Section 28 Employee Benefits helps to guide the accounting for retrenchment pay-outs, as well as normal salaries, wages, leave accruals and bonus payments.
This session will help to guide you in ensuring the correct capturing and treatment of employee benefits in the accounting records, and appropriate presentation in the annual financial statements.
Aside from the above, related parties are likely to be an IRBA inspections finding or an area that management as well as auditors put very little thought to, when preparing and auditing a set of financial statements.
Join us as we help you ensure
- As preparers / management, that you are compliant with Section 33 Related Parties Disclosure, so that you can be better prepared for the next financial statements compilation
- As auditors, that you hold your clients to the correct related parties disclosure requirements, per Section 33
Session 8:
• Section 28: Employee Benefits
o Short-term employee benefits [salaries and wages]
o Leave pay and bonus accruals
o Post-employment benefits [retirement annuities]
o Termination benefits
o Practical examples to illustrate accounting entries
• Section 33: Related Parties Disclosure
o Who is a related party?
o What is a related party transaction / balance?
o Do all transactions with related parties need to be disclosed?
o What director’s remuneration-related disclosures are required?
o What needs to be disclosed?
o Examples of disclosures
☒Financial managers
☒Auditors
☒Bookkeepers
☒Financial accountants
☒First year SAICA Trainees
☒Audit mangers
☒Audit partners
☒Engagement Quality Control Reviewers
