Monthly Update – Compliance and Legislation February 2021

Study unit 1 -IFRS – Standards

IFRS Monthly news summaries

Study unit 2 – IFRS – Accounting Issues

COVID-19 Related Rent Concessions beyond 30 June 2021 (ED and request for comments 25 Feb 2021)
Lease Liability in Sale and Leaseback (ED and request for comments 29 Mar 2021)
Costs Necessary to Sell Inventory (IASB tentative agenda item)
Preparation of financial statements no longer a going concern (IASB tentative agenda item)
IFRS 10 Consolidated financial statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities (RFI)
ED Regulatory Assets and Regulatory Liabilities

Study unit 3 – IRBA – Standards & Legal/Ethics

IESBA Proposes Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code and implications for South Africa
IRBA Releases its 2020 Public Inspections Report which Shows Continued Quality Deficiencies and Inconsistencies at Audit Firms

Study unit 4 – IRBA – Other

The firm assurance work declaration and firm related information are now available for submission on the IRBA website. (1 Feb 2021)
Media reports – Minister of Finance dissolved IRBA Board of Directors

Study unit 5 – CIPC – Notices and Practice Notes issued (enforcement and to customers)

Notice 8 of 2021: New Automated Processes
Notice 7 of 2021: Requirement for letter of no objection
Notice 4 of 2021: Disparity of Registration Numbers and Incorporation Dates

Study unit 6 – Covid-19 Updates

SONA – TERS and Social Grant extended 

Study unit 7 – Labour Law – Employment Law

Legal Practice Act (Misconduct)

Study unit 8 – Other Laws & Regulations affecting your client AND impact on NOCLAR: This months Big 5

Issue 6 covers new relevant National laws up to 5 February 2021:

• The Disaster Management Act (Regulations and Directions)
• The Income Tax Act (Taxation Laws Amendment Act)
• The Tax Administration Act (Tax Administration Laws Amendment Act)
• The Tourism Act (Draft Safety Norms and Standards)

Study unit 9 – Other Laws & Regulations affecting your client AND impact on NOCLAR – Other acts and articles

The Insurance Act (Contingent Business Insurance)
National Small Enterprises Act (Draft Amendment Bill 2020)
Draft Preservation and Development of Agricultural Land Bill
Animals Protection Act (Amendment Bill 2021)
Regulation of Interception of Communications and Provision of Communication-related Information Act

Study unit 10 – SARS 

Refer to January and February 2021 Maitland and Associates Tax Newsletter distributed.  

Study unit 11 – Regulator news – Competition Act

Guidelines for competition in the SA automotive aftermarket industry available 

Study unit 12 – Regulator news – FSCA publications & press releases 

Financial Advisory and Intermediary Services Act (General code of conduct)  

Study unit 13 – General Announcement/News release – Media articles

5 years for audit firms
How Can The Audit Profession Find Its Way Back To Noble Leadership?

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.

ADDITIONAL MATERIAL