Positive thinking: Inner accounting

DNA

One of the leading causes of depression and loss of energy is inner accounting. It is a continual feeling of being owed something. Trivial things like feeling grieved that someone didn’t greet one, or not take one’s phone calls, can make one unnecessarily feel neglected.

This amounts to keeping an account internally with the feeling of not being given one’s due, whether it is wanting that others should treat us better or being resentful of one’s talents not being appreciated. It causes a lot of negative thinking where one keeps repeating these thoughts, inviting depression and weakness of character. This weakness manifests much more when the chips are down and others do not sympathise with us.

via Positive thinking: Inner accounting – Analysis – DNA

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I don’t mind paying tax. It’s what I owe.

The Taxman

So, even though I am looking at a R9 000 tax bill (eish!) I somehow don’t mind. It’s what I owe. It’s my duty to pay it.

And at least Sars said thank you. For that, it gets an Orchid from me.

via Taxman tops the pile while Telkom simply torments us – Saturday Star

6000 clothing shops not paying tax

There are up to 6000 informal, foreign-owned clothing retail stores flourishing in SA, many selling cheap Chinese imports and blatantly flouting SA taxes and labour regulations. All the while these stores are stealing market share from SA’s formal low-cost clothing retailers.

This is the contention of a study by Econex, an economics consultancy in Stellenbosch.

via Retail – Informal sector-Tax-free profits

The secret of success

At 39, Malcolm Hall is at the helm of Open Box, recently voted by Fast Growth 100 as the fourth-fastest growing company in SA. A finalist for Entrepreneur of the Year in SA last year, Malcolm is also a Springbok sailor.

Leadership for me is about creating an environment where people can be really successful at whatever it is they are doing – and love it. It’s then very easy to lead people when they are excelling at what they are doing.

A big part of being a leader is humility. It’s always been important to me to not delegate the job that nobody wants.

via The secret of success – Daily News | Opinion

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MF Global proves Enron-era accounting lives on

Like its predecessors, the bankrupt brokerage formerly run by Jon Corzine took advantage of an accounting maneuver to keep certain financial obligations off its books, making the firm look less indebted and thus less a risk than it really was.

On Thursday, Mary Schapiro, chairman of the Securities and Exchange Commission, told a committee of Congress the SEC was investigating the accounting treatment that helped mask MF Global’s exposure to risky foreign sovereign debt.

The fact that MF Global was able to use the technique highlights how off-balance-sheet moves are evolving as quickly as new accounting rules intended to stop them. Earlier this year, the Financial Accounting Standards Board changed its rules to bar an off-balance-sheet loophole that had helped Lehman Brothers get into trouble in 2008.

The fixes of FASB often are too specific to keep firms from trying new tacks, said several analysts, academics and former regulators. “They keep trying to put a Band-Aid on this thing, but you’ve got this problem that is huge and requires major surgery,” said Penn State University accounting professor Ed Ketz.

WITHIN THE RULES

MF Global’s version complies with current accounting rules. Other Wall Street firms use it too, though generally for ultra-safe U.S. Treasuries, which the government promises to repurchase at face value.

In MF Global’s case, the off-balance-sheet accounting itself didn’t cause the firm’s downfall, but it allowed MF Global to use borrowed money to make billions of dollars in ultimately catastrophic bets on European sovereign debt – and obscured the risk those bets posed to the company.

via Analysis: MF Global proves Enron-era accounting lives on