Paddocks Press is a monthly free digital newsletter published to educate and update the sectional title community. The issue (Volume 5, Issue 6) has a number of articles of interest, including:
Does accounting practice still make us "GAAP"? - Clint Riddin
The importance of IFRS
For those readers who do not understand Afrikaans, the word "gaap" means to yawn, and since some people believe accounting is boring, the reference to GAAP seemed appropriate. For some time now, South Africa has been aligning itself with the International Financial Reporting Standards (IFRS), which means we will soon stop using and referencing Generally Accepted Accounting Practice (GAAP).
Formalising parking arrangements - Jennifer Paddock
Rule-based exclusive use areas
In many sectional title schemes in South Africa, owners and tenants have tacit arrangements, generally established over long periods of time, in respect of who is "entitled" to park where. Many people really believe that a particular parking bay is "theirs", although legally they have no greater right to use it than anyone else in the scheme.
Maintenance - Rob Paddock (Rob the Builder)
A feasible composting solution
Many home owners with gardens in South Africa have some kind of composting system in operation, and are able to turn their organic kitchen and garden waste into useful compost with very little effort. However, for people living in sectional title schemes looking to compost their organic waste, composting is substantially harder.
There is a rather wiggly and surprisingly clean and odour-free solution to this predicament for sectional title occupants: red worms.
Q & A with Jennifer Paddock - Jennifer Paddock replies to a number of questions including:
- Contractually obligating owners
- Roof in dire need of repair