Our Monthly Legislation and Standards Update provides a summary of some of the most important legislation updates from the previous month. This helps you, our client to stay up-to-date on recent and important legislation developments in auditing, accounting, tax, SARS operations, CIPC operations, Labour and other relevant laws.
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 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;
Slide presentation summary of all new amendments;
Interactive session with the presenter; and
Online Q&A.
Learning objectives
After attending this webinar you will:
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.
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:
14 (Issue 4) – Allowances, advances and reimbursements
111 (Issue 1) – No-value provision in respect of the rendering of transport services by any employer
Draft – Apportionment of surplus and minimum benefit requirements – Pension Funds Second Amendment Act
Binding Rulings (Private/Class/General) issued and updated:
BPR 319 – Tax implications of group restructuring transactions
BGR (VAT) 49 – The supply and importation of sanitary towels (pads)
BGR 50 – No-value provision in respect of the rendering of transport services by any employer
Notices issued:
268 – Subsistence amounts
Other publications issued:
Tables A and B of Average Exchange rates have been updated
Electronic Services:
Explanatory Memorandum
Regulation 429
FAQs: Supply of electronic services
IFRS:
Standards – What’s new?
IFRS Monthly news summary
IRBA:
Standards:
Implications of the effective dates of the IRBA CPC for RAs (Revised November 2018) on the Auditor's and Assurance Provider's Reports
ED Proposed SAAPS 4, Letters of Specific Inquiry to the Entity's External Legal Practitioner Regarding Litigation and Claims Involving the Entity
Legal / Ethics:
Proposed Amendments to rules regarding improper conduct
Guidance:
Attorneys Trust Accounts: Notice from LPFF re sweeping of 5% interest earned
Disclosure of assurance status on IRBA website and how to change your status
CIPC:
Notices and Practice Notes issued (enforcement and to customers):
Mandatory submission of financials when filing Annual Returns (“Hard-stop”)
Successful launch of auto shares
How to legally change directors Companies Act Sec 66, 70 and 71
State-Owned Companies re Filing of AFS
Guidance issued:
Guidance on application of Note 1 of 2019: appointment, resignation and removal of directors.
Companies Tribunal:
7 Decision reached on cases heard (6 Name Disputes and 1 Directorship Dispute)
Other laws and regulations:
This month’s big 5:
The Draft Conduct of Financial Institutions Bill (Financial Services, Promotion, marketing and disclosure);
The Critical Infrastructure Bill (Version D);
The Financial Intelligence Centre Act (Draft regulations);
The National Small Enterprise Act (Thresholds); and
The Value-added Tax Act (1 April amendments).
Other Acts include:
The National Minimum Wage Act (Draft Amendment Bill);
The Political Party Funding Act (Draft Regulations);
The Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill 2019; and
The Road Accident Benefit Scheme Bill.
Regulatory news:
IRBA News & press releases:
IRBA investigation into Steinhoff auditors will recommence once restated financials are released
Linkway Trading auditor deregistered - ordered to contribute to costs
SAICA Guidance:
Top tips for SMPs (Small and Medium Practices)
Information session hosted in February – slides now available for 2019 ED ISRS 4400 Agreed upon Procedures
Competition Tribunal:
Tribunal confirms power cable company’s settlement and R1.3 million fine for price fixing, collusive tendering in Eskom tenders
SAIBA:
SAIBA the lead endorser of the Accounting and Finance Show
FIC Advisory & Guidance:
Directive on using an Automated Transaction Monitoring System for the detection and submission of Regulatory Reports
Commencement of certain provisions of the Financial Intelligence Centre Amendment Act, 2017
Typologies and Case Studies – March 2019
Updated Guidance relating to Terrorist Financing and Terrorist Property Reporting Obligations
Updated Guidance on Suspicious and Unusual Transaction Reporting
Consultation Paper relating to the Commencement of Section 31 of the Financial Intelligence Centre Act and Draft Regulations, and the Amendment of Regulations in respect of Cash Threshold Reporting and Aggregation (increase from existing R25000)
SARS media releases:
KZN VAT vendor imprisoned for seven years for VAT fraud
FSCA publications & press releases:
FSCA’s update on the Steinhoff Investigation
FSCA statement on discrimination allegations against FNB
Successful conviction of Ndlangisa Funeral Services
FSCA Market Abuse Investigations
FSCA provisionally suspends the licence of Merger Chen Solutions
4 Warnings issued to the public against fraudulent FSPs
Obtaining your CPD certificate
This webinar qualifies for 2 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA.
All webinar attendees are issued with a CPD certificate available in an online profile.
