Mazars Messenger August 2020
1.) Could mandatory joint audit be next in South Africa’s anti-corruption drive?
2.) Responsible banking practices must integrate ESG factors
3.) The Reshape Crisis Recovery Program
4.) Cryptocurrency traders should prepare for stricter taxes
5.) SARS recovery – Is there hope?
6.) How to calculate impairment using the IFRS 9 simplified approach
7.) Employees working from home – What tax deductions can you claim?
8.) Standardising extra-financial data
9.) Why stop learning once you have graduated?
10.) Technology holds the key to hospitality’s post-Covid future
And find your tax deadlines for September within the downloadable document.
2.) Responsible banking practices must integrate ESG factors
3.) The Reshape Crisis Recovery Program
4.) Cryptocurrency traders should prepare for stricter taxes
5.) SARS recovery – Is there hope?
6.) How to calculate impairment using the IFRS 9 simplified approach
7.) Employees working from home – What tax deductions can you claim?
8.) Standardising extra-financial data
9.) Why stop learning once you have graduated?
10.) Technology holds the key to hospitality’s post-Covid future
And find your tax deadlines for September within the downloadable document.
Another bumper issue sees our Thought Leadership teams and experts weigh in on audit reform, sustainability and of course, the changing face of work and technology in a Covid world.
Scroll below to view individual articles, or download the full edition in PDF.
Could mandatory joint audit be next in South Africa’s anti-corruption drive?
In President Cyril Ramaphosa’s recent address to the nation, the clampdown on COVID-19 corruption emerged as a strong theme, with 36 investigations already said to be underway. Unfortunately, the news of unlawful or improper conduct in the procurement of goods, works and services has come as little surprise to many South Africans, who have become accustomed to the unabated corruption that continues to plague the country.
Responsible banking practices must integrate ESG factors
NEW BENCHMARK STUDY FROM MAZARS INDICATES
Conducted by Mazars internationally and focusing on European banks primarily, South Africa’s Standard Bank was included in the assessment. The benchmark assessed 30 banks around the world on the integration of environmental, social and governance criteria into their commercial strategies and risk management frameworks. No banks were deemed “outstanding” on sustainability, but a handful are leading the way with innovative approaches that score highly against most scoring criteria. Banks focusing on environmentally responsible products but product offerings are yet to fully address socio-economic issues.
Conducted by Mazars internationally and focusing on European banks primarily, South Africa’s Standard Bank was included in the assessment. The benchmark assessed 30 banks around the world on the integration of environmental, social and governance criteria into their commercial strategies and risk management frameworks. No banks were deemed “outstanding” on sustainability, but a handful are leading the way with innovative approaches that score highly against most scoring criteria. Banks focusing on environmentally responsible products but product offerings are yet to fully address socio-economic issues.
The reshape crisis recovery program
Disruption comes with the territory when running a business. With the Covid-19 pandemic expected to pose a threat for the next 12 to 18 months, Reshape has been designed to help your company navigate the crisis and secure its future.
Cryptocurrency traders should prepare for stricter taxes
PRESS RELEASE: August 2020
Over the last five years, South Africa has emerged as one of the world’s most notable cryptocurrency adopters, and an estimated 13% of its internet users owning or using cryptocurrencies. With the South African Bitcoin/ZAR weekly trading volume – to name just one – currently standing close to R30million, there are various manners in which the South African Revenue Service (SARS) can track the gains made by South African taxpayers who trade cryptocurrencies.
Over the last five years, South Africa has emerged as one of the world’s most notable cryptocurrency adopters, and an estimated 13% of its internet users owning or using cryptocurrencies. With the South African Bitcoin/ZAR weekly trading volume – to name just one – currently standing close to R30million, there are various manners in which the South African Revenue Service (SARS) can track the gains made by South African taxpayers who trade cryptocurrencies.
SARS recovery – Is there hope?
SARS has been heavily damaged by the Zuma era and is now in recovery with the advent of Acting Commissioner Mark Kingon and current Commissioner Edward Kieswetter. System efforts are being made and changes in personnel are underway to remove the problematic areas. Even the Large Business Centre has been restored. The question is whether SARS is actually being restored to its former glory and able to ready itself for new challenges. More importantly, are these measures effective and is SARS really in a sufficient position to achieve the desired results?
How to calculate impairment using the IFRS 9 simplified approach
IFRS 9 requires impairment of financial assets based on expected credit losses.
There are two methods of calculating the expected credit losses; A. The general approach, and
B. The simplified approach.
When applying the general approach, an assessment has to be made of the stage in which the debt falls as this will affect whether 12-month or lifetime expected credit losses should be recognised. When applying the simplified approach, we do not assess in which stage the debt falls as we always recognise lifetime expected credit losses.
In this article, we will have a look at when the simplified approach can be applied and how to go about the calculation of expected credit losses.
There are two methods of calculating the expected credit losses; A. The general approach, and
B. The simplified approach.
When applying the general approach, an assessment has to be made of the stage in which the debt falls as this will affect whether 12-month or lifetime expected credit losses should be recognised. When applying the simplified approach, we do not assess in which stage the debt falls as we always recognise lifetime expected credit losses.
In this article, we will have a look at when the simplified approach can be applied and how to go about the calculation of expected credit losses.
Employees working from home – What tax deductions can you claim?
Working from home is part of our “new normal” and home offices are predicted to remain a permanent feature of many employment relationships in the future.
Standardising extra-financial data
STRIKING THE ‘GREEN GOLD’ OF THE ECOLOGICAL TRANSITION.
Investing responsibly is no longer just a communications trend, a way to clear the conscience or enhance a corporate brand. Today, the practice is undertaken out of sincere societal commitments – driven by the expectations of those you work for and with, as well as growing awareness of the very real value of sustainable, green assets.
Investing responsibly is no longer just a communications trend, a way to clear the conscience or enhance a corporate brand. Today, the practice is undertaken out of sincere societal commitments – driven by the expectations of those you work for and with, as well as growing awareness of the very real value of sustainable, green assets.
Why stop learning once you have graduated?
THREE QUESTIONS FOR LAURENT CHOAIN, CHIEF PEOPLE, EDUCATION & CULTURE, MAZARS GROUP.
Whats next for Mazars University? How has Covid-19 affected strategy and what are main priorities in the coming months...
Whats next for Mazars University? How has Covid-19 affected strategy and what are main priorities in the coming months...
Technology holds the key to hospitality’s post Covid future
Against a background of economic uncertainty, the hospitality industry is preparing to re-invent itself with recent technological investments and stringent health and safety.