Section 6 of the IFRS for SMEs gives you two options—and choosing the right one can save time, cut costs, and keep your clients out of SARS trouble. In this article, we break down when to use the full Statement of Changes in Equity and when you can simplify with a Statement of Income and Retained Earnings. It’s not just about compliance—it’s about working smarter, billing better, and proving your value.

The Companies Act of South Africa outlines specific requirements for financial reporting, determining when a company must be audited, undergo an independent review, or simply compile financial statements. These requirements are primarily based on a company’s Public Interest Score, its classification, and whether its financials are prepared internally or independently. Public companies, state-owned entities, and large private companies typically require audits, while mid-sized companies may only need an independent review. Small, owner-managed businesses often qualify for a basic financial compilation. Understanding these thresholds helps companies comply with regulatory requirements while ensuring appropriate levels of financial oversight.

Workers injured at work or who develop workplace-related illnesses have rights under South African law. This article explains how workers’ compensation works, the steps employees should take after an incident, and what employers need to do to comply. A practical example highlights how these processes apply in real life, making it a valuable resource for CIBA members. Read the full article to stay informed.