The value of relevance

Making information relevant is a crucial developing area for many professionals.

23 October 2019 | Business

The understanding of the key principles is not the issue but rather the relevance to each industry.

Chantell Husselmann - The conceptual framework for financial reporting states, in order for information to be useful it must both be relevant and provide a faithful representation of what it purports to represent.

Relevance and faithful representation are the fundamental qualitative characteristics for useful financial data and analytics.

From past experience, I have learned that making information relevant is a crucial developing area for many professionals.

Understanding key principles such as IFRS 15, income tax legislation and value added tax (VAT) legislation, might be easy to interpret, however it is difficult to understand a concept specifically tailored to an industry and the inherent nature of an industry.

Various industries are confronted with different challenges and are influenced by multiple factors. We are dealing with numerous queries and questions from the Namibian business fraternity relating to specialised industries.

For example, the tourism industry might find the income tax considerations for Namibian tour guides complex to understand. Farmers envision ‘ring-fencing’ as setting up borders on their farms.

Training

In the retail industry, exports, imports, lay-bye sales, gift vouchers and the treatment thereof in terms of income tax are always an uncertainty. Property developers and constructors have work-in-progress balances, retention debtor and creditor balances of which they do not understand the treatment of these balances per their tax calculations.

Our millennials in the workforce have questions on how to structure their salary package, as well as how to complete their returns via the ITAS portal.

The VAT treatment on revenue, expenses and the VAT administration is a challenge to the tourism industry, farmers, retailers and property developers.

When you engage with individuals to converse on the above questions, the realisation comes to mind that the understanding of the key principles is not the issue but rather the relevance to each industry.

With the end of the year fast approaching and being in such a beautiful season of spring, we’re to the rescue by hosting bite-size training sessions touching on these pertinent matters, relevant to the retail, tourism, construction and farming industries.

For more information on the training sessions, you are welcome to visit our website at http://www.pwc.com/na/events or contact the PwC Business School at 061-2841034.

Chantell Husselmann is Tax and Business School Leader at PwC Namibia. Contact her at [email protected]

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