Accounting

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 the Tax Ombud (OTO) as South Africa’s first female Tax Ombud on 1 July 2023. She is also an Admitted Attorney of the High …

Recognised Controlling Bodies (RCB) Forum meets new Tax Ombud Ms. Yanga Mputa Read More »

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 still poses a question. The short webcast where Linda Mezon-Hutter, Vice-Chair of the International Accounting Standards Board (IASB), and Sue Lloyd, Vice-Chair of the …

How will the new sustainability disclosures S1 and S2 connect to the financial statements? Read More »

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 that directors comply with the requests timeously. The requests are related to the following applications: Directors should timeously submit the requested information, following the …

CIPC emails to confirm /request evidence to information submitted to company services Read More »

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 these easy steps: Read Practice Note 2 here.

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 Practice Note 1 here.

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 are deducted as and when a service is issued. As CIPC enhances its existing electronic services and automates more of its manual processes it …

Reminder: changing payment methods from ‘declining balance’ to real-time payments Read More »

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 One, issued earlier this year, addressed the mindset change the new standards require and the shift in focus from quality control to quality management. …

IFAC’s Second Instalment in Implementation Support Series for SMEs on the Quality Management Standards Read More »

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 opportunities in the short, medium, and long term. The standards provide a framework for companies to report sustainability information in their financial statements and …

ISSB issues sustainability disclosure standards IFRS S1 and S2 Read More »

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 sub-categories will be merged into the new sub-category ‘Electronic company registration’: Under the ‘Company Amendments’ the following sub-categories will be merged into the new …

Merging of companies and close corporations enquiry categories on CIPC Read More »

CIPC Notice 40 was issued on 18 July 2023 announcing the release of enhancements to the Beneficial Ownership functionality which now includes the integrated upload capability of the securities/members register and/ or beneficial interest register where applicable. This functionality is applicable to entities (affected companies or non-affected companies) that have no beneficial ownership information to …

New Functionality Released: Securities & Beneficial Interest Register Read More »