The 28th of November 2005 will go down as a public sector delivery milestone, following widespread update and discussion on the accrual basis of accounting in the public sector.

Why the November 28 milestone?

A team from the University of the Witwatersrand had been awarded the grand prize in South Africa's first ever Ethics Case Study Competition sponsored by Pastel Accounting.

The competition was organised by SAICA in conjunction with the accounting departments of the University of Johannesburg, the University of Fort Hare and the University of the Witwatersrand.

Accountancy SA outperformed six other contenders by winning the best customer magazine award in the business-to-business category at the Pica Awards held at Vodaworld on Thursday, 11 November 2005.

Accountancy SA won the Magazine Publishers Association of South Africa's PICA Award for the best customer magazine in the business-to-business category at the annual Sappi Pica Awards.

The Awards acknowledge standards of excellence in local publishing.

Over the next two years, South African financial professionals will come to terms with several new accounting standards, some of which will have unique domestic applicability.

SARS has brought about a number of changes to the Fourth Schedule to the Income Tax Act aimed at preventing employees from operating in the guise of independent operators. In the process, the legislation has made life difficult for thousands of genuinely independent contractors and those who use their services.

Globally, the accounting profession is entering a tough few months on several fronts, rendering it all the more important for South Africa to ensure that its voice is heard.

XBRL is a language for the electronic communication of business and financial data, which has been enacted to revolutionise business reporting around the world.

eXtensible Business Reporting Language (XBRL) is emerging as a major global standard for financial reporting. And it is poised to enter South Africa.

Those seeking to register for VAT and PAYE should submit application for registration (VAT/EMP101), duly completed, and accompanied by the correct documentation and information.

Taxpayers are well advised to ensure that they avoid having to incur interest and penalties that could be levied on them by SA Revenue Services.
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