Tag: IFRS 9

With effect from 1 January 2019, the doubtful debt allowance provisions contained in section 11(j) of the Income Tax Act, 58 of 1962 (the Act) were amended. While taxpayers who apply IFRS 9 have been grappling with these changes for some time, other taxpayers may not have realised the extent to which the amendments practically alter the determination of the allowances that they may claim

The economies in many countries have not seen a recession for more than a decade. Low levels of unemployment and low loss rates in retail credit have allowed banks to lose focus on their collection and recovery departments.