Tag Archives: IFRS

Changes to bad debt allowance

Posted on January 20, 2020 by StrachanCrouse

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 →

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Choosing between IFRS and IFRS for SMEs

Posted on July 30, 2019 by StrachanCrouse

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 →

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MANAGEMENT’S RESPONSIBILITY

Posted on November 22, 2018 by StrachanCrouse

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 →

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