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Highly publicised corporate failures, KING II, the implementation of the Public Finance Management Act (PFMA) and the Municipal Finance Management Act (MFMA), have highlighted organisations' corporate governance practices.

Additional focus has been generated by the high incidence of fraud and corruption.


"We shall not under any circumstances compromise our world class standards," said Ignatius Sehoole, Executive President of the South African Institute of Chartered Accountants (SAICA).


A key messages conveyed by Ignatius Sehoole, Executive President of the South African Institute of Chartered Accountants (SAICA), to the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting at the United Nations Conference on Trade and Development (UNCTAD) in Geneva, Switzerland, last.


The South African Institute of Chartered Accountants (SAICA) today officially announced the appointment of its new project director for tax.
Muneer Hassan, a tax and auditing specialist, took the helm as SAICA's tax director on November 1, 2007.


The South African Institute of Chartered Accountants (SAICA) today announced the appointment of its new Senior Executive for Accounting Standards.

Ewald Muller, a business media anchor and investor relations specialist recently took the helm as SAICA's new Senior Executive: Standards.


The new standard, IPSAS 24, Presentation of Budget Information in Financial Statements - released earlier this year - will identify disclosures made by governments and other public sector entities that make their approved budgets available to the public and other users of financial statements.


South Africa today became the first country in the world to formally adopt the International Accounting Standards Board (IASB) proposed new and less stringent reporting requirements for Small and Medium-sized Entities (SMEs).


This is the unsurprising conclusion to emerge from two independent pieces of research - one in Canada and another in South Africa - into the bottom line advantages to business of drawing upon the expertise of CAs.


The revised standard, IAS 1 Presentation of Financial Statements, will come into effect for the annual reporting periods beginning on or after 1 January 2009, but early adoption is permitted.

The revision is aimed at improving users' ability to understand, analyse and compare the information given in financial statements.


The Executive President of the South African Institute of Chartered Accountants (SAICA), Ignatius Sehoole, today expressed deep concern about the number of companies that have recently slated International Financial Reporting Standards (IFRS) in South Africa.
 
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