16 March 2020: As many of our members are already aware, President Cyril Ramaphosa earlier this week announced a national state of disaster to contain the spread of the Covid-19 virus. This includes the temporary closing of schools, travel restrictions and a ban on mass gatherings of more than 100 people.
This is a worrying time for us all, and we have been in touch with many of our members and associates to ensure that, as far as possible, we continue to offer professional services within the extraordinary restrictions we now find ourselves in.
Social distancing has been proven to be an effective tool against the spread of the virus, as seen from the rapid decline and virtual elimination of new cases of infection in countries such as China and South Korea. It is therefore essential that we observe these best practices and review the situation regularly.
Covid-19 information hub
As professional accountants, we must continue to offer our clients and associates the best information possible on the likely impact of the pandemic on the financial health of their organisations. It goes without saying that some organisations will suffer more than most, notably those engaged in travel, tourism, hospitality and trade. Virtually all businesses are likely to be affected, and it goes without saying that revenues and cash flows are likely to be impacted.
ACCA information hub
To assist our members, we are sharing an information hub that will enable them to remain up-to-date on the latest developments internationally, as well as locally. You can access the information hub here. We also recommend checking in regularly at the ACCA information hub, which is updated frequently.
Through our information channels, such as Accounting Weekly and the Saiba website, we will keep members abreast of the latest developments. We are confident that we will navigate our way through these unusual events, and we will lobby on behalf of members for understanding on the part of government, SA Revenue Services and corporate creditors – particularly where tax and regulatory filing deadlines are concerned, or where companies are attempting to survive a lean cash flow period. This is a time where usual business practices must be re-examined and an element of forgiveness and grace is required so that we can all pull through this together.
We will continue to monitor developments as they unfold and keep our members and associates updated.
Should you need to speak to us, please email us at email@example.com or phone us at 012-643-1800. We will be happy to assist in any way possible.
Nicolaas van Wyk, CEO of the SA Institute of Business Accountants (Saiba)