Monthly Update – Compliance and Legislation November 2021

Study unit 1 -IFRS – Standards – What’s new?

IFRS Monthly news summary 

Study unit 2 – IFRS – Accounting Issues

Public Sector Tools Released
Accounting Manuals for Modified Cash Standards

Study unit 3 – IRBA – Other

• IFAC Audits of LCEs: Supplemental Guidance & Mapping documents published
• FRC Guidance – Addressing exceptions in the use of audit data analytics
• Staff Audit Practice Alert 6: Protection and Retention of Client Data

Study unit 4 – CIPC – Notices and Practice Notes issued (enforcement and to customers)

• Notice 50 of 2021 – Filling of joint business rescue practitioner appointments 
• Notice 52 of 2021 – Co-operative Annual returns and Annual submissions
• Notice 53 of 2021 – Commencement of deregistration notification to companies and close corporations
• CIPC enforces Sec 30 of the Companies Act – High court orders JCI ltd to pay the CIPC an administrative fine of R1 million

Study unit 5 – Labour Law – Employment law

Victimization of workers at the workplace in relation to occupational health and safety 

Study unit 6 – Other Laws & Regulations affecting your client AND impact on NOCLAR: This months Big 5

• • SAICA Legal Update 2021 Volume 16 Issue 18 (it covers new relevant National laws up to 15 October 2021)
  1. The Compensation for Occupational Injuries and Diseases Act (Withdrawal of notice);
  2. The Disaster Management Act (COVID-19 regulations and directions);
  3. The Local Government Municipal Structures Act (Amendment Act);
  4. The Non-profit Organisations Act (Draft Amendment Bill); and
  5. The Private Security Industry Regulation Act (Amendment Act not commenced).
  • SAICA Legal Update 2021 Volume 16 Issue 19 (it covers new relevant National laws up to 15 November 2021)
  1. The Compensation for Occupational Injuries and Diseases Act (Updating of bank details);
  2. The Hazardous Substances Act (Draft lead paint and coating material regulations);
  3. The Pension Funds Act (Draft asset spreading requirements);
  4. The Protection of Personal Information Act (Draft regulations); and
  5. The Tax Administration Act (Administrative non-compliance penalties).

Study unit 7 – Other Laws & Regulations affecting your client AND impact on NOCLAR – Other acts and articles

• POPIA_Security compromise notification
• Amendments to POPIA Regulations
• Companies Amendment Bill 2021
• Directors: Increased obligations and potential exposure to liability as set out in the Companies Act

Study unit 8 – COIDA Update

• Mandatory Covid-19 Vaccinations in the Workplace: Compensation for Injuries or Death
• Notice on banking information requirements for Occupational Injuries and Diseases related claims released for comment
• Notice on Notice on updating of banking details Occupational Injuries and Diseases related payments

Study unit 9 – SARS Guides (new, updated & issued)

• Draft Guide to the Voluntary Disclosure Programme
• How to Complete the Registration Amendments and Verification Form RAV01
• The guide on How to submit a dispute via eFiling has been updated with the extension of Covid-19 PAYE and ETI information

Study unit 10 – SARS Binding Rulings (Private/Class/General) issued 

• • BGR 57 – Whether the term “consideration” includes an amount of transfer duty for the purposes of calculating a notional input tax deduction on the acquisition of second-hand fixed property

Study unit 11 – SARS Notices and other publications issued:

• • Updated e@syFile Employer version released 
  • Businessman gets 5-year jail term for VAT fraud
  • Submitting an application for Tax Exemption
  • SARS tackles non-compliant PPE companies
  • New e@syFile Employer version released
  • Enhanced Notice of Registration functionality on eFiling
  • Update on share valuations for Estate Duty
  • An upgraded e@syFile™ Employer version 7.1.9 was released
  • Amended List of Physical Impairment or Disability Expenditure

Study unit 12 – SARS Tax court cases/ High court cases / SCA cases

• • 7 Tax court case Judgments finalised
  •  14 High court case Judgments finalised
  • CSARS v Glencore Operations SA (Pty) Ltd (462/2020) [2021] ZASCA 111; [2021] 4 All SA 14 (SCA) (10 August 2021)

Study unit 13 – SARS Taxpayers must be on the lookout for New Scams: 

Possible refunds

Study unit 14 – Regulator News – IRBA News and press releases

News #55 

Study unit 15 – Regulator News – SAIBA press releases and other publications:

• Newsletters:

1. CFO Talks (CFO Talks™ is devoted to sharing ideas and conversations between CFOs. It is a platform which facilitates insightful and powerful talks relevant to CFOs)
2. Accounting Weekly (weekly newsletter)

Study unit 16 – Regulator News – Companies Tribunal:  

• 11 Cases finalised in October 2021
• Quarterly Newsletter

Study unit 17 – Regulator News – Information Regulator:  

• PAIA Guide
• New Email addresses
• How to handle POPIA complaints
• Information Regulator’s PAIA Manual prepared in terms of Section 14
• Registration of Information Officer Portal is still unavailable

Study unit 18 – Regulator News – Law Society of SA

LSSA publishes POPIA guide for attorneys 

Study unit 19 – Regulator News – FSCA publications and press releases

• FAQs about Registration with FIC
• Various Warnings issued against fraudulent FSPs

Study unit 20 – Regulator News – CSOS

CSOS issues 3 Circulars 

Study unit 21 – Regulator News – CGSO

• Consumer Alert October 2021: Suppliers most likely to take your money and run
• CGSO Newsletter issued Quarter 3 of 2021

Study unit 22 – Regulator News – SARS

• Latest Tax Practitioner Newsletter  

Study unit 23 – General Announcements / News Releases – Media articles

• Business rescue and Employee rights
• The growing threat of ransomware
• The legal dangers of a side hustle

Certificate

The following CPD is awarded: Financial Reporting 2 units, Ethics 1 unit.

REQUIREMENTS

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date.

PRESENTER

Lettie Janse van Vuuren | CBA (SA)

Lettie is a Certified Business Accountant (SA), Chartered Accountant, Registered Auditor, as well as an Assessor and Moderator. As a professional trainer and webinar host, she is able to hold the attention of an audience with her relaxed and humorous presentation style.  She has a unique ability to communicate with delegates at their respective levels of knowledge and experience.  Over the last 20 years, she has trained thousands of partners, managers, trainee accountants and other professionals.

She is responsible for researching, compiling and presenting the SAIBA QUICK UPDATE SUBSCRIPTION PACKAGE.

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