Accounting Weekly

16/08/2024

Curious about how ring-fencing affects your business? Our latest blog explains how Namibia’s tax laws impact assessed losses and what qualifies as a 'suspect trade'. Discover the essentials you need to ensure compliance and optimise your tax strategy.

🔍 Read more: https://www.accountingweekly.com/tax/your-guide-to-ring-fencing-in-namibia

This article provides a simple guide for accountants on how to apply ring-fencing rules under Namibian tax law, helping them ensure their clients meet compliance requirements. We explain when a business is allowed to use assessed losses to reduce taxable income from other parts of the business. Read

15/08/2024

Practitioners offering tax services must register as tax practitioners and follow the rules set out in the Tax Administration Act. Filing taxes on time, clearing any tax debts, and keeping accurate records is crucial for tax practitioners. Failing to follow these rules can lead to the loss license to practice and can also have legal consequences.

Read our article below highlighting the key aspects you need to keep in mind as a tax practitioner.

Accounting Weekly | CIBA - Chartered Institute for Business Accountants

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Practitioners offering tax services need register as tax practitioners and follow the rules set out in the Tax Administration Act. Staying above board at all times is crucial, filing taxes on time, clearing any tax debts, and keeping accurate records. Failing to follow these rules can lead to the lo

14/08/2024

The July 2024 SARS Snapshot is here with essential updates for the ongoing tax filing season, customs and more. This month's highlights include modifications to retirement fund deductions, tax-free investment limits, and more. Stay informed and streamline your tax filing process by leveraging SARS’s enhanced self-service options, such as the newly introduced WhatsApp service. For further insights, read CIBA’s monthly publication.

CIBA - Chartered Institute for Business Accountants

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The July 2024 SARS Snapshot brings crucial updates as the tax filing season continues including adjustments to retirement fund deductions, tax-free investment limits, and others. Enhance your tax filing experience using SARS's updated self-help channels, including the new WhatsApp service. Stay info

14/08/2024

The July 2024 CIPC News Summary is out! Don't miss these vital updates. From avoiding delays in reinstatement applications to mastering new enquiry processes, staying informed is key. Remember, rotating auditors every five years is crucial for integrity, not just compliance. Business rescue practitioners, your monthly reports are now more essential than ever. The Companies Amendment Bills bring significant changes to South Africa's corporate governance landscape. Stay ahead of the curve with the latest insights! Read our Accounting Weekly article below.

CIBA - Chartered Institute for Business Accountants

The July 2024 CIPC News Summary brings vital updates that no accountant should miss. From how to avoid delays in reinstatement applications to mastering the new alternative enquiry processes, staying ahead is key. With the Companies Amendment Bills signed into law, big changes are coming to South Af

13/08/2024

🚨 When poor training leads to financial chaos 🚨

NSFAS is in trouble, and poorly trained bookkeepers are at the center of it. But there's hope—CIBA Chartered Bookkeepers designation is here to help you step up and make a difference.

Learn how this credential is empowering bookkeepers to rise to the challenge and turn things around: https://myciba.org/join/designations/cbk

Read more: https://www.accountingweekly.com/trending-news/bookkeeping-breakdown-investigating-the-multimillion-rand-mismanagement-at-nsfas

Accounting Weekly CIBA

13/08/2024

📚 Simplify your accounting. Explore our latest article on the derecognition of property, plant, and equipment. Whether it’s selling an old truck or handling an accidental loss, we break it down into easy steps. Keep your business assets in check with confidence. 🚛💼 Read more: https://www.accountingweekly.com/audit-accounting/when-things-go-wrong-handling-derecognition-of-property-plant-and-equipment

07/08/2024

🎙️ Exciting News! 🎙️

Join us tomorrow at 6 PM for an amazing podcast episode featuring our CEO, Nicolaas van Wyk, and the incredible sales coach and keynote speaker, Charles Hsuan! 🌟

📅 Date: Tomorrow
🕕 Time: 6 PM

Get ready to dive into a conversation filled with valuable tips and strategies on how to elevate your accounting practice through effective communication and sales techniques. Charles Hsuan, with over 20 years of experience, will share his expertise on connecting with clients, understanding their needs, and building trust.

