Changes to bad debt allowance

Most South African businesses are, at some point in time, exposed to credit risk in the form of bad debts. Although taxpayers would ideally prefer to recover all debts owed to them, the Income Tax Act[1] provides for some relief in cases where debts have become bad, or doubtful. In addition to Section 11(a) –…

When should financial statements be audited, reviewed or compiled?

Certified Public Accountants (CPA) are responsible for the compilation of three very different reports for their customers. The audit, review and compilation are all the three general levels of financial reporting differing fundamentally according to regulations that necessitate their execution. A very popular question exists among business owners, with regards to whether the statements should…

Mandatory Rotation of Auditors

Over the past few years, the audit industry has been under significant scrutiny where the independence of auditors has been questioned. In response to this, and to further drive auditor independence, the Independent Regulatory Board for Auditors (IRBA) issued a rule prescribing that auditors of public interest entities (PIEs) in South Africa must comply with…

Estate planning for young adults

It is very important for you to plan your estate, which could include a living will, a last will and a living trust. This can help families prepare for difficult times when you are no longer around to assist or advise them. Our lives get busier and more complicated by the day, so estate planning…

PKF Octagon Worldwide Tax Update Q4 2018

In this fourth quarterly issue for 2018, the PKF Worldwide Tax Update newsletter again brings together notable tax changes and amendments from around the world, with each followed by a PKF commentary   which provides further insight and information on the matters discussed. PKF is a global network with 400 offices, operating in over 150 countries…

Cryptocurrency

Cryptocurrency and blockchain has been the hot topic in the media the past year. It is a concept that few truly understand, and could change the future for everyone in a major way. But what is cryptocurrency and blockchain? Per the online dictionary: A cryptocurrency is a digital currency in which encryption techniques are used…