Should Ugandans Be Concerned About the European Debt Crisis?

January-March 2012 REVENUE ASSURANCE BEYOND THE TELECOM AN INSIGHT INTO TAXATION OF INDIVIDUAL RENTAL FAIR VALUE PROPERTY MEASUREMENT THE IMPORTANCE OF INTEGRITY SHOULD UGANDANS BE CONCERNED ABOUT THE EUROPEAN DEBT CRISIS? MOVING UGANDA FORWARD TOUGHER ECONOMIC TIMES AHEAD CPA UGANDA MARKS INAUGURAL FINANCIAL REPORTING AWARDS Financial Reporting Awards (FiRe) are on this November 2012 Entries starting in June 2012 For further information on the ICPAU FiRe Awards, please contact: The Secretary, ICPAU, 42 Bukoto Street, Kololo . Tel: 041-4540125, 031-2262333/265590, 071-2830681 Fax: 041-4540389 Email: [email protected], [email protected] Website: www.icpau.co.ug January- 20 March 12 CONTENTS REVENUE REDUCING TAX ASSURANCE BALANCING ETHICS EVASION BEYOND THE AND WORK TELECOM PRACTICES Tax Evasion 11 10 14 New Tax Civil and System Tax Criminal Reforming the Tax Penalties Compliance Culture Administration Tax Data Collection and Public Opinion of Selectivity Government PROFESSIONAL ETHICS MAIN FEATURE TECHNICAL 17 SHOULD UGANDANS BE CONCERNED IASB ISSUES THREE THE IMPORTANCE OF 21 ABOUT THE NEW STANDARDS INTEGRITY 29 EUROPEAN DEBT CRISIS? BUSINESS TAXATION TOUGHER ECONOMIC TIMES AHEAD 25 32 AN INSIGHT INTO TAXATION OF INDIVIDUAL RENTAL PROPERTY Today’s Accountant Magazine is published by Golf100 Magazines on behalf of The Institute of Certified Public Accountants of Uganda ( ICPAU) The information contained in this publication is given in good faith and has been derived from sources believed to be reliable and accurate. However, neither Golf100 Magazine Ltd, nor ICPAU accept any form of liability whatsoever for its contents including advertisements, editorials, opinions, advice or information or for any consequences from its use. No part of this publication may be reproduced, stored in any retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording or inkjet printing without prior written permission of the relevant parties. 4 | Today’s Accountant January - March 2012 FINANCIAL REPORTING & ACCOUNTING FINANCIAL REPORTING & ACCOUNTING ON THE CONCEPTUAL FAIR VALUE FRAMEWORK OF MEASUREMENT ACCOUNTING 34 39 Fair Value Hierarchy WHAT COMMUNICATION MY LEEDS ANIMAL ARE YOU? EXPERIENCE 42 52 AWARDS MOVING UGANDA 50 FORWARD PEOPLE ACCOUNTANCY HAS MADE ME A MORE CAPABLE 54 MEMBER OF PARLIAMENT 60 AUDITING & ASSURANCE AUDITING & ASSURANCE CONDUCTING BUILDING AND GROWING PROCUREMENT AUDITS 57 A PROFESSIONAL FIRM 43 HOW TO REACH US INTEGRATION OF KNOWLEDGE. WHAT YOU MUST KNOW CONSULTING PUBLISHERS STUDENTS CORNER INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA TAX AND LEGAL (ICPAU) GOLF100 MAGAZINE LTD Plot 42 Bukoto Street -Kololo Address: Plot 4 Pilkington Road, 1st A CONTRAST BETWEEN P.O Box 12464, Kampala Uganda Floor, Suite 31, Fami House COURTS AND E-mail: [email protected] , P.O.Box 70204, Kampala - Uganda [email protected] , Tel: +256 31 2 114 828 ALTERNATIVE DISPUTE [email protected] , ADVERTISING RESOLUTION (ADR) [email protected] Lynn Eiyo Tel: +256-41-4540125, Mobile: +256 782 609 602 +256 031-2262333/2265590 Email: [email protected] Fax: +256-41-4540389 CONSULTING DIRECTOR President John Mwalimu Naru Thakkar 63 Mobile: +256 754 445567 Email: [email protected] Email: [email protected] Vice President Patrick B Kagoro DESIGN & GRAPHICS Email: [email protected] Stephen Segawa CEO/Secretary Mobile: +256 772 589 190 Derick Nkajja Email: [email protected] 70 Email: [email protected] Today’s Accountant January - March 2012 | 5 January- 20 March 12 CONTRIBUTER’S PROFILE Sylvie Voghel Hon. Justice Prof. George W. Kanyeihamba Ms. Sylvie Voghel became Chair of the IFAC Small and Medium Prof. George Kanyeihamba was appointed a member of the Practices Committee in January 2006. She was nominated Supreme Court of Uganda until November 2009. He holds a Ph.D. by the Certified General Accountants Association of Canada in law from the University of Warwick. He has been a Chancellor of (CGA-Canada). Ms. Voghel served as a member of the IFAC both Kampala International University and Kabale University. Prof. Board from 2003 to 2008 and was a technical advisor to the Kanyeihamba has spoken at various seminars organised by ICPAU. Board from 2000 to 2003. In addition, she was a member of the IFAC Governance Task Force in 2002 and chaired the IFAC SMP/SME and Developing Nations Consultative Conference in Prague in 2005. Ms. Voghel is the co-owner of a privately held corporation in Jimmy Muyanja Québec, Canada. Previously, she was a member of the senior management team of Hydro-Québec, one of Canada’s largest Mr. Jimmy Muyanja is a Partner at Muyanja & Associates. He is also energy enterprises. Ms. Voghel is a former chair of CGA-Canada the Executive Director of the Centre for Arbitration and