IFRS 16 compliance for your bank for swift Bank of Uganda reporting requirements

Effective 1st January 2019, your bank is required to account for all leases under the requirement of the new International Financial Reporting Standards Sixteen (IFRS 16). The standard requires that your bank accounts for leased assets (Right-of-Use Assets) and Lease liability on the financial statements. Bank of Uganda, the banking regulator under Instruction Circular EDS.306.2 …

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Add a second layer of security to your computer

  According to Heart bleed security, we are reminded that passwords do not offer the total protection that we need. We are supposed to guard our passwords and sensitive data jealously. However, a technical flaw in a widely used padlock security technology allows hackers to grab the information anyway. Numbers of hackers have been breaking …

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ATM Fraud and how to protecting your money against it

Protecting your money in the bank during this holiday season ATM Fraud and how bank clients can protect themselves against fraud The issue On 14th Oct 2015, Centenary Bank’s managing director Fabian Kasi issued a statement in respect to the 25 complaints received by the bank from her customers over inconsistencies in their account balances in …

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IFRS 9 & 16 practical class to reduce your compliance costs

On 19th February 2019, the Central Bank of Uganda issued an Instruction Circular ‘EDS.306.2’ to Supervised Financial Institutions (SFIs). Through the Executive Director supervision, Bank of Uganda sent the guidance note on implementation aspects of IFRS 9 to Chief Executives of Commercial Banks, Credit Institutions and Microfinance Deposit Taking Institutions. The Instruction Circular requires the …

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How thieves are stealing online?

Information is power and therefore today, every company or organisation worth its name, has more than 70 per cent of its workforce using computers to generate and store information. What most staff do not know, however, is that this information is important company property, which needs to be guarded jealously. Often, computers store sensitive information …

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I may have been the victim of fraud or identity theft. How can I put a fraud alert on my credit report?

When you place a fraud alert on your credit report at one of the nationwide credit reporting companies, it must notify the others. A fraud alert requires creditors who check your credit report to take steps to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on …

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Identify if your web servers are OpenSSL vulnerable

Today, I received several warnings from my five different service providers.  The one from GeoTrust stood out.  And below is the warning in full. If you use any of their services, please take action NOW. GeoTrust is aware of the vulnerability, dubbed “Heartbleed”, which is a security concern for users of OpenSSL, a widely-used opensource …

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Enterprise Risk Management and Business Continuity Planning: Separate but complementary

In the past few years, many have debated whether risk management and Business continuity are interrelated, different views have come up, Some say risk management encompasses business continuity, others say they work hand in hand and there are those that do not agree with the hierarchy in which they follow. In contrast, some argue that …

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How summitBI solutions helped a top taxpayer leverage from the exchange rate dynamics

One of Tanzania’s renown top tax payer had been having stationary profits despite the top-line being high. This company had lost over 2 Billion in a period of less than 6 months which is more than 50% of the revenue generated during the same period. The profits were stagnant regardless of above 50million revenue being …

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