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Categories
Tag Archives: IFRS
Changes to bad debt allowance
Most South African businesses are at some point in time exposed to credit risk in the form of bad debts. Although taxpayers would undoubtedly prefer to recover the debts, the Income Tax Act[1] provides for some relief in cases where debts … Continue reading
Posted in Tax
Tagged Draft Taxation Laws Amendment Bill 2018, IFRS, Income Tax Act
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Choosing between IFRS and IFRS for SMEs
Over the last few years we have seen various changes being made with regards to the IFRS (International Financial Reporting Standards) accounting framework. These include new standards such as IFRS 15 (revenue), IFRS 9 (financial instruments) and IFRS 16 (leases), … Continue reading
Posted in Business
Tagged Company's Act, IFRS, SMEs
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MANAGEMENT’S RESPONSIBILITY
Throughout the audit of a set of financial statements, the phrase “management/director’s responsibility” appears. It is included in the engagement letter, the financial statements and the auditor’s report. But what does it mean? Management is responsible for the management of … Continue reading
Posted in Auditing
Tagged Financial statements, IFRS, Management
Comments Off on MANAGEMENT’S RESPONSIBILITY