You don’t want to miss this! 🎧

22/07/2024

🌟 Join us for an enlightening LinkedIn Live podcast with Professor Grietjie Verhoef! 🌟

📅 Date: Monday, July 22
⏰ Time: 6 PM

Our CEO, Nicolaas van Wyk, will be diving deep into the rich history and evolution of the accounting profession in South Africa with the renowned Professor Grietjie Verhoef from the University of Johannesburg. This is an episode you don't want to miss!

Topics to be Discussed:
🔹 The State of the Profession: Initiatives and responses to the organization of the accounting profession in South Africa, 1904–1951.
🔹 Accountancy and Empire: Exploring the British legacy of professional organisation with insights from C. Poullaos.
🔹 The Accounting Profession and Education: Examining the development of scholarly activity in accounting in South Africa.

📌 Mark your calendars and tune in to gain knowledge and be part of this engaging conversation.

21/06/2024

🎙️ New Podcast Alert! 🎙️

Join us on June 21, 2024, at 6 PM for an exclusive interview with CIBA CEO, Nicolaas van Wyk and Mariska Fernhout from DataGrows. Discover how their practice management platform is revolutionizing task and workflow automation for South African accountants and auditors.

📅 21 June 2024
🕧 18:00

Tune in and stay ahead in your accounting practice! 🚀

24/05/2024

In a world increasingly focused on sustainability, South African accountants are at the forefront of this vital transformation. The International Federation of Accountants (IFAC) has identified 4 crucial areas where accountants need to sharpen their skills to excel in sustainability-related reporting.

Accounting Weekly | CIBA
CIBA - Chartered Business Accountants

Discover the crucial role of accountants in South Africa as they navigate the new sustainability reporting landscape. This article outlines the essential skills and steps accountants need to master the latest sustainability standards like IFRS S1 and S2, integrate sustainability into business strate

23/05/2024

🎙 Exciting Announcement! Join CIBA CEO Nicolaas van Wyk for an insightful discussion on tax dispute resolution with Nico Theron, Founder of Unicus Tax Specialists SA and Chartered Tax Advisor (SA).

📅 23 May 2024
🕧 18:00pm

🔍 Dive deep into Tax Dispute Resolution Calculators and discover their potential:

1️⃣ Determine due dates effortlessly.
2️⃣ Track days lapsed with precision.
3️⃣ Gain access to Tax Dispute Templates for smoother proceedings.
4️⃣ Navigate through Tax Dispute Flowcharts to strategize your next move effectively.

Don't miss out on this valuable opportunity to enhance your tax dispute resolution strategies.

17/05/2024

In South Africa, the term "independent review engagement" is used to describe what is internationally known as a "review engagement."

An Independent Review (aka Review Engagement) is a limited assurance engagement where the practitioner primarily performs inquiry and analytical procedures to obtain sufficient appropriate evidence as the basis for a conclusion on the financial statements as a whole, expressed in accordance with the requirements of ISRE 2400 (Revised).

Accounting Weekly | CIBA
CIBA - Chartered Business Accountants

Discover the essentials of independent review engagements, including the differences between audits, reviews, agreed-upon procedures, and compilations. Learn how South African regulations impact these assessments and what qualifications are necessary for professionals conducting these reviews.

17/05/2024

How to Perform an Accounting Officer Engagement and Issue an Accounting Officer Report for a Close Corporation.

Accounting Weekly | CIBA

Learn the step-by-step process for performing an accounting officer engagement and issuing an accounting officer report for close corporations under the South African Close Corporations Act. Understand the qualifications, duties, and reporting requirements to ensure compliance and accurate financial

17/05/2024

SMEs must prevent fraud or face automatic penalties: An Insightful Discussion with Edward James

Accounting Weekly | CIBA

In a recent episode of the Accounting Weekly podcast, host Nicolaas van Wyk, CEO of CIBA, and Edward James, a corporate crime attorney from Pinsent Masons, delve into the significant updates to South Africa's legal framework against corruption. This article unpacks the introduction of a pivotal &quo

16/05/2024

In our latest article we explore sustainability reporting globally and in South Africa, the standards and the enhanced role of accountants. We provide practical guidance for accountants on how they can assist clients in leveraging sustainability for their strategic advantage. Discover how you can tap into a niche market and offer a unique value proposition.

