IFRS vs IFRS for SMEs

The majority of financial statements in South Africa are arguably compiled by implementing the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) as a financial reporting framework. The International Accounting Standards Board (IASB) published IFRS for SMEs during July 2009. The standard was introduced in order to reduce complexities and the […]

The timing of business financing

Sufficient cash flows to enable a business to function at optimal levels during a financial cycle is paramount. Whether you have a seasonal business, are anticipating higher sale volumes during holidays or when you need just a little bit of assistance getting through those slower months until the crowd comes in, every business requires additional […]

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 the business, for implementing and monitoring of internal controls in the business, and in terms […]

Budget 2018: It’s a numbers game

South Africa’s budget paints a very interesting picture when one drills down into the numbers involved. The annual national budget presented in Parliament on 21 February 2018 by Finance Minister Malusi Gigaba presented South Africa’s biggest budget yet, providing for budgeted consolidated Government expenditure over the 2018/2019 fiscal year in the amount of R1,657,200,000,000! Of […]

How to save on audit fees: Financial audit preparation checklist

An audit can protect business stakeholders from the risk of fraudulent practices and therefore stakeholders will often require audits to be done annually. If a business doesn’t have a choice whether to have an audit done or not, they can still control the expense to a certain extent by planning for the audit and supporting […]

Financial risk management for your small business: Do you know how to do it?

Is it really necessary to be able to manage financial risk? The answer is a definite “Yes!” It can make the difference between having a successful business or being forced to close down the business. Make sure you give your business the best chance to survive and thrive by understanding and implementing financial risk management. […]

The consumer’s rights under the Consumer Protection Act

Can a consumer take you, the service provider, to court because they did not understand some of the terms and conditions of your signed contract? Beware, the answer is Yes! From April 2011 the Consumer Protection Act came into full effect with the result that it is now against the law to use difficult-to-understand language […]

What’s the buzz about business rescue?

If a company/close corporation is in financial trouble and all possible avenues to save the business have been exhausted, there is one last option available to save the business: it can lodge an application for business rescue at the CIPC. In order to qualify for business rescue proceedings, the business must satisfy the requirements as […]