The deadline for accountable institutions to meet the amendments of the Financial Intelligence Centre Act, No. 38 of 2001, as amended by the Financial Intelligence Centre Amendment Act, Act 1 of 2017 (FICA) legislation, which was introduced to counteract money laundering and the financing of terrorism, is fast approaching on April 2, 2019.
In compliance with section 10(1)(a) of the Auditing Profession Act, 26 of 2005, the Independent Regulatory Board for Auditors (IRBA) has announced and published the rule on Mandatory Audit Firm Rotation (MAFR) for auditors of all public interest entities, as defined in section 290.25 to 290.26 of the amended IRBA Code of Professional Conduct for Registered Auditors.
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.
The new lease accounting standard, IFRS 16, will bring all leasing assets on-balance sheet, which may significantly affect companies’ key performance indicators, loan covenants and regulatory capital requirements.
According to QuickBooks, there are already more than 700 apps that are assisting accountants to automate processes and reduce their workload. Gone are the days where accountants can be mere number crunchers, who collate and check data and allocate it to the correct cost centre. The future accountant will have transformed her/himself into a financial advisor, adding value to businesses by offering strategic advice, consulting and financial planning.