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Intangible assets are non-monetary assets without physical substance that are identifiable and controlled by an entity. Under IFRS for SMEs, such assets are recognised when they are identifiable, controlled by the entity, and expected to generate future economic benefits. The standard mandates initial measurement at cost and subsequent measurement using the cost model, with amortisation applied to assets with finite useful lives. Impairment testing is required when indicators of impairment exist, ensuring assets are not carried at more than their recoverable amount. Practical examples in R currency illustrate how SMEs can apply these principles in real-world financial reporting.
Annual financial statements help businesses understand their financial health. They show what a company owns, what it owes, how much profit it makes, and where its cash goes. IFRS for SMEs makes these reports simpler for small businesses. Knowing how to read them can help with better decision-making and financial planning. Read the full article to learn more about each statement and why they matter.
Starting a new role as a bookkeeper requires a solid understanding of financial operations, compliance, and efficient bookkeeping practices. This guide provides essential insights into key responsibilities, from understanding the business model and reviewing bookkeeping systems to managing compliance and cash flow. Effective communication with external accountants, mastering reconciliations, and setting clear job responsibilities help ensure accuracy and efficiency. Additionally, staying updated with industry changes and adopting modern accounting tools can enhance performance. By implementing these strategies, bookkeepers can establish themselves as indispensable financial professionals, contributing to the overall success of their organisation.
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Tax
This year’s budget is all about striking a balance—managing the country’s rising debt while still investing in things that matter, like education, healthcare, and energy security. Our government plans to draw from reserves to cut borrowing instead of hiking tax rates—but don’t get too excited just yet. Income tax brackets won’t be adjusted for inflation, so many people will end up paying more tax anyway. Expect higher prices on alcohol and cigarettes, possible fuel levy increases, and tax breaks for green energy businesses. With debt climbing towards 75% of GDP, big decisions are coming—how will they affect you? Let’s break it down!
Are you having trouble with SARS? Whether it's delayed tax refunds, endless verifications, or unanswered queries, the Office of the Tax Ombud (OTO) is here to help! This article explains what the OTO does, how it can assist you, and when to turn to them for support. Find out what kinds of complaints they handle, get practical tips for dealing with tax issues, and learn from real examples. If you're a tax practitioner, this is a must-read to help you and your clients resolve tax problems faster and with less stress. Don’t miss out—read now and take charge of your tax matters!
Are your financial records ready for SARS scruitiny? A recent Tax Court case highlighted the consequences of poor record-keeping, invalid tax objections, and non-compliance. SARS’s ability to gain direct access to financial records led to an R87.4 million tax liability and a 200% penalty. This case is a wake-up call for businesses and tax practitioners—understand your obligations before it’s too late!
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Practice Management
Managing employee leave is essential for compliance, financial accuracy, and workforce productivity. This article provides business accountants with a clear and practical guide on how to help their clients implement structured leave management systems that align with South African labour laws to ensure compliance while avoiding legal risks. This is a must-read for accountants looking to help businesses stay compliant, manage costs, and enhance productivity.
Remote work presents both opportunities and challenges for businesses, requiring proactive strategies to maintain employee engagement and motivation. Effective communication, recognition, and providing the right tools are essential for fostering a productive work environment. Businesses must also support work-life balance, encourage social interactions, and implement strong management strategies to avoid pitfalls like micromanagement and lack of communication. By prioritising these key areas, companies can create a thriving remote work culture that enhances both employee satisfaction and overall business success.
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Growing an accounting practice doesn’t have to be overwhelming. With a solid business plan, a clear understanding of your strengths and challenges, and practical strategies for growth, you can build a sustainable and successful firm. Begin by outlining your firm’s goals, analysing opportunities and threats with a SWOT analysis, and organising your team for maximum efficiency. Focus on sustainable growth by attracting new clients, enhancing services for existing ones, and maintaining strong financial management. By following these steps, you’ll position your practice for long-term success in a competitive market