by pieter@pvdz.co.za | Oct 18, 2020 | Assets, Tax
Entities may find themselves in a position where they had tax losses due to the weak economic conditions, even before the COVID-19 pandemic. In many instances the effect of the lockdown and resulting regulations have exacerbated this. In addition, some normally...
by pieter@pvdz.co.za | Jul 18, 2020 | Liabilities, Tax
Deferred tax reflects the future tax consequences that will arise when the economic benefits associated with assets are realised or of outflows when liabilities are settled. The IFRS Interpretations Committee (‘IFRIC’) recently considered how to determine the...
by pieter@pvdz.co.za | Oct 11, 2019 | Presentation and disclosure, Tax
Entities that prepare financial statements in accordance with IFRS will be required to consider the application of IFRIC 23 Uncertainty over Income Tax Treatments (‘IFRIC 23’), which applies for financial years commencing on or after 1 January 2019, in coming months....
by pieter@pvdz.co.za | Aug 6, 2019 | Assets
Over the past year or so, the IFRS Interpretations Committee (IFRIC) have discussed how cryptocurrencies should be accounted for. The IFRIC considered two aspects in this regard, namely holding of cryptocurrencies and initial coin offerings (ICO). This article briefly...
by pieter@pvdz.co.za | Apr 14, 2019 | Financial instruments
IFRS 9 Financial Instruments (‘IFRS 9’) governs the accounting treatment of financial instruments. This standard however also applies to certain commodity contracts, as discussed in more detail below. The IFRS Interpretations Committee finalised an agenda decision on...
