacy to employees. Employers need to be fully complaint IS STANDARD COSTING STILL RELEVANT? In the complex economic environment we find ourselves currently operating in, one of the very few things that remains certain is the “time is money” principle. This, together with the importance of accurate and useful information plays a pivotal role in effective internal decision-making. Unfortunately the most accurate accounting information is in most instances historical THE ACCOUNTING TREATMENT OF BUSINESS COMBINATIONS The accounting treatment of business combinations will be illustrated in this article. A business combination is defined in Appendix B of the IFRS for SMEs as: “The bringing together of separate entities or businesses into one reporting entity.”. A business combination can be structured in various ways (refer IFRS for SMEs: paragraph 19.4). IFRS FOR SME: WHEN TO RECOGNISE SALES? The correct recognition of sales is an important element of revenue for most small and medium-sized entities in the retail sector. Revenue is an important control measure in financial statements as various ratios are calculated by using the sales figure as a base, such as gross profit, asset turnover etc. The recognition requirements ofsales
RAMAPHOSA ANNOUNCES EXTENSION OF LEVEL 3 LOCKDOWN On Monday President Cyril Ramaphosa extended the Level 3 lockdown already in place until 15 February, with borders being closed to international travel. The alcohol ban will also remain in place. The country has had 4 600 Covid-related deaths since the start of 2021, and there are currently more than 15 000 people with Covid inhospitals
DERECOGNITION OF REPLACED PARTS ACCORDING TO THE IFRS FOR With the recent amendments to the IFRS for SMEs, Section 17.6 was changed to clarify the accounting treatment of the replacement of an item of property, plant and equipment.We all know that nothing last for ever and at some time items need to be replaced. Section 17 Property, plant and equipment, paragraph 6 confirms that some parts (components) of property, plant and equipment may CALCULATING A COMPANY’S PUBLIC INTEREST (PI) SCORE SHOULD The term “PI score” has managed to intimidate and confuse many small business owners. We’d love to shed some light on the topic and summarise what you need to know. Why your company’s PI score matters First off, the Companies Act actually requires all companies to calculate their PI score. This score serves as an HOME - ACCOUNTING WEEKLYACCOUNTING & AUDITINGABOUT USCOVID-19 HUBCOVID-19 ARTICLESCONTACT USHEADLINE 183 Accounting and Auditing 893. Practice Management 745. Community 737. Tax 281. COVID-19 234. Headline 223. HOW SAIBA MEMBER JEAN MARAIS TOOK HIS FIRM INTERNATIONAL MaraisWilkinson and Co, an accounting practice specialising in corporate finance, taxation, auditing services and independent contractors, recently merged with one of Dubai’s most revered names in accounting, Affiniax, the first stage in an international expansion for the merged operation. Jean Claude Marais, one of the directors of MaraisWilkinson and Co, is a proud member of WHAT HAPPENED TO STEINHOFF’S GOVERNANCE? 2017 was marred by accounting and business related scandals. From the state-capture report, KPMG, the Gupta’s, and SARS reports to the Steinhoff and Deloitte case. Not to mention the problems in the State Owned Entities such as SAA, Denel and the SABC. Each of these cases provided a unique learning opportunity to both the private WHAT'S YOUR COMPANY'S PUBLIC INTEREST SCORE? This article is compiled with the assistance of Lettie Janse van Vuuren of the SA Accounting Academy. The Companies Act of 2008 introduced the concept of a company’s Public Interest Score (PIS). This is an important new development, as it will be crucial in determining the financial reporting standards that the company mustadopt (these
HOW THE FOURTH INDUSTRIAL REVOLUTION IS RESHAPING ACCOUNTING How the Fourth Industrial Revolution is reshaping accounting. Some accountants believe their very existence is under threat from AI, machine learning and blockchain. It is a virtual certainty that the role of bookkeepers and accountants will change forever, probably within five years. Automation is coming, and this will drasticallylower the
