Monthly Update – Compliance and Legislation May 2024

Available from

27 May, 2024

CPD

Course Category:

Financial Reporting

Level:

Moderate

Our Compliance and Legislation Update webinars provide a summary of some of the most important legislation updates. May 2024.

Category: Financial Reporting and Ethics.

R 304 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 Vurren  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: R304.00

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

Content

These are examples of the topics covered that will include legislative, regulatory, industry standards, items and guides that have been issued and/or updated during the preceding month and will be covered in the webinar: 

Accounting (IFRS, etc)	Standards – What’s new? IFRS Monthly news summary Public Sector Understanding the Public Sector Updated FAQs on MCS for 2023/2024 published (April 2024) Implementation Guideline on GRAP 25 – Employee Benefits published (Mar 2024) Proposed amendments to Directive 5 Reporting Framework (1 April 2024)
Auditing (IRBA, IAASB, etc):	Standards: IAASB: ISA for LCE: Video Series and Webinar IAASB: Strategy and Work Plan for 2024-2027: Elevating Trust in Audit and Assurance Legal/Ethics: IESBA: Global Ethics Standards on Tax Planning IESBA: Tax planning standards: Infographic Other: New IAASB Video Series Explores Proposed Changes to Fraud Standard
CIPC:	Notices and Practice Notes issued (enforcement and to customers): Notice 29?? of 2024: Update: Alternative processes (list of email addresses to use) when CIPC enquiries system not available Notice 30?? of 2024: Customer Code Update Process Notice 31 of 2024: Verification of customers when appointing directors Notice 32?? of 2024: Customer verification update Notice 33 of 2024: Preparation and approval of AFS Notice 34 of 2024: Delay in processing and responding to CC and Company re-instatement applications and deregistration enquiries Notice 35 of 2024: Requirements on filing of CM 100 applications on insolvent voluntary liquidations form CM26LIQ statement of affairs Notice 36 of 2024: Delay in processing company and close corporation reinstatement applications (form COR 40.5) and responding to company and close corporation re-instatement enquiries
Anti-Money Laundering and FICA	FIC Advisory & Guidance: Draft Directive 9 on the travel rule relating to crypto asset transfers
Sustainability & Integrated Reporting	Important issues: Overview of the IESBA’s proposed ethics standards for sustainability IFAC: Key Areas Accountants Need to Update their Knowledge & Skills to Prepare for Increasing Sustainability Demands
Technology	Important issues: Digital financial reporting What is digital financial reporting and how can it help investors extract and analyse information?
Labour Law:	Employment law: Employment of undocumented foreign nationals is an offense that is punishable by law Cannabis in the workplace – back in the spotlight
Other Laws & Regulations affecting your client AND impact on NOCLAR:	This month’s big 5: SAICA Legal Update 2024 Volume 19 Issue 7 covers new relevant National laws up to 19 Apr 2024: The Financial Intelligence Centre Act: Draft regulations; The Immigration Act: Withdrawn regulations; The Pension Funds Act: Amendment Bill; The Special Investigating Units and Special Tribunal Act: Department of Water and Sanitation; and The Tax Administration Act: Reduced or additional assessment. SAICA Legal Update 2024 Volume 19 Issue 8 covers new relevant National laws up to 3 May 2024: The Construction Industry Development Board Act: Draft Amendment Bill; The Electronic Deeds Registration Systems Act: Draft Amendment Bill; The Films and Publications Act: Withdrawal of prohibited content regulations; The Financial Intelligence Centre Act: Draft directive on travel rule relating to crypto asset transfers; and The Housing Consumer Protection Bill. Other acts and articles: SASSA grants increase – April 2024 New Regulations – SRD Grant COIDA Update: Compensation Fund: Reminder: Letters of Good Standing
