Monthly Update – Compliance and Legislation January 2022

Available from

28 January, 2022

CPD

Course Category:

Financial Reporting

Our Compliance and Legislation Update webinars provide a summary of some of the most important legislation updates. January 2022

Category: Financial Reporting and Ethics.

R 399 VAT Incl.

Product Information

What you will learn

After attending this webinar you will:

Stay up to date with the most important legislation updates;
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.

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 Caryn Maitland CA(SA) 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:

Adhoc: R399.00

Subscription: Included for free in Accountant in Practice, Accountant in Practice plus Tax, Bookkeeper and QuickUpdate packages.

Content

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

IFRS Monthly news summary

Study unit 2 – IFRS – Accounting Issues

ASB: Can past decisions about materiality affect future accounting?
Body corporates financial statements published for comment
Educational material on presentation of inventory write-offs and costs as a result of the civil unrest in South Africa
2021 SAICA Medical Schemes Accounting Guide
2022 MTEF Guidelines for Public Entities

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

Reminder: New AUP standard now effective
Revisions to the Code to promote the role and mindset expected of professional accountants are now effective
Ground-breaking FRC report sets out what it expects from audit firms to deliver high quality
Non-audit services and auditors’ independence
IAASB: New Technology-Focused FAQ Available
Accountancy Europe: FAQs on audit facts, including some on audit, auditors and supervision

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

Notice 59 of 2021 – Public companies contravening annual financial statements filing obligations
Notice 60 of 2021 – Co-operative that have been directed to change names by the registrar of Co-operatives.
Notice 61 of 2021 – Compliance obligations of companies and close corporations in business rescue
Practice Note 1 of 2022 – Requirements for Company and Close Corporation Re-instatement in terms of regulation 4(2)(b)
Notice 62 of 2021: Update: Status on file transition project

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

Directive on the Taxi relief fund

Study unit 6 – Other Laws & Regulations affecting your client AND impact on NOCLAR

The Cybercrimes Act has finally commenced
E-waste regulations come into force
Basic Education Laws Amendment Bill 2021: Explanatory summary

Study unit 7 – SARS – Guides

Refer to Notices section for Guides mentioned and updated

Study unit 8 – SARS – Binding Rulings (Private/Class/General) issued:

Binding General Ruling 59 – Calculation of VAT for table games of chance

Study unit 9 – SARS – Notices and other publications issued

VAT Notices: Public Notice prescribing the particulars that a tax invoice must contain, if the supply by a vendor relates to any enterprise contemplated in paragraphs (b)(vi) and (b)(vii) of the definition of “enterprise” in section 1(1) of the Act
Average Exchange Rates
- Table A – A list of the average exchange rates of selected currencies for a year of assessment as from December 2003
- Table B – A list of the monthly average exchange rates to assist a person whose year of assessment is shorter or longer than 12 months
MobiApp update
Deceased Employee – responsibility of the Employer
Media release – Implementation of Tax Directives Enhancements
Enhancements to the Disputes Process
Updated Turnover Tax submission channels
All eFiling forms were successfully migrated to HTML5
Proposed Model for Establishing an Advance Pricing Agreement Programme in South Africa and Release of Draft Legislation
- Due date for public comment: 31 January 2022

Study unit 10 – SARS – Tax Court Cases

SARSTC IT 25117 (ADM) [2021] Johannesburg (18 November 2021)
SARSTC IT 24790 (IT) [2021] CPT (15 October 2021)
SARSTC VAT 2060 (VAT) [2021] DBN (8 October 2021)
SARSTC IT 24596 (IT) [2021] CPT (17 September 2021)
SARSTC IT 24988 (ADM) [2021] JHB (5 August 2021)
SARSTC 0059/2019 (ADM) [2021] DBN (30 November 2021)
SARSTC 2020/95 (ADM) [2021] JHB (19 November 2021)

Study unit 11 – SARS – High Court Cases

Naushaad Hamid v SARS (3280/2017) [2021] ZAKZNDHC (30 November 2021)
Chien Hui Kao v Commissioner of Customs and Excise (5580/19) [2021] ZAKZNDHC (2 November 2021)

Study unit 12 – SARS – SCA Cases

Purveyors South Africa Mine Services (Pty) Ltd v CSARS (135/2021) [2021] ZASCA 170 (7 December 2021)
Voluntary disclosure – whether taxpayer met the requirements of section 227 of the Tax Administration Act 28
of 2011 – Commissioner for the South African Revenue Service had knowledge of information subsequently
disclosed and prompted taxpayer to comply – disclosure not voluntary
requirements of section 227 not satisfied – appeal dismissed

Study unit 13 – SARS – Scams

Tax refunds

Study unit 14 – Regulator News – IRBA news and press releases

IRBA successfully defends challenge to MAFR
IRBA News Issue #56

Study unit 15 – Regulator News – SAICA

Training Regulations 2022 have been published
ASA December 2021 / January 2022

Study unit 16 – Regulator News – SAIBA

Accounting Weekly Newsletter
CFO Talks

Study unit 17 – Regulator News – Companies Tribunal

13 Cases finalised in DEC 2021

Study unit 18 – Regulator News – FSCA

FSP fined an administrative penalty of R50 000 for Contravention of section 167 of the financial sector regulation act no.9 of 2017
14 Warnings issued against fraudulent FSPs

Study unit 19 – Regulator News – OTO

Fairness for All – Office of the Tax Ombud monthly newsletter

Study unit 20 – Regulator News – IFAC

CPA Canada, ICAS, IESBA IFAC release 2nd Publication in Series exploring Ethics in an era of complexity and digital change

Study unit 21 – Regulator News – SARS

VAT Connect Newsletter – Issue 13
Latest Tax Practitioner Newsletter – December 2021
Media Release – SARS uncovers non-compliance through data-driven risk detection

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

Lettie Janse van Vuuren | CBA (SA)

Lettie is a Certified Business Accountant (SA), Chartered Accountant, Registered Auditor, as well as an Assessor and Moderator. As a professional trainer and webinar host, she is able to hold the attention of an audience with her relaxed and humorous presentation style. She has a unique ability to communicate with delegates at their respective levels of knowledge and experience. Over the last 20 years, she has trained thousands of partners, managers, trainee accountants and other professionals.

She is responsible for researching, compiling and presenting our MCLU (Monthly Compliance and Legislation Updates). 

SAIBA Academy Support

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
Recorded webinar that includes an expert presenter and participant interaction

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