HOW TO FIRE A CLIENT Let’s talk about firing a client because sometimes you do need to fire your client. Maybe they’re difficult to work with or a guy is belligerent and loud and yells and you don’t want to work for him. Maybe there are ethical issues. One of my clients was a specialty sporting goods store and he SAICA FINDS ANOJ SINGH GUILTY ON 12 CHARGES, STRIPS HIM OF In July 2019, the South African Institute of Chartered Accountants (SAICA) said in a statement that it had suspended Mr. Anoj Singh’s membership pending the outcome of his disciplinary hearing. Mr. Singh’s disciplinary hearing concluded in July 2020 and the SAICA Disciplinary Committee has made its final ruling, finding him guiltyof 12 of the
THE ROLE OF KING IV IN THE RISK MANAGEMENT PROCESS The KING IV report could however also assist an entity in its risk management process. The risk management process consists of the following five steps: Identify risks. Analyse risks identified. Evaluate the risks. Respond to the risks. Monitor the risks and review the outcomes. Principle 8 of the KING IV report states that: “Thegoverning
JUDGE DENNIS DAVIS JOINS SARS TO HELP ROUND UP WEALTHY TAX SA Revenue Services (Sars) has announced that Judge Dennis Davis – a former judge and chairperson of the Davis Tax Committee (DTC) – has joined its team “on a more permanent basis” to help round up high net worth individuals and make sure they are paying their fair shareof
CALCULATING A COMPANY’S PUBLIC INTEREST (PI) SCORE SHOULD The term “PI score” has managed to intimidate and confuse many small business owners. We’d love to shed some light on the topic and summarise what you need to know. Why your company’s PI score matters First off, the Companies Act actually requires all companies to calculate their PI score. This score serves as an HOME - ACCOUNTING WEEKLYACCOUNTING & AUDITINGABOUT USCOVID-19 HUBCOVID-19 ARTICLESCONTACT USHEADLINE 183 Accounting and Auditing 893. Practice Management 745. Community 737. Tax 281. COVID-19 234. Headline 223. HOW SAIBA MEMBER JEAN MARAIS TOOK HIS FIRM INTERNATIONAL MaraisWilkinson and Co, an accounting practice specialising in corporate finance, taxation, auditing services and independent contractors, recently merged with one of Dubai’s most revered names in accounting, Affiniax, the first stage in an international expansion for the merged operation. Jean Claude Marais, one of the directors of MaraisWilkinson and Co, is a proud member of WHAT HAPPENED TO STEINHOFF’S GOVERNANCE? 2017 was marred by accounting and business related scandals. From the state-capture report, KPMG, the Gupta’s, and SARS reports to the Steinhoff and Deloitte case. Not to mention the problems in the State Owned Entities such as SAA, Denel and the SABC. Each of these cases provided a unique learning opportunity to both the private WHAT'S YOUR COMPANY'S PUBLIC INTEREST SCORE? This article is compiled with the assistance of Lettie Janse van Vuuren of the SA Accounting Academy. The Companies Act of 2008 introduced the concept of a company’s Public Interest Score (PIS). This is an important new development, as it will be crucial in determining the financial reporting standards that the company mustadopt (these
HOW THE FOURTH INDUSTRIAL REVOLUTION IS RESHAPING ACCOUNTING How the Fourth Industrial Revolution is reshaping accounting. Some accountants believe their very existence is under threat from AI, machine learning and blockchain. It is a virtual certainty that the role of bookkeepers and accountants will change forever, probably within five years. Automation is coming, and this will drasticallylower the
HOW TO FIRE A CLIENT Let’s talk about firing a client because sometimes you do need to fire your client. Maybe they’re difficult to work with or a guy is belligerent and loud and yells and you don’t want to work for him. Maybe there are ethical issues. One of my clients was a specialty sporting goods store and he SAICA FINDS ANOJ SINGH GUILTY ON 12 CHARGES, STRIPS HIM OF In July 2019, the South African Institute of Chartered Accountants (SAICA) said in a statement that it had suspended Mr. Anoj Singh’s membership pending the outcome of his disciplinary hearing. Mr. Singh’s disciplinary hearing concluded in July 2020 and the SAICA Disciplinary Committee has made its final ruling, finding him guiltyof 12 of the
