Monthly Update – Compliance and Legislation July 2021

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

IFRS Monthly news summary 

Study unit 2 – IFRS – Issued by the Office of the Accounting-General in the Department of National Treasury 

Updated Accounting Guidelines on 2 GRAP standards 

Study unit 3 – IRBA – Guidance/Other

Consultation Paper – Enhancing Disclosures in the Auditor’s Reports in South Africa: Addressing the Needs of Users of Financial Statements 

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

Notice 29 of 2021 – List of Accredited Professional Bodies whose members are eligible to be licensed as business rescue practitioners as at 01 June 2021
Practice Note 1 of 2021
Guidance Note – Essential services certificate issued by CIPC
Notice 33 of 2021 – Close Corporations without Accounting Officers

Study unit 5 – Covid-19 Updates – New announcements/guidance:

Employment and Labour Minister issues new direction with regard to vaccination in the workplace  

Study unit 6 – Labour Law – Employment Law

A self-help guide to the CCMA  

Study unit 7 – Other Laws & Regulations affecting your client AND impact on NOCLAR: This months Big 5

• Volume 16 Issue 11 up to 21 Jun 2021:
  • The Disaster Management Act (COVID-19 workplace safety directions);
  • The National Environmental Management Act (Environmental impact assessments);
  • The National Health Act (Certificates of need);
  • The Occupational Health and Safety Act (Ergonomics regulations); and
  • The Protection of Personal Information Act (Transitional arrangements).

Study unit 8 – Other Laws & Regulations affecting your client AND impact on NOCLAR – Other acts and articles

• UIF Contribution Threshold increased with effect from 1 June 2021
• New Consolidated directions on OHS measures in certain workplaces – Ad-hoc webinar will be presented on these important changes. Click here.
• Sectional Titles Act: Amendment of Regulations 2021
• Deeds Registries Amendment Act: Amendment of Regulations 2021
• New Extension of PAIA Manual exemption

Study unit 9 – Other Laws & Regulations affecting your client AND impact on NOCLAR – COIDA Update

Minimum assessment introduced for Domestic Workers 

Study unit 10 – SARS – Guides and FAQs (new, updated & issued)

New Guide to SARS Mobile Tax Services
Guide on the Determination of Medical Tax Credits (Issue 12)
Updated: Guide to the Tax Compliance Status on eFiling
Comprehensive Guide to Dividends Tax (Issue 4)

Study unit 11 – SARS – Binding Rulings (Private/Class/General) issued  

Binding Class Ruling (BCR) 077 – Capital gains tax consequences of in specie distribution by company to its shareholders
Binding Private Ruling (BPR) 366 – Distribution in specie of shares
Binding Private Ruling (BPR) 365 – Interpretation and application of the de-grouping provision in section 45(4)(b)
Draft Binding General Ruling (BGR) – Purchase of different types of annuities at retirement
Draft Binding General Ruling (BGR) – Disqualification as a qualifying company under section 12R(4)(b)

Study unit 12 – SARS – Notices and other publications issued

SARS provides guidance on claiming Home Office Expenses
Six SARS forms to migrate from Adobe Flash Player to HTML5
RAV01 form converted to HTML5
Verify a Tax Compliance Status
Updated Average Exchange Rates Tables
Guidance: Cease to be a Resident

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

Application for learnerships by unemployed youth
Notices of Administrative Penalty from SARS

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

IRBA News #54 published 

Study unit 15 – Regulator News – SAICA press releases and other publications

Retention of records guide updated
Educational Material: Application of IAS 12 – Income Taxes: Substantively enacted tax rates

Study unit 16 – Regulator News – SAIBA

Accounting Weekly Newsletter
CFO Talks

Study unit 17 – Regulator News – Companies Tribunal 

10 Cases finalised in JUNE 2021 (2 AGM, 4 Name Disputes, 2 Directorship Disputes, 2 Exemption from SEC) 

Study unit 18 – Regulator News – CIPC

CIPC enforcing the Companies Act, 2008 

Study unit 19 – Regulator News – NCC

The Competition Commission’s draft guidelines on small merger notification 

Study unit 20 – Regulator News – Information Regulator of SA

BASA Code of Conduct
POPIA update from Information Regulator (including their enforcement powers)
PAIA update from Information Regulator
Guidance note on exemptions from the conditions of POPIA
Information Regulator in the PAIA driving seat
Information Regulator confirms commencement date of Section 58(2) of POPIA
Guidance note on Processing of Special Personal Information
Guidance note on Processing of personal information of children

Study unit 21 – Regulator News – FSCA publications & press releases

Lists of recognised qualifications
FSCA imposes penalty on African Unity Life Limited
FSCA announces enforcement action against Vesticento CC [ Mutual Direct Group Funeral Benefits
Covid-19 vaccines and life insurance policies
Update on Impilo Plus Insure
Africrypt (Pty) Ltd
8 Warnings issued against fraudulent FSPs this month

Study unit 22 – Regulator News – SARS

VAT Connect Newsletter
Latest Tax Practitioner Newsletter

REQUIREMENTS

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

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ADDITIONAL MATERIAL