Deloitte Alumni half-day seminar

A very informative half-day seminar presented by Deloitte to Alumni. This included updates and recap on IFRS. Regulatory updates on the National Credit Act and Companies Act as well as Tax update from the Deloitte School of Tax – Instilling Tax Technical Skills. It was interesting to note from the regulatory update on the National Credit Act is that to be classified as a “credit provider” is when there is a deferral of payment and there is a cost attached to that deferral eg. Interest. Furthermore, if you are a credit provider and you do not follow the 5 steps to provide credit, then your loan / credit prescribes. The 5 steps are:
1.       What is the total cost of the credit including initiation fees, interest etc.
2.       Perform a reckless credit check
3.       A written agreement must be signed
4.       Statement of accounts must be sent to the consumer
5.       Letter when defaulting informing the consumer of their right to debt counselling
It was good to spend time at the Deloitte office and an interesting morning learning and refreshing knowledge in key areas of practice.

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