THE ROLE OF KING IV IN THE RISK MANAGEMENT PROCESS The KING IV report could however also assist an entity in its risk management process. The risk management process consists of the following five steps: Identify risks. Analyse risks identified. Evaluate the risks. Respond to the risks. Monitor the risks and review the outcomes. Principle 8 of the KING IV report states that: “Thegoverning
JUDGE DENNIS DAVIS JOINS SARS TO HELP ROUND UP WEALTHY TAX SA Revenue Services (Sars) has announced that Judge Dennis Davis – a former judge and chairperson of the Davis Tax Committee (DTC) – has joined its team “on a more permanent basis” to help round up high net worth individuals and make sure they are paying their fair shareof
CALCULATING A COMPANY’S PUBLIC INTEREST (PI) SCORE SHOULD The term “PI score” has managed to intimidate and confuse many small business owners. We’d love to shed some light on the topic and summarise what you need to know. Why your company’s PI score matters First off, the Companies Act actually requires all companies to calculate their PI score. This score serves as an COULD 'MEGATRENDS' SHAPING THE WORLD MAKE YOU MEGA-RICH From Thisismoney: ‘Megatrends’ are global changes that transcend physical, geopolitical and cultural boundaries – such as climate change and the ageing population Thematic funds based on these trends can provide rich pickings for investors But backing specialist funds can be risky, and the pandemic has put certain predictions out of kilter We asked investing experts ACCOUNTING FOR INVESTMENTS IN ASSOCIATES The following is a summary of the impact of the investment in Coffee on the various line items in the separate financial statements of Winter, depending on the accounting policy choice, for the year ended 31 December 20.17 (the impact was determined by adding all the journal entries above to the relevant line item): TIPS FOR SUCCESS IN YOUR FIRST ACCOUNTING JOB Accounting is a rewarding career with plenty of growth opportunities. Accountants enjoy solid pay, ample advancement opportunities, and the chance to serve the broader good, but the transition from studying accounting to practicing it can be an adventure. In a recent newsletter, the American Institute of CPAs (AICPA) offers the following tips for young accountants THE POPI ACT IS IN FORCE By Kirsten Eiser, Partner and Shane Johnson, Professional Support Lawyer at Webber Wentzel The Protection of Personal Information Act 4 of 2013 (POPIA) which came into force on 1 July 2020 places several obligations on employers in terms of managing employees personal information; it also gives certain rights to privacy to employees. Employers need to be fully complaint IS STANDARD COSTING STILL RELEVANT? In the complex economic environment we find ourselves currently operating in, one of the very few things that remains certain is the “time is money” principle. This, together with the importance of accurate and useful information plays a pivotal role in effective internal decision-making. Unfortunately the most accurate accounting information is in most instances historical THE ACCOUNTING TREATMENT OF BUSINESS COMBINATIONS The accounting treatment of business combinations will be illustrated in this article. A business combination is defined in Appendix B of the IFRS for SMEs as: “The bringing together of separate entities or businesses into one reporting entity.”. A business combination can be structured in various ways (refer IFRS for SMEs: paragraph 19.4). IFRS FOR SME: WHEN TO RECOGNISE SALES? The correct recognition of sales is an important element of revenue for most small and medium-sized entities in the retail sector. Revenue is an important control measure in financial statements as various ratios are calculated by using the sales figure as a base, such as gross profit, asset turnover etc. The recognition requirements ofsales
