Monthly Update – Compliance and Legislation November 2020

Study unit 1 -IFRS – Standards & Accounting Issues

Applying IFRS Standards in 2020 to reflect the impact of COVID-19
IFRS Monthly news summaries

Study unit 2 – IRBA – Standards & Legal/Ethics

IRBA approves 2 revised standards for adoption and issue:

• • • ISA 315 (Revised 2019)
    • ISRS 4400 (Revised)

IFAC’s IESBA Code – Instalment 10 Pressure-to-Breach-the-Fundamental-Principles
IFAC’s IESBA Code – Instalment 11 The Role and Mindset of the Professional Accountant (issued 30 October 2020)
Remember to attend the webinars in this series to be held on:  

• • • • • 27 Nov on instalments 7 & 8
        • 1 Dec on instalments 9 & 10
        • 15 Dec on instalments 11 & 12

Study unit 3 – CIPC – Notices and Practice Notes issued

Notice 44 of 2020: New email addresses for applications relating to Co-ops amendments
Notice 46 of 2020: New e-services functionality: on-line Co-operative registration now available
Notice 49 of 2020: Recommencement of legal filing obligations

Study unit 4 – Covid-19 Updates

COVID-19: SAICA Educational Material – 13 sets of material   

Study unit 5 – Labour Law

Deemed if you do, deemed if you don’t!  What is the difference between a TES (Temporary Employment Service) and an independent service provider/contractor? 

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

This month’s big 5: 
This covers new relevant National laws up to 26 October 2020:

• The Disaster Management Act (Directions);
• The Expropriation Bill 2020;
• Local Government Municipal Finance Management Act (Supply chain management);
• The National Environmental Management Act (Hazardous chemicals and pesticides); and
• The South African Police Services Act (Draft Amendment Bill 2020)

Other acts and articles:
2 New Bills released for comments:

• • • The Conduct of Financial Institutions (CoFI) Bill and 
    • The Auditing Profession Amendment Bill

Study unit 7 – SARS – Guides, Notices and other publications issued:

3 Updated guides now reflecting the HTML5 format of the forms and eFiling redesigned screens:  

• How to report suspected non-compliance to SARS  
• Guide to the Tax Compliance Status functionality on eFiling  
• Guide to the Complaints functionality on eFiling  

Updated Guide to Bulk and Additional Payments on eFiling with new validation rules for bulk payments.
3 Updated guides relating to Tax Directives – The email addresses have been replaced with the new email address.

• Guide to Complete the Tax Directive Application Forms  
• Completion Guide for IRP3a and IRP3s Form  
• Guide to Complete Submit and Cancel a Recognition of Transfer  

Guide on the Taxation of Professional Sports Clubs and Players (Issue 2)
Estates: A new Estates webpage was created for Deceased Estates, Insolvent Estates and Liquidation.
Enhancements to the Tax Directive functionality on eFiling
The Minister of Finance introduced the following taxation Bills in the National Assembly on 28 October 2020:

• Taxation Laws Amendment Bill [B27—2020]
• Tax Administration Laws Amendment Bill [B28—2020]
• Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B26—2020]

Payment notice
Test of the SARS emergency notification system

Study unit 8 – SARS – High Tax Court cases

CSARS and Joint Liquidators of Greenbridge Group (Pty) Ltd (in Provisional Liquidation) v Van Zyl (16604/2019) [2020] ZAWCHC 109
CSARS v Sunflower Distributors CC and others (66077/2015) [2015] ZAGPPHC
CSARS v Executor of Estate Late Ndlovu (A395/2016) [2020] ZAGPPHC
CSARS v Zikhulise Cleaning and Maintenance and Transport Service (14886/16) [2020]; Mpisane v Zikhulise Cleaning and Maintenance and Transport CC and Another (18101/16) [2017] ZAGPPHC
Ackermans Limited v CSARS (16408-2013) [2015] ZAGPPHC 684
Zikhulise Auto Recoveries (Pty) Ltd and Others v Zikhulise Auto Restorers (Pty) Ltd and Others (SARS Intervening) (36492/2018) [2019] ZAGPJHC 531
Brits v CSARS and Another (70549-2015) [2019] ZAGPPHC 987
Zikhulise Cleaning Maintenance and Transport CC v CSARS (34564/2016) [2017] ZAGPPHC 1247
CSARS (‘SARS’) v Zikhulise Cleaning Maintenance and Transport CC; Mpisane v Zikhulise Cleaning Maintenance and Transport CC and Another (14886/2016; 18101/2016) [2017] ZAGPPHC 1248
Bennett and Another v The State (SARS funding prosecution) (SS 40/2006) [2020] ZAGPJHC

Study unit 9 – Regulator News

IRBA News Issue #51
SAICA Guide: Engagement letter for tax services
Companies Tribunal – 14 Cases finalised
Companies Tribunal Bulletin Volume 2 of 2020
LPC: Watch out for Audit Refund scam doing the rounds
CGSO – Q3 Newsletter
FSCA fines Markus Jooste and others R241 million for insider trading breaches
FSCA conducts search operations at Mirror Trading International
FSCA publication 3 Warnings issued against fraudulent FSPs
SARS employee arrested in sting operation
​SARS welcomes High Court judgment on taxpayer obligations

Study unit 10 – General Announcement/News release

Managing an audit team remotely
Cybersecurity provides opportunities for auditors to serve

REQUIREMENTS

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

PRESENTER

Lettie Janse van Vuuren

Lettie is a 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 the SAIBA Quick Update Subscription package.

ADDITIONAL MATERIAL