#WATCH I The ability to interpret the Annual Financial Statements ("AFS") is an important skill of the Tax Practitioner irrespective of the type of tax services rendered.

Tax Pitfalls and Opportunities

Overview

As a tax practitioner, why is it important for you to finetune your skills in interpreting Annual Financial Statements (“AFS”)?

Aside from assisting you in making informed decisions, understanding the intricacies of this vital document will guide you on:

• assessing the company’s financial health,
• ensuring tax and legislative compliance,
• providing audit support services and dispute resolution,
• and maintaining transparency and trust among stakeholders.

The above-mentioned insights enable the tax advisor to engage in value-added discussions with clients, identify opportunities for improved tax efficiencies and identify tax risks that can be pro-actively managed. This process is however complicated by International Financial Reporting Standards (“IFRS”) rules where "substance over form" takes precedence.

This course is designed to equip you to intelligently interrogate annual financial statements and reach appropriate conclusions promoting compliance with various tax laws including Income Tax, VAT, PAYE, STT, Dividend Tax, Royalty Tax and Interest Withholding Tax, all while keeping the complex IFRS rules in mind.

Webinar Content

Section A: Introduction and Overview
Section B: IFRS vs. Tax Laws
Section C: Practical examples of where things can go wrong
Section D: Review of a selection of published AFS
Section E: Concluding remarks

Competencies developed in this webinar

1. The ability to interpret Annual Financial Statements with ease.
2. Become fluent in AFS terminology and concepts, helping you to easily explain these to clients.
3. A broader understanding of the elements that make up the AFS, such as the income statement, balance sheet, and cash flow statement.
4. Critical thinking skills that assist you in problem-solving scenarios.
5. Proficiency in multi-disciplinary tax technical skills.
6. Improved ability to compare your client’s financial performance to industry standards and competitors, allowing you to advise on options available such as business rescue and audit support.

Presenter

Johan Heydenrych CA(SA)

Johan has specialised in taxation since 1991. He was a tax partner in KPMG from 1997 to 2020 and is currently a partner in the Kreston SA network specialising in taxation. He provides a wide range of tax services to various clients across industries. These include, but are not limited to, the following:

• Advice on tax risk management and tax governance.
• Tax compliance services including but not limited to ITR14 and IT14SD.
• Dealing with tax disputes including representing clients at alternative dispute resolution (ADR) hearings.
• Submission of documentation and revised returns under the voluntary disclosure programme.
• Issuing of tax technical opinions on income tax, value-added tax (VAT) and PAYE. This includes preparing briefs to senior counsel and submissions of requests for binding opinions from SARS.
• Audit support services including normal tax and deferred tax disclosure and disclosure of uncertain tax positions.
• Assistance with implementation of tax reporting for new accounting standards such as IFRIC 23, IFRS 9, IFRS 15 and IFRS 16.
• Facilitation of tax diagnostic sessions with existing and prospective clients.
• Advice on mergers, acquisitions, and reorganizations.
• Tax due diligences
• Advice on tax implications of recapitalization transactions, debt restructures, liquidations, and de-registrations.

Johan has been a regular presenter for The Tax Faculty over the past five years. In 2020, he presented webinars on tax risk management, Covid-19 relief, ITR14 preparation, dispute resolution, value-added tax and tax and business rescue. He also prepared several practical case studies for the Professional Certificate in Tax Opinion and Dispute Writing course presented by the Tax Faculty.

Education and qualifications

• BCom (Accounting), Cum Laude.
• BCom (Accounting Hons), Cum Laude (Award: Best student in Audit 700).
• Certificate in the Theory of Accounting.
• MCom (Taxation), Cum Laude, (Award: Best MCom [Tax] student).
• Chartered Accountant (specialising in taxation).
• Member of SAICA.
• Registered tax practitioner.

CPD

Attending this webinar and the successful completion of the online assessment will secure a certificate of completion for 2 hours of Tax CPD.

Event Investment

Free for Tax Practitioner, Tax Accountant CPD subscribers and Practice Packages. Not a CPD subscriber yet? Click here to register now.

• Regular price: R460.00
• SAIT price: R368.00
• Group booking discounts available when you register for a group.

Payments & Cancellations

• All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
• Kindly note that should payment not be received 2 days after the event, legal action will be taken
• Proof of payment will be requested at registration, if payment does not reflect on Tax Faculty's bank account.
• Cancellations:
  • Only written notice of cancellation will be recognized.
  • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.
  • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
• Delegates who book and fail to attend will be liable for the full event fee.
• Tax Faculty`s liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.
• Please click here for the full terms and conditions.