Do you know the difference between the ICB and the ICBA?

/in /by

Before 2013, the ICB used to have two roles:

  1. Developing and assessing NQF-registered qualifications for students.
  2. Operating as a professional membership body for bookkeepers, accountants and financial managers.

But these roles were separated four years ago, and a new institute was created: The Institute of Certified Bookkeepers and Accountants (ICBA).

Here’s a summary of the difference between the ICB and ICBA:

ICBA vs ICB

ICBA membership is different to ICB student registration. If you are making a payment for either, please make sure you are making payment to the correct institute for the correct purpose. As you can see, the ICB and the ICBA are not the same organisation.

ICB Students Study Further with ACCA and Save

/in /by

1c27a3df-aeff-4e9e-b8d9-730953b8e55cAdvancing your career has never been this affordable. For a limited time only, ACCA is offering ICB graduates of the National Diploma: Financial Accounting NQF 6 qualification, or those about to graduate, a fee waiver of up to R12,000.

ACCA believes in your goals and would like to help you reach your potential by taking your qualifications to new heights. That’s why they have an exclusive offer for all ICB graduates and students. An offer that will accelerate ACCA membership and see you reach your career goals as a Chartered Certified Accountant!

What is the exclusive offer?

  1. Graduates of the Financial Accounting NQF Level 6 Diploma will receive free qualification exemptions (F1 – F6).
  2. Your first year’s annual subscription fee will be free.
  3. You’ll only need to pay the initial registration fee of £ 20 – about R 360 and your exam fees. That’s a massive saving of about R 12,000!

Let’s look at the cost breakdown:

acca costs

  • The above costs are calculated at a prevailing rate of R18 against the GBP.
  • The prices are based on standard entry deadlines. If you enter for your exams before the early entry deadline, you will pay less than the standard exam fees.
  • These prices are available until June 2017.
  • The prices for September and December 2017 exams will only be available at the beginning of April 2017, once the March exam results are released.
  • Click here to view the pricing schedule – until June 2017.

How to register for the exclusive offer?

Please note, you cannot register yourself for this offer on the ACCA website. To register for this offer, please send ACCA the following documentation:

If you have any queries, please contact Xolela Sohuma on +27 11 459 1907 (direct line), or send an email to Sibusiso.Mahlangu@accaglobal.com:

Betty Bookkeeper explains when to start preparing financial statements for clients – March 2017

/in /by

 

Good day Betty,

I would just like to enquire about 2017 February financial statements (FS): When should one start to gather information from clients to start with the FS, at which time should it be done and why within that time frame?

Thanks,

Zhantelle

 

Hi Zhantelle,

The Companies Act requires financial statements of a company to be prepared within 6 months after the financial year end date or such shorter period as may be appropriate to provide the required notice of an annual general meeting.

The information from the client should be gathered regularly enough (monthly, quarterly, by-annually, etc.) to allow yourself enough time to prepare and finalise the statements within the stipulated time frame.

However, the financial statements can be prepared any time after the financial year end, depending on the needs of the business for which the financial statements are prepared. For instance, for a business with a February 2017 financial year end that seeks to apply for a loan from a bank in March, the bank will need the 2017 financials. Thus, if you had been gathering information monthly from the client (as opposed to waiting until year-end), it would be easy to have the financials ready for the bank in March already.

I hope this helps!

 

Don’t forget that I’m here to answer your questions about the ICBA, or just queries about your accounting at work. All you have to do is email me your query with a copy of your ICBA membership certificate!

ICBA Competition – Share your Success Story and WIN!

/in /by

Enter the ICBA Success Story Competition

 

 

 

 

 

 

 

 

 

 

Joining a professional body is always preceded by a goal. ICBA members are driven, hard-working individuals who all have a story.

Share yours and stand a chance to win a weekly prize every Friday as well as a grand prize at the end of March 2017!

Started from the bottom and worked your way up?
Achieving success despite your circumstances?
Tell us, what drives you?

HOW TO ENTER:
– LIKE the ICBA Facebook page (if you have not already)
– Enter here

WHAT CAN YOU WIN?
Weekly prizes including ICBA goodies such as:
– ICBA Notebook, a Special Edition 60th Anniversary Parker Pen plus some Zang Chocolate with caffeine to keep you on your toes!

A Grand Prize sponsored by Company Partners Pty Ltd
– New Company Registration +
– BEE verification +
– Share Certificate
– OR Website Design + Logo Design
The total will be worth R2090.00!

A weekly winner will be chosen every Friday until the end of March and a Grand Prize Winner will be named on 31 March 2017.

Ts & Cs:
Weekly winners will be announced every Friday in March. Entries close 31st March 2017 and we’ll announce the winners that day. One prize per winner and prizes will be sent to the winners by courier and the Grand Prize claimed through Company Partners. The Grand prize can be either New Company Registration, BEE verification, Share Certificate OR a Website Design and Logo design. Five winners (one per week) will be chosen. You must live in South Africa, Namibia, Botswana, Zimbabwe or Mozambique to enter. You do not need to be an ICBA member to enter, but you must be over 16 years of age. The judges’ decision is final. This contest is run by the ICBA and is in no way sponsored, endorsed or administered by, or associated with, Facebook. Enter by liking the ICBA Facebook page and commenting with your Success Story on the posts.

SARS provides clarity on tax implications of non-executive directors’ fees

/in /by

There’s been a lot of debate and confusion surrounding the taxation implications of non-executive directors’ (NED) fees. SARS and the National Treasury have been inundated with requests for clarity on the varying interpretations of the Value-Added Tax Act and the Income Tax Act.

Luckily, SARS issued its Binding General Rulings 40 and 41 on 10 February 2017. These rulings confirm that:

  • NED remuneration is not subject to withholding employees’ tax
  • Non-executive directors are allowed to deduct expenses incurred in the production of income
  • Non-executive directors must register for VAT where they meet the VAT registration requirements

Click here to download the Binding General Rulings from the SARS website.