Public Interest Score

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What is it?

In the past all companies (PTY LTD) were subjected to audit. With the rewrite of the companies act (and it’s related amendments) a new method was brought in to determine whether a company needs it’s financials to be audited, reviewed or simply compiled.

How do you calculate it?

You simply add the points of the following four points for a company:

  1. 1 point for each employee or the average number of employees throughout the year.
  2. 1 point per million rand of third party liability. This is the money owed in terms of loans, debentures, and other financing.
  3. 1 point for each million rand of turnover during the financial year. If the turnover is half a million rand, score ½ point. For holding co’s this includes the turnover of Subsidiaries.
  4. 1 point for every individual who, at the end of the year, is known to have a direct or indirect beneficial interest in the company. This will include shareholders, beneficiaries of a trust where a trust is a shareholder and other stakeholders. ie. Shareholders directly or indirectly.

Where do you use it?

The public interest score is useful for two things:

  • Determining whether your company/cc needs to be audited, reviewed or simply compiled.
  • Determining whether your company/cc needs to submit AFS in XBRL format to the CIPC as part of the annual return or whether it can simply submit a FAS (Financial Accountability Supplement).

More To Explore

Customs Registration

Why Register For Customs? A Customs registration is a SARS registration for the business, this registration allows you to import or export goods and or services Information You Will Need Customs Registration Employer needs to be loaded on our E’fiing profile with the (Income Tax) tax type activated Company registered representative needs to be appointed

XBRL vs Financial Accountability Supplement

What is XBRL XBRL is short for E(x)tensible (B)usiness (R)eporting (L)anguage, being the international standard for digital business reporting. This allows for the creation of computer files which contain financial reporting information which is not easily readable by humans. It is ideal for passing information between computers but is of little use when the information

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