Monthly Update – Compliance and Legislation March 2021

Study unit 1 -IFRS – Standards

IFRS Monthly news summary
IFRS improves accounting policy disclosures
ASB issues updated FAQs on the Standards of GRAP (updated February 2021)

Study unit 2 – IFRS – Accounting Issues

IFRS Foundation publishes educational material to support companies in applying going concern requirements
IASB proposes to extend support for lessees accounting for COVID-19-related rent concessions by 1 year

Study unit 3 – IRBA – Standards & Legal/Ethics

IRBA Standards and Ethics related IRBA pronouncements which have a December 2020 or 2021 effective date
IESBA issues Ethical and Auditing Implications arising from Government-Backed COVID-19 Business Support Schemes
IESBA proposes holistic approach to defining a PIE
IESBA issues guidance documents on Fraud & Money Laundering

Study unit 4 – IRBA – Other

IAASB published plans for a separate standard on the Audits of Less Complex Entities 

Study unit 5 – CIPC – Notices and Practice Notes issued (enforcement and to customers)

Notice 6 of 2021 – Business Rescue Mailboxes
Notice 7 of 2021 – Clarification on requirement for letter of no objection from the Department of Public Works on company and close corporation re-instatements
CIPC has introduced a new registration system called K2 (automated processes) to simplify the processes across its service provision
Notice 10 of 2021 – Name Reservation E-Service Process
Notice 11 of 2021 – New E-Service: New Company Registration (Short Standard Profit (Cor15.1a) and Non Profit Company without Members (CoR15.1C)
Notice 14 of 2021 – Discontinuation of primary co-operatives manual submission
CIPC Notice 15 of 2021: Solvency and liquidity test

Study unit 6 – Covid-19 Updates

CMS issues Circular 12 of 2021: COVID-19 Financial Reporting  

Study unit 7 – Labour Law – Employment Law

UIF launches online certificate system
New Legal opinion on trainee severance pay due to COVID-19

Study unit 8 – Other Laws & Regulations affecting your client AND impact on NOCLAR: This months Big 5

The Basic Conditions of Employment Act: Earnings threshold
The Disaster Management Act: COVID-19 Regulations and directions
The Immigration Act: Draft critical skills list
The National Health Act: Draft regulations relating to standards for emergency medical services
The National Environmental Management Biodiversity Act: Alien and invasive species regulations

Study unit 9 – Other Laws & Regulations affecting your client AND impact on NOCLAR – Other acts and articles

Legislative Amendments to Retirement Funds
PAIA Manual extension
New laws affecting provident funds
National minimum wage increased

Study unit 10 – Other Laws & Regulations affecting your client AND impact on NOCLAR – COIDA Update

Extension of 2020 Return of Earnings (ROE) deadline
New Employee earnings threshold effective from 1 March 2021

Study unit 11 – SARS – Guides & FAQs (new, updated & issued)

Guide released on new SARS eFiling Browser
Published guide: Estate Duty Implications on Key Man Policies
Update to Tax Compliance Status guide: Compliance Request form (TCR01) has been changed from Flex form to web-based form

Study unit 12 – SARS – Interpretation Notes (updated & issued)

Draft Interpretation Note 59 (Issue 2) – Tax treatment of the receipt or accrual of government grants
Draft Interpretation Note – Deductions in respect of improvements to land or buildings not owned by a taxpayer
Interpretation Note 12 – Recoupment: Assets in a deceased estate
Interpretation Note 47 (Issue 5) – Wear-and-tear or depreciation allowance

Study unit 13 – SARS – Binding Rulings (Private/Class/General) issued 

BGR 7 – Updated Schedule of write-off periods acceptable to SARS 

Study unit 14 – SARS – Notices and other publications issued 

• SARS MobiApp Enhancements
• Income tax notices 173 & 174
• Employers annual reconciliation declarations 2021 Budget 
  • Refer to summaries on the Treasury website and on the Budget webpage 

Study unit 15 – SARS – Tax Court Cases

SARSTC VAT 1940 (VAT) [2020] (Cape Town) (26 November 2020) 

Study unit 16 – SARS – High Court Cases

In 2 recent high court cases, the extent of SARS’ powers was clearly exhibited, albeit from opposing perspectives. In the one case, SARS successfully preserved the largest pot of state capture loot for the public to date. In the other, SARS lost yet another case for collecting tax debts through irregular third-party appointments.
PriceWaterhouseCoopers Inc and Another v Minister of Finance and Another (25705/2019) [2021] ZAGPPHC (2 February 2021)

Study unit 17 – SARS – Taxpayers must be on the lookout for New Scams

SARS SCAM – SMS with Letter of Demand link

Study unit 18 – Regulator News – IRBA News & press releases

Annual IRBA firm assurance work declaration due
IRBA 2020 Public Inspections Report

Study unit 19 – Regulator News – SAICA press releases and other publications

SAICA Updates Code of Professional Conduct 

Study unit 20 – Regulator News – Companies Tribunal

 5 Cases finalised in Feb (3 AGM, 2 Name Disputes, 0 Exemption from SEC)  

Study unit 21 – Regulator News – CGSO

CGSO releases their latest Stakeholder Newsletter

Study unit 22 – Regulator News – Information Regulator South Africa

Information Regulator issues Guidelines for the development of Codes of Conduct effective 1 March 2021

Study unit 23 – Regulator News – FSCA publications & press releases

FSCA Press Release FSCA imposes penalty on SAFAS Holdings and Mr Ryno Delport
FSCA current position on Contingent Business Interruption Insurance
12 Warnings issued against fraudulent FSPs

Study unit 24 – Regulator News – LPFF

LPFF issues communication on Legal Practitioners’ trust accounts

Study unit 25 – Regulator News – IFAC

IFAC Releases New International Standard Support Resources re ISRS 4400 (Agreed-Upon Procedures)
IFAC publishes an overview of the parts and sections in the IESBA Code
Exploring the IESBA Code – The Building Blocks Installment

Study unit 26 – General Announcements / News Releases – Media articles

COVID-19 and deductions resulting from your motor car in the 2021 tax year 

REQUIREMENTS

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

PRESENTER

Caryn Maitland is a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002, Caryn has lectured Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics.

ADDITIONAL MATERIAL