Monthly Update – Compliance and Legislation December 2021

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

IFRS Monthly news summary
Board workplan update

Study unit 2 – IFRS – Accounting Issues

Long term debts with covenants – classification
Supplier finance arrangements
Disclosure initiative projects
Accounting for cryptocurrencies
Body Corporate Illustrative Financials (ED)

Study unit 3 – IRBA – Standards, Legal/Ethics & Other

New proposal for Less Complex Entities
IRBA opens draft proposed Disciplinary Rules for Registered Auditors for public comment 4
IRBA successfully defends challenge to MAFR by East Rand Member District of Chartered Accountants

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

Notice No. 58 of 2021: Appointing and resignation of auditors using the online services
Notice No. 59 of 2021: Public companies contravening annual financial statements filing obligations
Notice No. 61 of 2021: Compliance obligations of companies and close corporations in business rescue

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

Mandatory vaccinations – South African business heads push for mandatory vaccinations
MTN makes COVID-19 vaccine mandatory
Compensation Fund claims

Study unit 6 – Other Laws & Regulations affecting your client AND impact on NOCLAR: This months Big 5

This month’s big 5:

• The latest SAICA Legal Update has been released and it covers relevant national laws up to 26 November 2021:
  1. The Auditing Profession Act (Draft disciplinary rules)
  2. The National Environmental Management Act (Hazardous chemicals and pesticides)
  3. The Promotion of Access to Information Act (Manual, guide and disclosure)
  4. The Tax Administration Act (Administrative penalties and disclosure)
  5. The Tax Administration Laws Amendment Bill 2021 and Taxation Laws Amendment Bill 2021

Study unit 7 – SARS

Refer to November and December 2021 Maitland and Associates Tax Newsletter distributed to attendees.  

Study unit 8 – Regulator News – SAICA

SAICA Special Board Meeting 5 December 2021 (APC exam)
CPD Declarations
Annual Subscriptions
Compulsory Ethics Reflection
Sustainability Development Goals Report 2021

Study unit 9 – Regulator News – SAIBA

Accounting Weekly Newsletter
CFO Talks

Study unit 10 – General Announcements / News Releases – Media articles

What makes a good audit (FRC article)
Non-audit services and independence
Understanding assurance needs – A framework for the decision-maker

Certificate

The following CPD is awarded: Financial Reporting 2 units, Ethics 1 unit.

REQUIREMENTS

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

PRESENTER

Caryn Maitland is a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002, Caryn has lectured Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics.

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ADDITIONAL MATERIAL