Accounting and Assurance

The International Sustainability Standards Board’s (ISSB) First two exposure drafts of Sustainability and related Financial and Climate disclosure requirements are available for public consultation and comments until 29 July 2022.

Notice

Exposure Draft ED/2022/S1 General Requirements for Disclosure of Sustainability-related Financial Information is published by the ISSB for comment only.
Exposure Draft ED/2022/S2 Climate-related Disclosures is published by the ISSB for comment only.

Information and Implications

Professional accountants and finance executives are ideally positioned to play a key advisory role in addressing the reporting requirements, challenges and opportunities relating to sustainability and climate change. These matters affect each business differently, either directly or indirectly. Interested parties are encouraged to review the exposure drafts based on their unique application and express their opinions to minimise any unintended consequences before final pronouncements are made.

Context for the beginner

The ISSB recently unveiled two proposed standards for general sustainability – and specific climate related disclosure requirements.  The new Board tries to set unified rules for entities around the world. Read more here.

Need assistance

Submit your comments by 12 July 2022 to saiba@saiba.org.za. SAIBA will leverage the benefit of the pooling of our members’ resources to submit comments on your behalf to the ISSB.

Unique SAIBA offering

SAIBA prides itself in being at the forefront of new developments and equipping our members with the resources to ensure their success. If you are interested in joining SAIBA’s Accountant’s Climate and Sustainability Summit, please register by using the following link or view the event brochure here.

IFAC Release: New Implementation Tool for auditing accounting estimates.

Notice

The International Federation of Accountants (IFAC) issued a Tool to work in conjunction with the International Auditing and Assurance Standards
Board’s (IAASB) previously published ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures, and other relevant ISAs.

Information and Implications

Management of all entities, irrespective of type or size, has to make accounting estimates from time to time. These accounting estimates have a certain degree of estimation uncertainty and may also be complex to calculate.

The Implementation Tool assists auditors in the implementation of ISA 540 (Revised) and provides an overview of steps and related matters that auditors should consider when auditing accounting estimates and related disclosure. 

Context for the beginner

Read more here

Need assistance

Email enquiries and questions to technical@saiba.org.za for further assistance.

IFAC issued 8th instalment in the “Anti-Money Laundering, The Basics”- series

Notice

IFAC issued 8th instalment in the” Anti-Money Laundering, The Basics”-series on 28 Mar 2022.

Information and Implications

The series provides professional accountants with a better understanding of how money laundering works, the risks they face and what they can do to mitigate these risks and make a positive contribution to the public interest. The 8th instalment to the series focuses on crime trends.

Context for the beginner

Read more here

Need assistance

Email enquiries and questions to technical@saiba.org.za for further assistance.

Read more regarding recent CIPC Notices published and compliance due

Compliance due 1 Apr 2022 regarding XBRL Mandate extended to Co-operatives as per CIPC Notice 52 of 2021

Co-operatives will be required to file audited financial statements or independent reviewed reports depending on the category from 1 April 2022. Read notice here 

CIPC Practice Note 2 of 2022: Certification requirements for documents filed with the CIPC, applicable from 1 Apr 2022
CIPC has noted an increase in the submission of suspicious and possible fraudulent certified documents to the CIPC and thus, further to Notices 54 and 63 of 2016, hereby advises customers that the CIPC will apply strict verification of such supporting documentation (ID / passport copies) as part of its business processes from 1 April 2022.

Failure to adhere to the certification requirements may result in the CIPC rejecting the application for incompleteness. Read the notice here

CIPC Notice 4 of 2022: Name reservation and approval

CIPC confirms that a for-profit company may be registered without a name (read more here):    

  • The company registration number will be considered as its name followed by the suffix “South Africa” (excluding new e-Services channel)
  • After registering a new company with the registration number as its name, a company name change may be filed free of charge.
  • The registration certificate, as well as the other registration documents will reflect the registration number as the company name.
  • Only after a company name change will an amended registration certificate be issued with the reserved name. The incorporation documentation as issued upon registration will not reflect this information

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