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 seeks to assist you in ensuring that the correct capturing and treatment of employee benefits is carried out in the accounting records, and appropriate presentation is maintained 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 equip financial statement preparers with knowing what disclosures are required, as arising out of section 33 Related Parties Disclosure, whilst we look to assist auditors by improving their ability to recognise misstatements in disclosure through establishing what, in fact, is required to be disclosed for related parties.

Section 28: Employee Benefits

1. Short-term employee benefits [salaries and wages]
2. Leave pay and bonus accruals
3. Post-employment benefits [retirement annuities]
4. Termination benefits
5. Practical examples to illustrate accounting entries

Section 33: Related Parties Disclosure

1. Who is a related party?
2. What is a related party transaction / balance?
3. Do all transactions with related parties need to be disclosed?
4. What director’s remuneration-related disclosures are required?
5. What needs to be disclosed?
6. Examples of disclosures We seek to empower you as an accountant in finance as well as auditor / reviewer in public services, by:
7. Identifying when a business is required / permitted to apply the requirements of a section
8. Establishing what the requirements are / guidance is per section, relative to:
9. Definitions
10. Recognition
11. Initial and subsequent measurement
12. Discussing any accounting policy elections available
13. Identifying the disclosure requirements and where possible, providing illustrative examples