Explore sustainability reporting globally and in South Africa, the sustainability frameworks and the enhanced role of accountants. In this article we provide practical guidance for accountants on how they can assist clients leveraging sustainability for their strategic advantage. Discover how you c

10/05/2024

🔍 Curious about the impact of Namibia's FATF greylisting on accountants? Dive into our latest article for insights! Explore FATF's evaluation processes, Namibia's compliance efforts, and the vital role accountants play in enhancing AML and CTF measures to meet international standards.

Read more: https://www.accountingweekly.com/audit-accounting/namibias-greylisting-what-does-it-mean-for-accountants

Stay ahead in the world of finance and accountability!

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In this article we explore the impact that Namibia's recent greylisting by the Financial Action Task Force (FATF) have on the work accountants. Learn about the FATF’s evaluation processes, Namibia’s compliance efforts, and the vital role of accountants in enhancing AML and CTF measures to meet i...

08/05/2024

In our latest article, learn about the lesser-known mandate of the Ombud in overseeing SARS and addressing systemic issues in SARS's tax system. Read about the issues investigated by the Ombud and what you can do to inform your clients and contribute towards collaborative efforts to improve tax administration.

Explore the critical role of the Tax Ombud in overseeing SARS and addressing systemic issues in South Africa's tax system. Learn about the lesser-known mandate of the Ombud, how it works to ensure fairness, and the rights taxpayers have when raising complaints. Understand ongoing issues and the coll

06/05/2024

🎙️ Join us for an insightful discussion on the latest legal developments in South Africa's fight against corruption on our upcoming Accounting Weekly Live Audio!

👤 Our guest, Edward James, Corporate Crime Risk Lead for Africa at Pinsent Masons, will shed light on the newly introduced 'failure to prevent' corruption offence in South Africa.

In the wake of the Judicial Matters Amendment Act, businesses in South Africa are facing a pivotal moment in their anti-corruption efforts.

🔑 Don't miss out as we explore:

1️⃣ Understanding the new offence under the Prevention and Combatting of Corrupt Activities Act 2004.
2️⃣ Exploring the significance of the Zondo Commission's recommendations.
3️⃣ Insights into the 'adequate procedures' defense and its importance for companies.

Mark your calendars and stay tuned for more updates!

06/05/2024

Read our latest article summarising the April 2024 CIPC updates, including new procedures for updating customer codes, system improvements, compliance reminders, and streamlined reinstatement processes.

Stay informed on critical changes affecting companies and accountants!

Discover the latest updates from CIPC for April 2024, including new procedures for updating customer codes, system improvements, compliance reminders, and streamlined reinstatement processes. Stay informed on critical changes affecting companies and accountants.

03/05/2024

What is the role of management representations in financial reporting? Learn how these formal statements from senior management, confirming the accuracy and completeness of financial data, are essential in audits, reviews, and financial statement compilations. Discover their mandated use across various standards including ISA 580, ISRE 2400, and ISRS 4410, enhancing transparency and accountability in financial engagements.

Explore the critical role of management representations in financial reporting. Learn how these formal statements from senior management, confirming the accuracy and completeness of financial data, are essential in audits, reviews, and financial statement compilations. Discover their mandated use ac

02/05/2024

Critical updates for the filing of CM100 applications concerning insolvent voluntary liquidations are highlighted in CIPC's detailed guidelines in Customer Notice 34 of 2024.

Failure to meet these standards will result in the rejection of the application.

The Companies and Intellectual Property Commission (CIPC) has issued a critical update for the filing of CM100 applications concerning insolvent voluntary liquidations. This notice, mandated by the Master of the High Court, specifies strict requirements to ensure accurate and efficient processing

29/04/2024

The Tax Administration Act (TAA) in South Africa outlines essential regulations that impact both tax practitioners and accountants. While the common perception may be that only tax practitioners are liable for non-compliance issues with SARS (South African Revenue Service), Section 241 of the TAA extends significant responsibilities and potential liabilities to accountants as well.