SARS:	Guides (new, updated & issued): Guide to submit a dispute via eFiling GEN-ELEC-15-G01 – Guide to the Entity Merge Functionality on eFiling – External Guide Interpretation Notes (updated & issued): Interpretation Note 131 – Exemption of income relating to South African ships used in international shipping Interpretation Note 105 (Issue 2) – Deductions in respect of buildings used by hotel keepers Binding Rulings (Private/Class/General) issued: BGR 69 (Issue xx) – Binding General Ruling 69 – Documents and Records to be Retained and Maintained by Agent under Section 54(2C) and (3) Notices and other publications issued: eFiling profile hacking + Tips to keep your clients’ information safe Reminder: Employer Annual Reconciliation period Tax Tips: EMP 501 reconciliation Taxpayers must be on the lookout for New Scams: Letter of Demand email Stop order on bank account Letter of demand for urgent attention SARS issued letter of demand Tax court cases: The following tax court decisions were published: SARSTC IT 45979 (IT) [2024] ZATC JHB (20 March 2024) – Deduction SARSTC IT 45997 (IT) [2024] ZATC (27 February 2024) – Condonation for late delivery of discovery in terms of rule 36(6) SARSTC VAT 22498 (VAT) [2024] ZATC CPT (16 January 2024) – Jurisdiction of Tax Court to hear tax appeal SARSTC VAT 22425 (VAT) [2024] ZATC JHB (16 January 2024) – Discovery of documentation and further particulars SARSTC IT 24852 (IT) [2024] ZATC JHB (4 January 2024) – Jurisdiction Summaries are available on the Tax Court Judgments page High court cases: The following High Court judgments were published on the SARS website: Poulter v CSARS (A88/2023) [2024] ZAWCHC 97 (2 April 2024) Richards Bay Mining (Pty) Ltd v CSARS (2023/045310) [2024] ZAGPPHC 275 (26 March 2024) Ramudzuli v CSARS and Others (A261/22) [2024] ZAGPPHC 280 (26 March 2024) Bullion Star (Pty) Ltd v CSARS (18176/2022) [2024] ZAGPPHC 184 (2 February 2024) Summaries of the aforementioned judgments are available on the High Court Judgements page SCA cases: Lueven Metals (Pty) Ltd v CSARS (728/2022) [2023] ZASCA 144 (8 November 2023) Cyril and Another v CSARS (186/2023) [2024] ZASCA 32 (28 March 2024) Constitutional Court cases: Capitec Bank Limited v CSARS (CCT 209/22) [2024] ZACC 1 (12 April 2024) SARS media statement on constitutional court judgement
Regulator news:	IRBA News & press releases: IRBA News Issue 65 Fees Payable to the IRBA with Effect from 1 April 2024 SAICA press releases and other publications: SAICA IT3(d) FAQ – 3rd party data submissions by tax exempt entities FAQs on the ISA for LCE CIBA press releases and other publications: 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) https://cfotalks.com/ Accounting Weekly (weekly newsletter) https://accountingweekly.com/ Various guides are available exclusively to members Refer to CIBA website Companies Tribunal: 15 Cases finalised in Apr 2024 Information Regulator: Submission of annual PAIA reports LPC: Advisory notice – Audit of LP business accounts FSCA publications & press releases: Updated Requirements for rule amendments to be submitted by retirement funds re 2-Pot System South African Reserve Bank launches the Corporation for Deposit Insurance (CODI), further bolstering trust in the domestic financial system FSCA confirms list of currently approved crypto asset service providers (CASPs) FSCA is investigating Banxso (Pty) Ltd FSCA imposes an administrative penalty of R500 000 on Mr Shoayb Joosub FSCA eNewsletter 5 Warnings issued against fraudulent FSPs: FSCA warns the public about/against: Individuals operating under the name “Coin Max” and purporting to be associated with Bybit FTZE Afriforum Future Trading Indiberries & Co for unrealistic returns of up to 45% Fair Tree Crowd Capital Individual impersonating FP Markets (Pty) Ltd CGSO: Newsletter OTO: Newsletter – Fair Play Issue 32 IESBA: 4-year Strategic Roadmap Putting Ethics at the Heart of Corporate Decision-Making SARS: Tax Exempt Institutions Connect Issue 4 (April 2024) Latest Tax Practitioner Newsletter – Issue 51
General Announcements / News Releases:	Media articles: New Two-Pot Retirement System: What you need to know How climate change has become an OHS issue

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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