Monthly Compliance and Legislation Update May 2023

Available from

30 May, 2023

CPD

3

Course Category:

Financial Reporting

Our Compliance and Legislation Update webinars provide a summary of some of the most important legislation updates. May 2023

 

Category: Financial Reporting and Ethics.

R 380 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 Lettie Janse van Vuuren CA(SA), RA researches and summarises all relevant and important changes which she then presents in an easily understandable webinar.

The webinar includes:

  • A reference guide of all changes to share within the firm;
  • Slide presentation summary of all new amendments;

 

Price

The following pricing apply:

Adhoc: R380.00

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

 

Content

The following legislative, regulatory, industry standards, items and guides have been issued and/or updated during the preceding month and will be covered in the webinar: 

IFRS & Accounting: 
  • Standards – What’s new?
    • IFRS Monthly news summary
  • Accounting issues:
    • SAICA: Explanatory Commentary on Body Corporate Template – Illustrative AFS
  • Ethics:
    • IESBA: Database of Public Interest Entity Definitions by Jurisdiction
    • IESBA: Final Technology-Related Revisions to the Code
IRBA & Assurance: 
  • Standards: 
    • IAASB: ED Proposed Revisions for Going Concern Standard ISA570
  • Other: 
    • LPFF: Reminder: AUP Report required to claim back audit fees & bank charges 
CIPC & Company Secretarial:  Notices and Practice Notes issued (enforcement and to customers):

  • Practice Notice 21 of 2023: Requirements and processing of requests to expedite acceptance of patent applications
  • Non-binding legal opinion: Virtual AGMs
Sustainability & Integrated Reporting  Important issues:

  • Survey: Are South African companies ready to adopt the ISSB’s Sustainability Disclosure Standards from 2024?
  • IAASB progress on: Proposed new standard for Sustainability Assurance Engagements ISSA 5000, General Requirements for Sustainability Assurance Engagements
  • ISSB decides to prioritise climate-related disclosures to support initial application
  • What role can accountants play in making sure their clients and business partners act on greenwashing?
Technology  Interesting articles/issues:

  • Information Regulator examines the regulation of ChatGPT, AI in SA
  • A first-of-its-kind AI Act is being finalized by the EU
  • AI tools like ChatGPT raise copyright issues in SA
Labour Law:  Employment law:

  • Employment Equity: Draft Regulations out for comment 
  • Amended CCMA Rules and Forms 
Other Laws & Regulations affecting your client AND impact on NOCLAR: 
  • This month’s big 5:
    • SAICA Legal Update 2023 Volume 18 Issue 6 covers new relevant National laws up to 14 Apr 2023:
      1. The Domestic Violence Act: Amendment Act;
      2. The Employment Equity Act: Amendment Act;
      3. The Financial Intelligence Centre Act: Directives;
      4. The Judicial Matters Amendment Bill; and
      5. The Public Finance Management Act: Draft Eskom exemption.
    • SAICA Legal Update 2023 Volume 18 Issue 7 covers new relevant National laws up to 5 May 2023: 
      1. The Compensation for Occupational Injuries and Diseases Act: Amendment Act 2022; 
      2. The Competition Act: Market inquiry into online intermediation platforms; 
      3. The Foodstuffs, Cosmetics and Disinfectants Act: Draft labelling and advertising regulations; 
      4. The National Energy Act: Integrated energy plan; and 
      5. The Draft National Identification and Registration Bill.
  • Other acts and articles:
    • Reminder: Trust Property Control Act Update
  • COIDA Update:
    • COID Amendment Act 2022
    • COIDA FAQs
    • Reminder: 2022 ROE Season open until 31 May 2023
SARS: 
  • Guides (new, updated & issued):
    • Third Party Appointment AA88 e@syFile guide (updated)
    • 2 Guides Updated with enhancements to the Tax Compliance System:
      • Guide to the Tax Compliance Status functionality on eFiling – External Guide
      • Services offered by SARS via the SARS MobiApp – External Guide
  • Interpretation Notes (updated & issued):
    • IN 128 (New) – Definition of “associated enterprise”
  • Binding Rulings (Private/Class/General) issued: 
    • BGR 47 (Issue 2) – Meaning of “month” in the definition of “monthly remuneration” and section 6(g) for employers remunerating employees weekly or fortnightly
    • BGR 44 (Issue 2) – Meaning of 160 hours for purposes of section 4(1)(b)
  • Notices and other publications issued:
    • SARS Travel eLogbook 2023-24
    • Renewable Energy Incentives published in the 2023 Draft TLAB for public comment
    • Draft Notice: Solar panel installers proposed to report private residents’ information to SARS
    • SARS changes VAT registration rules after flood of suspicious activity
    • e@syFile™ Employer AA88 system enhancements
    • Dispute Resolution Enhancements
    • Enhancements to the Tax Compliance Status Process
    • Frequently Asked Questions: Deceased Estates
    • Tables of Interest Rates
      • Table 1 – Interest rates on outstanding taxes and interest rates payable on certain refunds of tax
      • Table 2 – Interest rates payable on credit amounts 
      • Table 3 – Rates at which interest-free or low interest loans are subject to income tax
    • Taxing of Vaping Tobacco products with effect from 1 June 2023
  • Taxpayers must be on the lookout for New Scams:
    • Telegram Scam
  • Tax court cases: Tax Court Judgments
    • SARSTC VAT 1518 (VAT) [2023] ZATC JHB (23 March 2023)
    • SARSTC 35476 (IT) [2023] ZATC JHB (15 March 2023)
  • High court cases:
    • CSARS v Pearlstock (Pty) Ltd 
  • SCA cases:
    • CSARS and Another v Richards Bay Coal Terminal (Pty) Ltd 
Regulator news: 
  • IRBA News & press releases:
    • IRBA Issues Its First Enforcement Report
    • IRBA News #61
  • SAICA press releases and other publications:
    • Submission on the draft Public Notice on Returns of Information to be submitted by third parties
    • Comments on the draft 2023 Taxation Laws Amendment Bill (Initial Batch)
    • SAICA Anti-Money Laundering website
  • CIBA press releases and other publications:
    • Newsletters:
      • CFO Talks (CFO Talks™ is devoted to sharing ideas and conversations between CFOs. It is a platform which facilitates insightful and powerful talks relevant to CFOs)
      • Accounting Weekly (weekly newsletter)
    • CIBA: Guide on AML for Accountants that are AIs
  • CIPC: 
    • Successful liquidation application against Selective Empowerment Investments 1 LTD
  • Companies Tribunal: 
    • 12 Cases finalised in Apr 2023 
      • 5 Name disputes, 3 Exemption from SEC, 1 Directorship disputes, 2 Review and 0 AGM extensions, and 1 other
    • Bulletin Newsletter
  • Information Regulator: 
    • Reminder: PAIA reports are due by 30 June 2023 (for Public and Private Bodies)
    • Enforcement notice issued against Dept of Justice and Constitutional Development
  • FIC Advisory & Guidance: 
    • Reminder: Accountants regarded as Accountable Institutions, must register with FIC ASAP!
    • Reminder: TCSPs must submit their Risk Compliance Return to FIC by 31 May 2023.
    • Reminder: New Accountable Institutions must submit their Risk Compliance Return to FIC by 31 July 3023
  • LPC: 
    • FICA Handbook for Law Firms
  • FSCA publications & press releases: 
    • FSCA Press Release_FSCA debarred Mr Moselane Mahlangu (Mahlangu) & imposed administrative penalties 30 March 2023
    • FSCA Press Release – FSCA provisionally withdraws Salt Asset Management (Pty) Limited license 19 April 2023
    • 4 Warnings issued against fraudulent FSPs
  • CGSO: 
    • Special Edition Newsletter
  • SARS: 
    • Latest Tax Practitioner Connect Issue 41 Newsletter
    • Latest Government Connect Issue 9 newsletter
    • Latest SMME Connect Issue 5 newsletter 

 

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.

 

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