Accounting Weekly | CIBA

Explore how the Tax Administration Act (TAA) influences the duties and responsibilities of accountants in South Africa, extending beyond traditional tax practitioners. This article delves into the critical aspects of Section 241, emphasizing the importance of due diligence in financial documentation

29/04/2024

The court ruling emphasized that the subordination agreement is legally binding, meaning Sactwu cannot claim its funds until SIM's assets exceed its liabilities—a condition that may not be met for an indefinite period, given the unclear financial status of SIM following the failed Sagarmatha listing.

Accounting Weekly | CIBA
https://www.accountingweekly.com/trending-news/unpublished-financial-statements-and-subordination-agreement-lock-sactwus-r300m-loan

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29/04/2024

The case of Venator Africa (Pty) Ltd v Watts and Another confirms that directors are generally not liable to the company’s creditors unless there is an abuse of the corporate structure, which could lead to piercing the corporate veil and attaching liability to the directors.

Accounting Weekly | CIBA

The recent ruling in Venator Africa (Pty) Ltd v Watts and Another clarifies when directors can be held accountable to creditors. The South African court highlighted that directors are typically protected under corporate law, with personal liability only arising if they abuse the corporate structure.

29/04/2024

Raju, a seasoned professional with over two decades of financial and risk management experience, steps into his new role with a history of commendable leadership within the organization. His tenure at Absa boasts key roles, including Group Chief Risk Officer and Group Treasurer, underlining his deep-rooted understanding of the company's financial landscape. With endorsements for his expertise in finance, investment banking, and risk management, Raju’s appointment promises to bring a reinforced vision to Absa’s financial operations.

Deon Raju CA(SA) CFA
CFO Club | CIBA

In a bid to enhance commercial performance and market agility, Absa Group Limited (AGL) has made significant changes to its Executive Committee, reflecting the company's dedication to growth, transformation, and diversity. Rising to the prominent role of Group Financial Director, Deon Raju is set t

26/04/2024

As the 18 months grace period is nearing to its end, it is crucial for new Accountable Institutions (AIs) to ensure full compliance with the Financial Intelligence Centre Act (FIC Act). We begin this series of articles with the first one providing guidance on who must register as an AI. In our articles that will follow we will explain the requirements for due diligence, risk assessment and reporting.

As the 18 months grace period is nearing for new Accountable Institutions (AIs) it is crucial to ensure full compliance with the amended Financial Intelligence Centre Act (FIC Act). This series begins by identifying which entities, including advocates, crypto service providers, and high-value goods

26/04/2024

The two-pot retirement system in South Africa divides retirement contributions into two parts: one-third into the "accessible pot" and two-thirds into a "savings pot." One-third of any new contributions go into the accessible pot, from which members can make limited withdrawals before retirement.

Discvover the basics of South Africa's new two-pot retirement system launching in September 2024, designed to allow early access to part of retirement funds. This article covers how the system works, its benefits, and the important steps accountants should take to assist clients in adapting to these

26/04/2024

While tax practitioners are not legally responsible for ensuring that their clients pay their taxes, they have a moral and ethical responsibility to encourage compliance.

Discover the role of tax practitioners in upholding financial compliance and integrity within South Africa. Learn about the legal obligations under the Tax Administration Act, effective strategies for managing client tax responsibilities, and the crucial actions required to maintain tax compliance f

26/04/2024

📢 CIPC Notice 34 of 2024 📢 sets out the NEW TURNAROUND TIMES for companies and close corporation reinstatement applications. The new timeline is expected to be:
- Reinstatement Applications: 15 working days from the date of tracking.
- Reinstatement Enquiries: The service standard is 15 working days from receiving an enquiry at [email protected].

There are substantial delays noted in the processing of re-instatement applications (Form CoR 40.5) as outlined in CIPC Notice 34, which also refers back to Notice 9 of 2024 for alternative communication channels. The processing delays are blamed on high volume of new applications and unintenti

24/04/2024

Read the latest notice from SARS regarding the season for annual EMP501 reconciliations: 1 April - 31 May 2024.

SARS issued a notice to inform employers of the annual Employer Annual Declarations (EMP501) period, from April 1 to May 31, 2024. Employers are urged to fulfill their tax obligations accurately and on time. Key points from the SARS notice include: The necessity for employers to ensure all outs