Tag: International Accounting Standards (IAS)
Eskom’s indicators of impairment
We are all only too aware of the dire state of South Africa’s state-owned power provider - Eskom. We now live in permanent load shedding, and only the stages of load shedding alternate depending on the time of day, energy consumption and how much, or little power is available on the grid at a time.
When a going accounting concern became a growing concern
In March 2020, President Cyril Ramaphosa announced a 21-day ‘hard’ lockdown, later to be known as a level 5 lockdown. It certainly caused flutter in the financial markets, forcing almost the entire economy to cease operations and people to be confined to their places of residence.
The end of NRV for closing stock?
The Supreme Court of Appeal (SCA) has for the second time in CSARS v Atlas Copco South Africa (Pty) Ltd, confirmed that the net realisable value (NRV) method is not a suitable method to value closing stock for income tax purposes.
