Relevance of accounting standards to South African taxpayers

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Pieter van der Zwan

While income tax legislation and accounting standards generally operate independently of each other, the legislature in South Africa has gradually increased the reliance placed on accounting standards in tax laws. This article considers the relevance of the accounting treatment of transactions for South African taxpayers and highlights why it is important that taxpayers, or their advisors, should have an understanding of both tax law and accounting standards.

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