Monthly Update – Compliance and Legislation May 2021

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

IFRS Monthly news summary – not available yet as at 18 May 2021, but only 1 individual NB item:
IASB proposes amendments setting out accounting for when no foreign exchange rate exists

Study unit 2 – IFRS – Issued by the Office of the Accounting-General in the Department of National Treasury 

GRAP Accounting and Disclosure Checklist 2021
Summary of GRAP Standards 31 March 2021
2 Updated Accounting Guidelines on GRAP
Modified Cash Standard 2021_2022

Study unit 3 – IFRS – Accounting Issues

Accounting for subsequent expenditure on biological assets
IASB proposes a new approach that opens the way to better communication in the notes in financial statements
IFRS Foundation publishes educational material to support companies in applying going concern requirements
ASB issues letter to CFOs re New Accounting Requirements for 2020/2021

Study unit 4 – IRBA – Standards & Legal/Ethics

IESBA takes major step forward in strengthening Auditor Independence

Study unit 5 – IRBA – Guidance/Other

SAICA issues Circular 1/2021 – Guideline on Fees for Audits performed by private firms on behalf of the Auditor-General of South Africa (AGSA)
Guide for Registered Auditors: Guidance on Performing Audits where the AGSA has Opted not to Perform the Audit (Revised March 2021)

Study unit 6 – CIPC – Notices and Practice Notes issued (enforcement and to customers)

Notice 20 of 2021 – Amended Notice in Respect of Issuing Patent Certificates

Study unit 7 – Covid-19 Updates – New announcements/guidance:

Updated: An employer’s guide to mandatory workplace vaccination policies

Study unit 8 – Labour Law – Employment Law

Guidelines to apply for Temporary Employer / Employee Relief Scheme (TERS)
Employment Strike Guideline
Fired for coming to work with COVID
Can staff be dismissed for disregarding Covid-19 protocol after hours?…

Study unit 9 – Other Laws & Regulations affecting your client AND impact on NOCLAR: This months Big 5

• Volume 16 Issue 7 up to 23 Apr 2021:
  • The Disaster Management Act (Regulations and directions);
  • The Gas Act (Amendment Bill);
  • The Medical Schemes Act (Undesirable practices);
  • The Preservation and Development of Agricultural Land Bill; and
  • The Special Investigating Units and Special Tribunals Act (Investigations)
• Volume 16 Issue 8 up to 7 May 2021:
  • The Auditing Profession Act (Amendment Act);
  • The Legal Practice Act (Draft conduct rules);
  • The National Environmental Management Waste Act (Extended producer responsibility);
  • The Promotion of Access to Information Act (Protection of Personal Information Act); and
  • The Special Investigating Units and Special Tribunals Act (Investigations)

Study unit 10 – Other Laws & Regulations affecting your client AND impact on NOCLAR – Other acts and articles

Complimentary POPIA Compliance Checklist
Proposed draft Regulations relating to the Promotion of Access to Information

Study unit 11 – Other Laws & Regulations affecting your client AND impact on NOCLAR – COIDA Update

Domestic workers’ compensation: Here’s how much employers are required to pay per year 

Study unit 12 – SARS – Guides and FAQs (new, updated & issued)

VAT Section 72 Decisions Process Reference Guide
Updated: Guide for Transfer Duty via eFiling.
Updated: Guide on how to download the new SARS eFiling browser.
Updated: Guide on how to activate, submit and declare the IT3 via eFiling.
Updated: Completion guide for IRP3(a) & IRP3(s) forms.
Updated: Guide to the SARS MobiApp
Updated: Guide on how to register for eFiling and manage your user profile.
Updated: Guide to the Tax Directive functionality on eFiling.
Updated: Guide on the Payment Advice Notice functionality on eFiling
Updated: Guide to bulk and additional payments on eFiling.
Updated: Guide on how to complete, submit and cancel a recognition of transfer.
Updated: Guide on how to submit your Individual Income tax return via eFiling
Updated: Guide on Tax Directive for emigration, cease to be resident and expiry of visas.

Study unit 13 – SARS – Interpretation Notes (updated & issued – including Drafts)

Interpretation Note 115 – Withholding tax on interest
Interpretation Note 116 – Withholding tax on royalties

Study unit 14 – SARS – Binding Rulings (Private/Class/General) issued  

Binding General Ruling (BGR) 56 – Application for a decision under section 72

Study unit 15 – SARS – Notices and other publications issued

Tax Administration Act, 2011:  Public notice 299, published in Government Gazette 44383 of 1 April 2021
Useful information on the tax obligations relating to Small, Micro, and Medium Enterprises (SMMEs)
Corporate Income Tax (CIT) Audit Letters
Numerous changes relating to Customs & Excise

Study unit 16 – SARS – SCA cases

CSARS v Levi Strauss SA (Pty) Ltd (509/2019) [2021] ZASCA 32 (7 April 2021) 

Study unit 17 – SARS – Taxpayers must be on the lookout for New Scams

Payment Notice scam
Letter of Demand scam

Study unit 18 – Regulator News – SAICA press releases and other publications

Headline Earnings Circular revised and issued by SAICA
Updated SAICA Code of Professional Conduct
The impact of technology on the audit product

Study unit 19 – Regulator News – Companies Tribunal 

7 Cases finalised in April 2021 (2 AGM, 5 Name Disputes, 0 Exemption from SEC)
Quarterly Newsletter

Study unit 20 – Regulator News – NCC

Up money fined one million rands and declared a pyramid scheme 

Study unit 21 – Regulator News – Information Regulator of SA

POPIA: Code of Conduct for CBA
POPIA: What’s the latest on the online registration of Information Officers?
Guidance Note on Information Officers and Deputy Information Officers, 01 Apr 2021
Media Statement: Information Regulator to take further action regarding the WhatsApp Privacy Policy

Study unit 22 – Regulator News – IFRS Foundation

IFRS Foundation introduces substantial update to its website 

Study unit 23 – Regulator News – IESBA

IESBA eNews Quarter 1 released 

Study unit 24 – Regulator News – FSCA publications & press releases

FSCA enters into an enforceable undertaking with Basfour and Ms. Jane Engelbrecht
11 Warnings issued against fraudulent FSPs this month

REQUIREMENTS

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

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