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Monthly Update - Compliance and Legislation August 2020

August2020 - Critical updates to legislation and regulations that affect members in practice.

R 399
Category Law
Accredited Saiba
CPD Hours 2
Effort 2 Hours
Duration 2 Hours
Format Webinar
Level Moderate
Assessment Yes
Supervised No
Pre-Entry No
Tuition Optional
Study Material No

What you will learn

  • Be aware of the latest legislative changes and what it means for your business, practice, and your clients; 
  • Be able to inform your staff and clients on how to stay compliant; 
  • Adapt business models to fit new legislative landscapes; 
  • Receive references to documents and guides;  
  • Have access to your own technical resource; and  
  • Have access to the presenter via email for follow-up Q & A. 

Study Units

Standards – What’s new

  • IFRS Monthly news summary 
  • IASB Workplan updated 

Accounting issues

  • IFRS for SME Update June 2020 published 2 July 2020 
  • Exposure Draft General Presentation and Disclosure Update 
  • Digital Reporting – Questions for Practitioners, Standard setters, Researchers 
  • Goodwill and Impairment project continued 
  • IFRS 16 and COVID 19 – continuing issues 

Standards

  • IRBA issues “Focus on Interim financial Statements” 
  • The IAASB Issues Conforming amendments to the International Standards as a Result of the Revised IESBA Code and the IRBA Issues Updated  
  • Illustrative Auditor's Reports Following These Conforming Amendments  
  • IRBA issues comments on CIPC notice regarding Directors Renumeration Disclosure 

 

Legal/Ethics

  • IRBA Issues for Comment an Exposure Draft on the Use of Electronic Signatures When Signing Audit, Review or Other Assurance Reports 

Other

  • IRBA Newsletter 50 released 
  • IAASB issues COVID 19: Reminder Accounting Estimates and Interim Reporting publications 
  • Professional body issues summary of changes to the IFAC Guide using ISAs in the Audit of SMEs 
  • Professional body opens a webpage on IAASB’s Quality Management Project 

Notices and Practice Notes issued (enforcement and to customers)

  • Notice 34 of 2020 - Companies, close corporations regulatory compliance during government lock down of South Africa  
  • Notice 35 of 2020 – New method of issuing confirmations 
  • Notice 36 of 2020 – Acknowledgement of the appointment of business rescue practitioners 
  • Notice 37 of 2020 – Recommencement of referral for deregistration of non-compliant companies and CC’s 
  • Notice 38 of 2020 – Audited annual financial statements: Requirement to disclose remuneration and benefits of directors and prescribed officers 
  • Notice 39 of 2020 – Pending final deregistration of companies and close corporations 

Important changes

  • Lockdown level change - Disaster Management Act  
  • Disaster Management Tax Relief Bill 
  • Disaster Management Tax Relief Administration Bill 

Legislative amendments

  • Lockdown Disaster Management Act (Basic education) 
  • Disaster Management Act (Co-operative governance) 
  • Disaster Management Act (Health) 
  • Disaster Management Act (Higher Education) 
  • Disaster Management Act (Home Affairs) 
  • Disaster Management Act (Justice) 
  • Disaster Management Act (Social Development) 
  • Disaster Management Act (Sports Arts and Culture) 
  • Disaster Management Act (Tourism) 
  • Disaster Management Act (Transport) 
  • Disaster Management Act (Health) 
  • Disaster Management Act (Self isolation and self-quarantine) 
  • Impact on Immigration Act 

New announcements/guidance

  • UIF release information about verification of bank accounts 
  • Council of Medical Schemes  
  • PMB definition guideline on COVID-19 v4 
  • CMS industry update on COVID-19 exemptions and guidelines 
  • Disaster Management Tax Relief Bill 
  • Disaster Management Tax Relief Administration Bill 

 

COIDA Update

  • COVID-19 directions (employment- compensation for occupational injuries and diseases) 

Employment law

  • Employment Equity Amendment Bill 2020 
  • Increase in monthly pensions payable in terms of Compensation for Occupational Injuries and Disease Act 

This month’s big 5

  • The Disaster Management Act: Regulations and directions 
  • The Electronic Communications Act: Draft policy direction on rapid deployment 
  • The Employment Equity Act: Amendment Bill 2020 
  • The Infrastructure Development Act: Strategic infrastructure projects 
  • The Special Investigating Units and Special Tribunals Act: State institutions and COVID-19. 

Other acts and articles

  • The Electronic Communications and Transactions Act and National Credit Act – Updated for POPIA 
  • Legal Practice Act 

COIDA Update

  • Draft regulations updated for comment 

Guides (new, updated & issued)

  • Guide on Income Tax and the Individual (2019/20) 
  • Introduction to Excise Duties Levies and Air Passenger Tax - External Guide 
  • Guide on the Determination of Medical Tax Credits (Issue 11) 

 

Interpretation Notes (updated & issued)

  • Draft IN - Vesting of income in a resident beneficiary by a non-resident trust: Interaction between section 25B(1) and section 7(8) 
    • Due date for public comment: 20 July 2020 
  • IN 18 (Issue 4) – Rebate and deduction for foreign taxes on income 
  • Draft Interpretation Note – Taxation of the receipt of deposits 
  • Interpretation Note – Taxation of the receipt of deposits 

Binding Rulings (Private/Class/General) issued

  • BCR 071 – Transfer of portfolio investments by foreign pension funds to an authorised contractual scheme 
  • BPR 348 – Income tax consequences for a public benefit organisation lending funds to qualifying entrepreneurs 
  • BPR 347 – When the temporary setting aside of voluntary liquidation proceedings will not jeopardise roll-over relief 
  • BPR 346 – Tax implications resulting from the elimination of intra-group loans 