RAMAPHOSA ANNOUNCES EXTENSION OF LEVEL 3 LOCKDOWN On Monday President Cyril Ramaphosa extended the Level 3 lockdown already in place until 15 February, with borders being closed to international travel. The alcohol ban will also remain in place. The country has had 4 600 Covid-related deaths since the start of 2021, and there are currently more than 15 000 people with Covid inhospitals
DERECOGNITION OF REPLACED PARTS ACCORDING TO THE IFRS FOR With the recent amendments to the IFRS for SMEs, Section 17.6 was changed to clarify the accounting treatment of the replacement of an item of property, plant and equipment.We all know that nothing last for ever and at some time items need to be replaced. Section 17 Property, plant and equipment, paragraph 6 confirms that some parts (components) of property, plant and equipment may CALCULATING A COMPANY’S PUBLIC INTEREST (PI) SCORE SHOULD The term “PI score” has managed to intimidate and confuse many small business owners. We’d love to shed some light on the topic and summarise what you need to know. Why your company’s PI score matters First off, the Companies Act actually requires all companies to calculate their PI score. This score serves as an__
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IMPORTANT CLIENT REGISTRATIONS YOU NEED TO KNOW ABOUT HOW TO BLOW YOUR CLIENTS’ MINDS WITH FATHOM PRESENTATION SOFTWARE NON-COMPLIANT EXPATS IN AFRICA HEADED FOR TAX SHOWDOWN WITH SARS PWC SUPPORTS GRI GLOBAL STANDARDS FUND MAYOR OF GEORGE REACHES OUT TO SAIBA ACCOUNTANTS____
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HOW TO BLOW YOUR CLIENTS’ MINDS WITH FATHOM PRESENTATION SOFTWARECiaran Ryan
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SAIBA TEAM BUILDING DAY AT THE NATIONAL BOTANICAL GARDENS IN PRETORIALudzula Mukhuwana
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ACCOUNTING & AUDITING NON-COMPLIANT EXPATS IN AFRICA HEADED FOR TAX SHOWDOWN WITH SARSCurated Content
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MAYOR OF GEORGE REACHES OUT TO SAIBA ACCOUNTANTSCiaran Ryan
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SA’S TOP 50 BRANDS VALUED AT OVER R460BNAccountingWeekly
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PROFESSOR BERRY STOOP – EULOGY TO ONE OF THE SHINING LIGHTS OF THEACCOUNTING...
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THE LAUNCH OF DIGITAL BEANIE BRINGS ACCOUNTANTS INTO THE DIGITAL AGECiaran Ryan
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DTI MINISTER EBRAHIM PATEL’S PLAN TO DEMOCRATISE THE ECONOMY GETSPUSH BACK
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MINIBUS TAXI INDUSTRY ONLY PAYS R5M IN CORPORATE TAXESCurated Content
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THE BASIC CONDITIONS OF EMPLOYMENT ACT – WHAT YOU NEED TO KNOWCurated Content
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HOW SARS IS CLOSING IN ON HIGH NET WORTH INDIVIDUALSCiaran Ryan
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PRACTICE MANAGEMENT NEWS IMPORTANT CLIENT REGISTRATIONS YOU NEED TO KNOW ABOUTLudzula Mukhuwana
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CYBERCRIMES BILL SIGNED BY THE PRESIDENTCurated Content
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SARS TARGETS CRYPTOCURRENCIES TO PLUG TAX LEAKAGECiaran Ryan
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HOW TO BLOW YOUR CLIENTS’ MINDS WITH FATHOM PRESENTATION SOFTWARECiaran Ryan
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SMARTPRACTICE JUST MADE RUNNING YOUR ACCOUNTING PRACTICE A WHOLE LOTEASIER
Ciaran Ryan
- May 24,
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INFORMATION REGULATOR SEEKING LEGAL ADVICE ON WHATSAPP PRIVACY POLICYUPDATES
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IMPORTANT CLIENT REGISTRATIONS YOU NEED TO KNOW ABOUTLudzula Mukhuwana
- Jun 3, 2021
CYBERCRIMES BILL SIGNED BY THE PRESIDENTCurated Content
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HOW TO BLOW YOUR CLIENTS’ MINDS WITH FATHOM PRESENTATION SOFTWARECiaran Ryan
- Jun 2,
2021
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