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New guide for small businesses

Aug 20 2012 18:03 Sapa

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Johannesburg - A new guide has been developed to help small and medium businesses prepare financial statements, the SA Institute of Chartered Accountants (Saica) said on Monday.

"This guide is in the form of an easy-to-use electronic toolkit that comprises a user checklist, an application guide with practical examples, illustrative financial statements, and a disclosure checklist," Saica said in a statement.

The guide was intended to assist "micro-entities" such as close corporations, small or medium companies, small partnerships and sole-proprietorships.

Saica said the guide would help users apply standards on the most useful accounting policies permitted, while avoiding those policies which were unlikely to be of help.

"Basing the guide on an electronic platform allows the user to easily navigate through the guide by making use of the in-built search function and allows for live updates," Saica said.

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