Dispute and CGA-Québec. She is involved in academic, professional Resolution (CADER). He holds a Masters of Commercial Laws from and other volunteer board and committees. the National University of Ireland, Dublin, Ireland. Mr. Muyanja designed and implemented the Commercial Court connected Ronald Mutumba CPA(U) mediation program. He has been published in various international journals, including the International Bar Association Magazine and Mr. Ronald is a Revenue Assurance Manager at Smile Journal of International Arbitration. Communications Uganda Ltd He previously worked at Warid Telecom and MTN Uganda. He started his career in telecoms in 2001 and has held Cuthbert A. Kagabo CPA(U) positions in Call Centres, Business Support, Accounting, Mr. Cuthbert Kagabo is the Chief Executive Officer of AH Consulting. Roaming and Interconnect, Carrier Relations, Revenue He has over 8 years multi-sectoral experience in Audit and Assurance Recognition and Reporting, and Revenue assurance. He is work conducted in East and Southern Africa. Mr. Kagabo is a United a Certified Global Revenue Assurance Professional (GRAPA). States Department of Justice trained Procurement and Contract Fraud Examiner and has deep experience in procurement audit having been a key consultant to procurement authorities and international Frederick Kibbedi CPA(U) organizations in the region and an Engagement Leader on more than 50 procurement, contract and performance audits. Mr. Frederick Kibbedi works with Uganda Export Promotion Board as the Director for Trade Finance and Administration. He is a member of the Technical Committee of ICPAU. He is Obed Tindyebwa CPA(U) also an Accounting Lecturer for MBA Course at the Edinburgh Business School (Herriot Watt University, Scotland). Mr. Obed Tindyebwa is an accomplished Accountant and Consultant with more than 13 years experience. He is currently a Practitioner at Grand & Noble. He is also a member of the Daily Monitor, Panel of Experts (Taxation) and has contributed several technical articles on tax issues and policy. Diana Nambi Naisuna Ms. Diana Naisuna works as the Public Relations Officer of ICPAU. She is currently pursuing a Masters Degree in Corporate Communications and Public Relations at the Brid Clerkin University of Leeds, United Kingdom. Ms. Brid Clerkin is a member of the Institute of Chartered Accountants of Ireland. She is currently a visiting senior lecturer at the School of Business and Management Studies, Mountains of the Moon University in Fort Portal, where she teaches and supervises undergraduate and postgraduate students. She is being sponsored by Voluntary Missionary Movement (VMM). She was previously Rebecca Warsop a lecturer of accounting at the Dublin City University Business Ms. Rebecca Warsop is a PR and Marketing Communications School and an examiner at the Institute of Chartered Accountants Specialist. She founded Warstreet in 1994 as an integrated communications agency and specialises on the strategic Prof. Charles Kwesiga and PR side of the business. She is passionate about building the value of a brand through effective, smart PR. Dr. Charles Kwesiga is a trained Industrial Engineer. He has had She has previously worked with 3M, Hewlett-Packard and significant experience as a Corporate Manager, management HiPerformance Systems. consultant, educator, and entrepreneur. Dr. Kwesiga is the Executive Director of the Uganda Institute of Industrial Research. The Institute is involved in technology transfer, technology diffusion, process Solomon George Zori and product development, business incubation, applied research Mr. Solomon Zori is a Doctoral Fellow at the International & development, etc. In recognition of his valuable professional Max Planck Institute for the Study of Societies, at the Uni- expertise and experience, Dr. Kwesiga was appointed as Honorary versity of Cologne, Germany. He is a Researcher whose area Professor of Makerere University, in December 2006, attached to the of research interest focuses on accounting standard setting Faculty of Technology. particularly IFRSs. Eric Ssetuba CPA(U) Mr. Eric Ssetuba is a partner at Edes & Associates. He was previously a Director (Finance and Administration) at Axios International. Mr. Ssetuba has over 13 years’ experience in financial management Norah Njuba Bwaya consultancy. At Edes & Associates, Mr. Ssetuba specialises in the Ms. Norah Bwaya is the Executive Director of Coach Africa delivery of professional audit and management support services Limited. She is a Certified Professional Coach and an to governments, ministries, parastatals, Non-Governmental Associate Coach with CCL – Centre for Creative Leadership. Organisations (NGOs), aid donor agencies and private sector She has had

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