Accounting

8 September 2022 All comments due by 7 March 2023 The International Accounting Standards Board has today published proposals to update the IFRS for SMEs Accounting Standard to reflect improvements made to full IFRS Accounting Standards, while keeping the Standard suitable for small and medium-sized entities. Main areas of updates included to align to The …

IFRS for SMEs New Exposure Draft was issued today Read More »

Filing documents for for licensing as business rescue practitioner (COR126.1) Note that Notice 65 of 2018 is hereby withdrawn and replaced by Notice 22 of 2022 All information relating to the form CoR123.2 and legal documents in terms of Regulations 123(3) and filed in accordance with section 129(3)(b) of the Companies Act 71 of 2008 …

Latest CIPC Notices Read More »

18 August 2022 CIPC completed the moving of 7.2 million entity files to the new storage facility during 2021. There are delays with the unavailability of files while the new service provider takes the files on board to label and capture them on their systems for recording and retrieval purposes. Delays are expected to be …

CIPC Notice 20: status on file transition project Read More »

CIPC is inviting all stakeholders to complete their annual Customer and Stakeholder Satisfaction Index and Survey based on your experience working at CIPC between January and September 2021. The online survey can be completed from Tuesday, 16 August 2022 here. Results are treated as strictly confidential. Read more about the survey and the service provider …

Participate in the CIPC Customer and Stakeholder Satisfaction Survey Read More »

1 August 2022 Information To support the work of the International Sustainability Standards Board’s (ISSB) the IFRS Foundation has announced the completion of the consolidation of the Value Reporting Foundation (VRF) into the IFRS Foundation.  This will allow the IFRS Foundation’s resources of leading global sustainability disclosure initiatives to work with the ISSB to develop …

IFRS Foundation and Value Reporting Foundation Consolidation Completed Read More »

26 July 2022 Information: The old email address for registration cooperativesonline@cipc.co.za was disabled as a result therefore no application or enquiries must be sent to that email address. CIPC step by step guide for the registration of co-operatives is available on their website under “Step by Step guides” under co-operatives. Below are the email addresses …

Practice Note 4 of 2022: Closure of Co-Operatives online Email Read More »

7 July 2022 In response to President Biden’s executive order, the United States Treasury Secretary provided a framework for regulating digital assets. The goal is to use an interagency approach to address risks and maximize the potential benefits of digital assets like cryptocurrency and the underlying technology. One way to do this is through international …

Cryptocurrencies: US Treasury framework to regulate digital assets Read More »

Information CIPC noted that some public companies filed Financial Accountability Supplements instead of Audited Annual Financial Statements during the period 01 April 2020 to 31 March 2021. This is in contravention of section 33 of the Companies Act and directors of affected companies are thus urged to comply with their AFS filings requirements to avoid …

CIPC Media Release: Entities filing Financial Accountability Supplements (FAS) instead of Audited Annual Financial Statements (AFS) Read More »

Information The revised ISA 220 integrates the new quality management concepts in ISQM 1 into the audit processes performed for each engagement. The standard modernizes the approach to quality management and requires the engagement partner and engagement team to be proactive in managing and achieving quality. Specific responsibilities of the engagement partner identified as: Managing …

Revised ISA 220, Quality Management for an audit of financial statements Read More »

With implementation date fast approaching firms should already be in the process of designing their quality management systems. To whom does it applicable? Firms performing any form of assurance engagements or related services engagements, audits or reviews of financial statements will have to implement ISQM 1. The effective implementation date is 15 December 2022. By …

ISQM 1 Implementation date fast approaching Read More »