Category Archives: General

HOW IS IT LIKE TO WORK IN SCG CHARTERED ACCOUNTANTS?

What’s our purpose? Our purpose is to use our knowledge in our area of expertise to provide solutions to businesses. Work context According to the ACCA, the principal forces driving change in the twenties are digitization, regulation, and stakeholder expectation. Stakeholders expect more business oriented and forward-looking information. At SCG, we accept these forces bring […]

How Ghanaian Businesses Can Prevent Occupational

We held a webinar on May 25, 2021, on how Ghanaian SMEs can prevent occupational fraud. Here is summary of the discussion. Ghanaian SMEs face increasing risk of occupational fraud because of our current business and economic environment. Occupational fraud is using one’s occupation to make personal gains through deliberate misuse or misapplication of the […]

Why You Need a Financial Close Plan

If you struggle to issue timely financial statements, or your financial statement falls apart under scrutiny, you need a financial close process and a close plan. In the blog titled You need a close-process, we discussed the financial close process, and gave examples of close activities. To close the books accurately and on time, a […]

IFRS 15 – Revenue from Contract with Customers: The Five Step Model?

IFRS 15 – Revenue from Contracts with Customers (IFRS 15), which became effective from 1 January 2018, makes significant changes to accounting for revenue. In this article we highlight the fundamental changes introduced by IFRS 15 and use a case to show the steps in determining revenue. When is Revenue Recognized? An entity recognizes revenue […]

GHANA REVENUE AUTHORITY(GRA) EXTENDS FILING DATE & WAIVE PENALTIES

GRA has responded to the disruptions to business by the Coronavirus and introduced measure to ease tax compliance. The highlights of the measures are: Taxpayers who redeem all their outstanding debts due GRA by June 30, 2020, will be granted a remission of penalties on their principal debts. Donations and contributions toward fighting COVID-19 pandemic […]

Cyber Security Tips for Your Small Business

As a small business owner, you might think your business is not a target for a cyber-attack. Your business is as much a target as the big businesses. The criminals know that small businesses have weaker defenses, so you are in their sight.  What is at risk for your business? Sensitive data such as strategy, […]

Inventory Controls to Prevent Waste and Theft

Retailers, wholesalers, and manufacturers are typical businesses that hold inventory (stock). Inventory comes with risks such as damages, theft and obsolescence. It also ties up capital and has related administrative costs. You can lose money on inventory. But you don’t want to lose money so you must put in controls over inventory. The types of […]

IFRS 15 – Revenue from Contracts with Customers: What is A Contract?

International Financial Reporting Standard (IFRS) 15 – Revenue from contracts with customers came into effect on 1 January 2018. It defines revenue and sets the rules for recognizing, measuring and disclosing revenue from contracts with a customer. Having a contract with a customer is a precondition for applying IFRS 15. So, what is a contract? […]

Internal Control: The Means to Getting Hold of Your Business

There are forces at work to stop a business from achieving its objectives. To make sure it achieves its objectives, the business takes measures to stop those forces from negatively impacting the business. We call the forces that threaten the business, risk. The counter measures to stop these forces are controls. Effective internal control affects the […]

WHO MUST FILE A TRANSFER PRICING RETURN IN GHANA?

The Ghana Revenue Authority (GRA) finds that many companies do not file transfer pricing return. If you do not file transfer pricing returns you will pay a penalty. Yet, many people are unaware of the Transfer Pricing Regulation. Others are aware but unsure whether they must file such returns. In this article we show who […]