GLOSSARY

Definition of IFRS & how it affects transactions 02 Feb 2023 • I International Financial Reporting Standards IFRS is a set of accounting rules that outlines how financial information should be processed and reported in financials.

What are indirect costs? 04 Feb 2023 • I What are indirect costs?

What are intangible assets? 04 Feb 2023 • I What are intangible assets?

What is an Invoice and why it is an important document 04 Feb 2023 • I An invoice is a document given to a buyer enables the seller to collect payment. These documents are legal records and can also have specific requirements if the seller is a VAT vendor.

What is an Independent Review 18 Mar 2023 • I What is an Independent Review?

What is an IRP5 - what you need to know 25 Mar 2023 • I The IRP5 is a tax certificate that discloses the total earnings and deductions of an Employee for a Tax year – 1 March – 28 February

What is Input VAT - how to calculate it 06 Apr 2023 • I Input VAT is the VAT calculated on the Sales made by a vat registered business. The output VAT must be paid over to SARS and is a liability in the books of the business.

Your IRP6 Tax Return helps you during Income Tax Season 06 Apr 2023 • I Most people don't realize the importance that the Prov Tax Seasons play in helping them manage their final tax bill come Income Tax Season.

IFRS 9 and the Provision for Expected Credit Losses 05 Dec 2023 • I IFRS 9 says credit losses on financial assets must be measured and recognized using the 'expected credit loss (ECL) approach.

IFRS 2 share-based payments 08 Dec 2023 • I IFRS 2 outlines how a company reports its financials when it gives employees share-based payments, like stock options.

IFRS 1 First-time Adoption of International Financial Reporting Standards 11 Dec 2023 • I IFRS 1 requires an entity that is adopting IFRS Standards for the first time, to prepare a complete set of financial statements, covering its first IFRS reporting period and the preceding year.

IFRS 3 Business Combinations - Principles and Requirements 13 Dec 2023 • I IFRS 3 establishes principles and requirements for how an acquirer in a business combination.

IFRS 13 Fair Value Measurement 19 Dec 2023 • I A fair value measurement is for a particular asset or liability. To determine fair value, an entity must consider the qualities of the asset or liability.

IFRS 12 disclosure of interests in other entities 21 Dec 2023 • I IFRS 12 mandates companies to disclose ownership information in other companies. This includes subsidiaries, joint ventures, associates, and unconsolidated structured entities.

What are IFRS 16 Leases 26 Dec 2023 • I IFRS 16 starts on 1 January 2019 for annual reports but can be used earlier if IFRS 15 is also used.

IFRS for SMEs - what is it and how is it applied 26 Dec 2023 • I The IFRS for SMEs Accounting Standard reflects five types of simplifications from the full IFRS Accounting Standards.

IFRS 17 Insurance Contracts 27 Dec 2023 • I IFRS 17 starts on 1 January 2023, but can be used earlier if IFRS 9 is also used.

IFRS 3 Business Combinations 28 Dec 2023 • I The acquirer discloses information that enables users to evaluate the nature and financial effects of the acquisition in a business combination.

IFRS 4 Insurance Contracts 28 Dec 2023 • I The IFRS 4 standard will be superseded by IFRS 17 Insurance Contracts.

IFRS 5 Non-current assets held for sale and Discontinued Operations 29 Dec 2023 • I IFRS 5 determines how assets are classified in the financial statements once they become 'held for sale' or in the event of discontinued operations.

IFRS 6 Exploration for and Evaluation of Mineral Resources 29 Dec 2023 • I In December 2004 the International Accounting Standards Board issued IFRS 6 Exploration for and Evaluation of Mineral Resources.

IFRS 15 Revenue from Contracts with Customers 29 Dec 2023 • I IFRS 15 is effective for annual reporting periods beginning on or after 1 January 2018, with earlier application permitted.

IFRS 7 Financial Instruments - Disclosures 08 Jan 2024 • I IFRS 7 guides us on how to disclose an entity's financial assets and financial liabilities from a qualitative and quantitative perspective.

IFRS 8 Operating Segments 09 Jan 2024 • I IFRS 8 requires companies with publicly traded stocks or bonds to disclose information in their financial statements.

IFRS 10 Consolidated Financial Statements 09 Jan 2024 • I IFRS 10 establishes principles and sets rules for presenting and preparing consolidated financial statements when a company controls other companies.

IFRS 11 Joint Arrangements 09 Jan 2024 • I IFRS 11 establishes principles for financial reporting by entities that have an interest in arrangements that are controlled jointly also referred to as joint arrangements.

IFRS 14 Regulatory Deferral Accounts 09 Jan 2024 • I IFRS 14 prescribes special accounting for the effects of rate regulation.

What is an IT3d Tax Certificate 09 Apr 2024 • I The IT3d tax certificate relates to donations made. When donations are made these are the tax certificates that are required to be issued.

What is an IT3s Tax Certificate 09 Apr 2024 • I An IT3(s) is a Tax Certificate that you obtain from a financial institution like a bank or financial services provider.

What is an IT3b Tax Certificate 09 Apr 2024 • I It shows the income you earned on your investment during a particular tax year.

What is an IT3c Tax Certificate 09 Apr 2024 • I An IT3c is a tax certificate received from a bank or financial institution. It summarizes any investments you may have made with them.

What is an IT3t Tax Certificate 09 Apr 2024 • I The South African Revenue Service (SARS) has released instructions for trustees on how to disclose details about distributions made to beneficiaries or individuals from trusts.

What is Inventory 25 May 2024 • I Inventory encompasses all the items, products, commodities, and resources that a business possesses for the purpose of selling to generate revenue.

What is Immigration? 10 Sep 2024 • I Immigration refers to the act of relocating to a different country or area with the aim of residing and settling there.