Notices and other publications issued

  • COVID-19 Loan Guarantee Scheme FAQs – 26 July 2020 
  • Publication details for tariff amendment notices R806, R807, R808 and R809, as published in Government Gazette 43543, are now available 
  • Updated source codes look-up for Filing Season 2020 
  • FAQs for Small Businesses 
  • National Treasury and SARS invite public comment on the following draft documents, intended to give effect to the 2020 Budget and the extension of some COVID-19 relief measures. (Due date for public comment: 31 August 2020) 
  • Publication of the 2020 Draft Tax Bills, Draft Regulations Prescribing Electronic Services, Venture Capital Company Survey to give effect to 2020 Budget and extension of some COVID-19 Relief Tax Measures 
  • Rule amendment notice R825 in Government Gazette 43569 of 31 July 2020, under sections 59A and 120 – Rule 59A.03 relating to the use of registration code 70707070 (DAR199) 
  • FAQs for Auto Assessment 
  • Published FAQs - Employees' tax 
    • Status overview of all DTAs and Protocols – Multilateral Convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI) Synthesised Texts 

Tax court cases

  • Big G Restaurants (Pty) Limited v Commissioner for the South African Revenue Service (CCT13/19) [2020] ZACC 16 (21 July 2020) 
  • Commissioner: South African Revenue Service and Another v Alves (A194/2019) [2020] ZAFSHC 123 (27 July 2020) 

Taxpayers must be on the lookout for New Scams

  • Draft Proof of online Payment - 31 July 2020 
  • Package of gold - 14 July 2020 
  • eFiling confirmation - 13 July 2020 

IRBA News & press releases

  • IRBA investigation into Steinhoff auditors will recommence once restated financials are released 
  • Linkway Trading auditor deregistered - ordered to contribute to costs 

Professional bodies press releases and other publications

  • SAICA Companies Act Guide Revised 

CIPC

  • Business Rescue CPD policy updated  

FIC Advisory & Guidance

  • Proposed amendments to Schedules 1, 2 and 3 to the FIC Act 

LPC

  • Updates to Legal Practices Act 

FSCA publications & press releases

  • Exemption of managers of CISs from section 44(2) and (3) of the CISCA  
  • Request of information related to participating employers under umbrella funds 
  • Conduct Standard for minimum skills and training requirements for board members of Pension Funds 

Information Regulator

  • Update to POPIA 
  • Draft Guidelines on the Registration of Information Officers 

Council of Medical Schemes

  • Approval of appointments of auditors and IFRS advisors 

Media articles

  • SAICA article: Evidence on the Value of Audit for SMEs in Europe 
  • SARS: IMF Executive Board Approves US$4.3 Billion Financial Support to South Africa to deal with Covid-19 pandemic – 27 July 2020 

Requirements

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

Description

Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.  

Technical expert Lettie Janse van Vuuren CA(SA), RA researches and summarises all relevant and important changes on a monthly basis and presents this in an easily understandable webinar.  

The webinar includes:  

  • A reference guide of all changes to share within the firm;  
  • PPT summary of all new amendments; 
  • Interactive session with the presenter; and 
  • Online Q&A. 

Stay up-to-date on recent and important legislation developments in auditing, accounting, tax, SARS operations, CIPC operations, Labour and other relevant laws by joining us for the webinar.

PRICE         

The following pricing apply: 

  • Ad hoc: R399.00  
  • Subscription: Included for free in Accountant in PracticeAccountant in Practice plus Tax, Bookkeeper and QuickUpdate packages.

DATE

This webinar will be available from 11 September 2020. 

PRESENTER

Caryn Maitland CA(SA)

Caryn Maitland CA(SA) has been a member of IRBA as a registered auditor and accountant since 2002. She has lectured Auditing, Financial Management and Accounting at various institutions for learners up to the MBA and Postgraduate Diploma levels. She has also conducted independent workshops and seminars for professional accountants since 2006 on various topics. Between 2011 and 2013, Caryn had a two-year stint as visiting Associate Professor at the University of Limpopo.  

Caryn is also a platform presenter for SA Accounting Academy, ICB and Chartered Secretaries of SA. Since 2018 she has worked extensively with commerce and industry, assisting analysts, directors and other users of financials to interpret, prepare, analyse and forecast based on the results of financial statements. 

WHO SHOULD ATTEND?

  1. Business Accountants in Practice (SA). 
  2. Business Accountants (SA).
  3. Certified Business Accountants (SA). 
  4. Certified Financial Officers (SA). 

ADDITIONAL MATERIAL

By attending this webinar, you will be provided with:  

  • Summarised slide presentation 
  • Reference documents and / or course material where available 
  • Access to a technical knowledge base

WHICH SUBSCRIPTION? 

This event is included in the following subscription packages. If you are not a subscriber, you need to purchase as a stand-alone event. 

Accountant in Practice:Yes 

Accountant in Practice plus tax: Yes 

Bookkeeper: Yes 

Quickupdate: Yes

IFRS for SME's: No

HOW TO SUBSCRIBE?

Subscribers pay less for their CPD points. SAIBA offers 4 subscription packages that provides access to everything to run a successful accounting and tax practice. Pay a small monthly amount and gain access to monthly webinars covering ethics, financials, reporting, audit and assurance, working papers, law, technology, management topics, and tax. 

Click here to choose your subscription option.