| IFRS & Accounting: |
- Standards – What’s new?
- IFRS Monthly news summary
- Accounting issues:
- SAICA: Explanatory Commentary on Body Corporate Template – Illustrative AFS
- Ethics:
- IESBA: Database of Public Interest Entity Definitions by Jurisdiction
- IESBA: Final Technology-Related Revisions to the Code
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| IRBA & Assurance: |
- Standards:
- IAASB: ED Proposed Revisions for Going Concern Standard ISA570
- Other:
- LPFF: Reminder: AUP Report required to claim back audit fees & bank charges
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| CIPC & Company Secretarial: |
Notices and Practice Notes issued (enforcement and to customers):
- Practice Notice 21 of 2023: Requirements and processing of requests to expedite acceptance of patent applications
- Non-binding legal opinion: Virtual AGMs
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| Sustainability & Integrated Reporting |
Important issues:
- Survey: Are South African companies ready to adopt the ISSB’s Sustainability Disclosure Standards from 2024?
- IAASB progress on: Proposed new standard for Sustainability Assurance Engagements ISSA 5000, General Requirements for Sustainability Assurance Engagements
- ISSB decides to prioritise climate-related disclosures to support initial application
- What role can accountants play in making sure their clients and business partners act on greenwashing?
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| Technology |
Interesting articles/issues:
- Information Regulator examines the regulation of ChatGPT, AI in SA
- A first-of-its-kind AI Act is being finalized by the EU
- AI tools like ChatGPT raise copyright issues in SA
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| Labour Law: |
Employment law:
- Employment Equity: Draft Regulations out for comment
- Amended CCMA Rules and Forms
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| Other Laws & Regulations affecting your client AND impact on NOCLAR: |
- This month’s big 5:
- SAICA Legal Update 2023 Volume 18 Issue 6 covers new relevant National laws up to 14 Apr 2023:
- The Domestic Violence Act: Amendment Act;
- The Employment Equity Act: Amendment Act;
- The Financial Intelligence Centre Act: Directives;
- The Judicial Matters Amendment Bill; and
- The Public Finance Management Act: Draft Eskom exemption.
- SAICA Legal Update 2023 Volume 18 Issue 7 covers new relevant National laws up to 5 May 2023:
- The Compensation for Occupational Injuries and Diseases Act: Amendment Act 2022;
- The Competition Act: Market inquiry into online intermediation platforms;
- The Foodstuffs, Cosmetics and Disinfectants Act: Draft labelling and advertising regulations;
- The National Energy Act: Integrated energy plan; and
- The Draft National Identification and Registration Bill.
- Other acts and articles:
- Reminder: Trust Property Control Act Update
- COIDA Update:
- COID Amendment Act 2022
- COIDA FAQs
- Reminder: 2022 ROE Season open until 31 May 2023
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| SARS: |
- Guides (new, updated & issued):
- Third Party Appointment AA88 e@syFile guide (updated)
- 2 Guides Updated with enhancements to the Tax Compliance System:
- Guide to the Tax Compliance Status functionality on eFiling – External Guide
- Services offered by SARS via the SARS MobiApp – External Guide
- Interpretation Notes (updated & issued):
- IN 128 (New) – Definition of “associated enterprise”
- Binding Rulings (Private/Class/General) issued:
- BGR 47 (Issue 2) – Meaning of “month” in the definition of “monthly remuneration” and section 6(g) for employers remunerating employees weekly or fortnightly
- BGR 44 (Issue 2) – Meaning of 160 hours for purposes of section 4(1)(b)
- Notices and other publications issued:
- SARS Travel eLogbook 2023-24
- Renewable Energy Incentives published in the 2023 Draft TLAB for public comment
- Draft Notice: Solar panel installers proposed to report private residents’ information to SARS
- SARS changes VAT registration rules after flood of suspicious activity
- e@syFile™ Employer AA88 system enhancements
- Dispute Resolution Enhancements
- Enhancements to the Tax Compliance Status Process
- Frequently Asked Questions: Deceased Estates
- Tables of Interest Rates
- Table 1 – Interest rates on outstanding taxes and interest rates payable on certain refunds of tax
- Table 2 – Interest rates payable on credit amounts
- Table 3 – Rates at which interest-free or low interest loans are subject to income tax
- Taxing of Vaping Tobacco products with effect from 1 June 2023
- Taxpayers must be on the lookout for New Scams:
- Tax court cases: Tax Court Judgments
- SARSTC VAT 1518 (VAT) [2023] ZATC JHB (23 March 2023)
- SARSTC 35476 (IT) [2023] ZATC JHB (15 March 2023)
- High court cases:
- CSARS v Pearlstock (Pty) Ltd
- SCA cases:
- CSARS and Another v Richards Bay Coal Terminal (Pty) Ltd
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| Regulator news: |
- IRBA News & press releases:
- IRBA Issues Its First Enforcement Report
- IRBA News #61
- SAICA press releases and other publications:
- Submission on the draft Public Notice on Returns of Information to be submitted by third parties
- Comments on the draft 2023 Taxation Laws Amendment Bill (Initial Batch)
- SAICA Anti-Money Laundering website
- CIBA press releases and other publications:
- Newsletters:
- 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)
- Accounting Weekly (weekly newsletter)
- CIBA: Guide on AML for Accountants that are AIs
- CIPC:
- Successful liquidation application against Selective Empowerment Investments 1 LTD
- Companies Tribunal:
- 12 Cases finalised in Apr 2023
- 5 Name disputes, 3 Exemption from SEC, 1 Directorship disputes, 2 Review and 0 AGM extensions, and 1 other
- Bulletin Newsletter
- Information Regulator:
- Reminder: PAIA reports are due by 30 June 2023 (for Public and Private Bodies)
- Enforcement notice issued against Dept of Justice and Constitutional Development
- FIC Advisory & Guidance:
- Reminder: Accountants regarded as Accountable Institutions, must register with FIC ASAP!
- Reminder: TCSPs must submit their Risk Compliance Return to FIC by 31 May 2023.
- Reminder: New Accountable Institutions must submit their Risk Compliance Return to FIC by 31 July 3023
- LPC:
- FICA Handbook for Law Firms
- FSCA publications & press releases:
- FSCA Press Release_FSCA debarred Mr Moselane Mahlangu (Mahlangu) & imposed administrative penalties 30 March 2023
- FSCA Press Release – FSCA provisionally withdraws Salt Asset Management (Pty) Limited license 19 April 2023
- 4 Warnings issued against fraudulent FSPs
- CGSO:
- Special Edition Newsletter
- SARS:
- Latest Tax Practitioner Connect Issue 41 Newsletter
- Latest Government Connect Issue 9 newsletter
- Latest SMME Connect Issue 5 newsletter
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