Accounting & Assurance Updates
The latest developments from Regulators and standard setting bodies
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Accounting & Assurance Updates
CIPC Implements Stronger Enforcement of beneficial ownership and securities register filings from
CIPC Notice 53 On 19 September 2023, the CIPC announced that starting from 1 October, there will be heightened enforcement on beneficial ownership reporting. Background Mandatory filings for beneficial ownership and...
FIC Final Demand Notice for Accountable Institutions to Submit Risk and Compliance
The FIC issued a Notice of final demand on 25 August 2023, reminding registered accountable institutions to submit their risk and compliance returns (RCR). Entities under Directive 6 that have not...
CIPC commenced with De-registration notices to enterprises that do not comply
CIPC started notifying companies and close corporations referred for deregistration due to non-compliance with Annual Returns. To avoid deregistration enterprises should confirm their status and file all outstanding Annual Returns and...
Recognised Controlling Bodies (RCB) Forum meets new Tax Ombud Ms. Yanga Mputa
On 1 August 2023, representatives from Recognised Controlling Bodies (RCBs) of SARS met the newly appointed Tax Ombud Ms Yanga Mputa for the first time after she joined the Office of...
How will the new sustainability disclosures S1 and S2 connect to the
Sustainability disclosures are a reality for all entities using IFRS to report in their financial statements. But how the information disclosed using S1 and S2 connect IFRS and the financial statements...
CIPC emails to confirm /request evidence to information submitted to company services
Notice 43 issued on 26 July 2023 requesting directors of companies to provide confirmation or evidence for information submitted to ensure the validity and correctness of such information. It is requested...
How to go about amending company directors on eservices – Practice Note
Practice Note 2 issued on 24 July 2023 explains the process of amending company directors on the eservices. You need to log on the CIPC website (www.cipc.co.za) first and then follow...
Avoid Automated Rejections of COR39 and CK2 applications on CIPC eservices
Practice Notice 1 issued on 24 July 2023 explains the reasons for the automated rejection of COR39 and CK2 applications.The application will be rejected unless the following is done correctly: Read...
Reminder: changing payment methods from ‘declining balance’ to real-time payments
Notice 42 issued on 26 July communicates CIPC’s intent to proceed with phasing out the ‘delining balance’ payment method where customers often make bulk deposits into a customer code and transactions...
IFAC’s Second Instalment in Implementation Support Series for SMEs on the Quality
On 5 July 2023, the International Federation of Accountants (IFAC) released the second instalment in a three-part publication series to help SMEs implement the new quality management standards (ISQM 1). Instalment...
ISSB issues sustainability disclosure standards IFRS S1 and S2
On 26 June 2023, the International Sustainability Standards Board (ISSB) published two sets of disclosure requirements, IFRS S1 and IFRS S2, to help companies communicate with investors about sustainability-related risks and...
Merging of companies and close corporations enquiry categories on CIPC
Notice 35 of 2023 issued on 11 June 2023 by CIPC announced that certain enquiry queues as from 11 July 2023 will be merged. Under the ‘Company Registrations’ category the following...
