Thousands of South African non-profits are at risk of deregistration simply because their financial statements and compliance records are not in order. This article breaks down what every NPO needs to know about annual financial statements, reporting deadlines, audits, accounting officer requirements, and the real risks of getting it wrong. Written in simple language, it explains how proper financial records protect your funding, your reputation, and your ability to continue serving your community.

When preparing a compilation report for an SME, it is important to understand that IFRS for SMEs and ISRS 4410 do not compete with each other. They serve different purposes. IFRS for SMEs is the framework used to prepare the financial statements, which means it determines how the numbers and disclosures are presented. ISRS 4410 is the standard that guides the practitioner on how to perform the compilation and how to write the report. In simple terms, IFRS for SMEs explains what the financial statements must look like, while ISRS 4410 explains how the practitioner does the work and reports on it.

Only 28% of audits passed the IRBA's latest inspection. The rest? Flagged, referred, or failed. And if you think that's the auditor's problem, think again. Your financial statements feed directly into every deficiency they're finding. Here's what it means for your practice and the steps you can take to ensure your clients' files hold up under scrutiny.

Not Everything You Buy Is an Expense

Bought a laptop for R20,000? Many business owners assume the full amount must be expensed immediately. In accounting, that’s not always the case. Some purchases are assets, not expenses — and how you record them affects your profit and financial statements. This practical guide breaks down fixed assets and depreciation using a simple example showing how an asset bought today can still appear on the balance sheet years later, and how spreading costs over time keeps financial statements accurate.

Financial instruments are not just about recording numbers, they also require clear and correct notes in the financial statements. This article explains the disclosure requirements under Section 11 of the IFRS for SMEs, focusing on what SMEs must include in their AFS. We cover key areas like impairment, aging of debtors, maturity of loans, and fair value challenges. You will also see examples of common mistakes and how to fix them. This guide helps Business Accountants in Practice meet their disclosure duties with confidence.