Monthly Update – Compliance and Legislation September 2021

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

IFRS Monthly news summary 

Study unit 2 – IFRS – Accounting Issues

ASB: Updated FAQ on the standards of GRAP (July 2021) 

Study unit 3 – IRBA – Standards & Legal/Ethics

• IAASB: Proposed ISA for LCE
• Guide for Registered Auditors: Guidance on Performing Audits on behalf of the AGSA (Revised August 2021)
• IESBA: Proposed Quality Management-related Conforming Amendments to the Code
• IRBA: Revisions to the Code Addressing the Objectivity of an Engagement Quality Reviewer and Other Appropriate Reviewers

Study unit 4 – IRBA – Other

• IRBA to refer non-audit complaints to professional bodies
• IRBA guide on the implementation of search and seizure provisions published for comment

Study unit 5 – CIPC – Notices and Practice Notes issued (enforcement and to customers)

• Notice 39 of 2021 & Practice Guideline re Independent Review 
• Temporary change in submission requirements for changes to company MOI (FORM COR15.2) 
• External Company Registration (FORM COR20.1) 
• Status on file transition to the new bulk storage facility 

Study unit 6 – Labour Law – Employment law

Mandatory Vaccinations in the Workplace – an opinion piece 

Study unit 8 – Other Laws & Regulations affecting your client AND impact on NOCLAR: This months Big 5

• Volume 16 Issue 14 covers new relevant National laws up to xx August 2021
• Volume 16 Issue 15 covers new relevant National laws up to xx August 2021

Study unit 9 – Other Laws & Regulations affecting your client AND impact on NOCLAR – Other acts and articles

• The Profile of Occupational Health and Safety in South Africa
• PAIA Regulations 2021

Study unit 10 – SARS Guides (new, updated & issued)

• General: Taxation in South Africa 2021
• Income Tax Act, 1962: Guide on Income Tax and the Individual (2020/21)
• Guide on the Taxation of Franchisors and Franchisees (Issue 2)
• How to Register for eFiling and Manage Your User Profile – External-Guide
• SARS: Basic Guide to Tax Exemption for Public Benefit Organisations (Issue 3)
• Draft Tax Exemption Guide for Institutions, Boards or Bodies
• Draft Tax Exemption Guide for Companies Wholly Owned by Institutions, Boards or Bodies

Study unit 11 – SARS Interpretation Notes (updated & issued): 

• Draft IN – Draft Interpretation Note – Reduced Assessments: Meaning of “Readily Apparent Undisputed Error” 
• Draft Interpretation Note on Disposal of Assets by Deceased Person, Deceased Estate and Transfer of Assets between Spouses
• Interpretation Note 43 (Issue 8) – Circumstances in which Certain Amounts Received or Accrued from the Disposal of Shares are Deemed to be of a Capital Nature
• Interpretation Note 79 (Issue 3) – Produce Held by Nursery Operators
• Interpretation Note 69 (Issue 3) – Game Farming 

Study unit 12 – SARS Notices and other publications issued:

• eBooking enhancements
• SARS eFiling browser now includes MAC users
• Updated BRS – PAYE Employer Reconciliation
• New SARS tutorial videos
• National Legislation: Second batch of draft bills and draft explanatory notes on the emergency tax relief measures 
• MobiApp enhancements

Study unit 12 – SARS Taxpayers must be on the lookout for New Scams: 

Final demand scam 

Study unit 13 – Regulator News – SAICA press releases and other publications: 

SAICA Frequently Asked Question (FAQ) on the IFRS for SMEs Standard 

Study unit 14 – Regulator News – SAIBA press releases and other publications:

Newsletters

Study unit 15 – Regulator News – CIPC

The protection of personal information and the CIPC 

Study unit 16 – Regulator News – Companies Tribunal:  

8 Cases finalised in AUGUST 2021 

Study unit 17 – Regulator News – Information Regulator:  

• Information Regulator acknowledges receipt of 7 Codes of Conduct
• PAIA Manual templates published (in Word-format)
• PAIA forms 1, 2, 4, 5 and 13 published

Study unit 18 – Regulator News – LPC

REMEMBER! Deadline extended: Legal Practitioner’s Trust Accounts 

Study unit 19 – Regulator News – FSCA publications and press releases

• Use of electronic signatures and prepopulated documents
• FSCA hits Viceroy with R50m penalty
• 9 Warnings issued against fraudulent FSPs

Study unit 20 – Regulator News – Competition Commission:  

Draft Guidelines on collaboration between competitors on localisation initiatives 

Study unit 21 – Regulator News – King Committee:  

3 Guidance papers released 

Study unit 22 – Regulator News – SARS

• 48 years for defrauding taxpayers
• Media Release – SARS to recover debt of R15m for non-payment of PAYE, VAT
• Media Release – Company director ordered to pay back the money to SARS
• SARS Tender Fraud Alert
• Media Release – SARS update on filing season for individuals and trusts
• VAT Connect Newsletter
• Latest Tax Practitioner Newsletter

Study unit 23 – General Announcements / News Releases – Media articles

• Are your remote working policies in accordance with the law
• Bizcommunity article

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 the SAIBA QUICK UPDATE SUBSCRIPTION PACKAGE.

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