Off the back of National Savings Month – which was celebrated in July – followed by South Africa honouring its women in August as it celebrated National Women’s Month. It is fitting that these two months are celebrated after each other. South Africans hold their women in high regard as they play a vital role not only in society, but in the home.
The last few months have left South Africans reeling. A volatile and unstable economy, concerns around government corruption, crime at an unsurpassed high and soaring price, are leaving citizens disheartened and concerned about their future in our country.
On 9 August 1956, over 20,000 women of all races and ages from every corner of South Africa marched together towards the Union Buildings in Pretoria. These brave women were marching in protest against the pass laws that proposed even further restrictions on the movements of women.
A plethora of corporate governance codes has been written across the world, and in spite of their recommendations which inter alia seek to protect stakeholder interests and shareholder value, many governance failures and organisational collapses continue seemingly unabated.
Over the last few years we have seen various changes being made with regards to the International Financial Reporting Standards (IFRS) accounting framework, which includes new standards such as IFRS 15 (Revenue), IFRS 9 (Financial Instruments) and IFRS 16 (Leases), replacing the old IAS 18, IAS 32 and IAS 17 respectively.
On the 18th of June, Facebook announced its plan to launch its Libra cryptocurrency in 2020. Bitcoin, the popular digital currency, has been around for over 10 years but hasn’t significantly changed how we trade. However, Facebook’s massive global user base could usher in wide-scale adoption of Blockchain, the technology behind modern cryptocurrencies.
Considering a career in accounting? With technological advancements and artificial intelligence reshaping the industry, the profession is no longer what it used to be. Budding accountants need to be adaptable and open to the changes in this ever-shifting landscape.
According to a report released in 2018 by the National Credit Regulator, of the 25 million ‘credit-active’ consumers in South Africa, a frightening 10 million were behind in their loan repayments. Even the World Bank has deemed South Africa to be the most indebted country in the world.
An interview with Pierre Burger, Director, Werksmans Attorneys, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing the confusion that has been created by the National Credit Act (NCA) relating to the obligation to register as a credit provider. In effect, anyone who concludes a credit agreement in terms of which any amount of money is owed to them, subsequent to 11 May 2016, is required to be registered as a credit provider.