Compliance and Legislation Update - August 2018


Date: Aug 22, 2018 - Aug 22, 2018

CPD hours: 2 Hours

Time: 09:00 - 11:00

Event Type: Webinar

Presenter: Lettie Janse van Vuuren
CA(SA, Registered Auditor

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.

Overview

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: 

  1. A reference guide of all changes to share within the firm; 
  2. PPT summary of all new amendments;
  3. Interactive session with the presenter; and
  4. 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.

Course 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: 

SARS:

  • Guides (updated & issued):
    • VAT quick reference guide for non-executive directors
    • FAQs on the increase in the VAT rate (Issue 6).
    • Guide on mutual agreement procedures (MAPs) – and SARS also updated the MAP page.
  • Interpretation Notes (updated & issued):
    • 101: Section 24I Gains or losses on foreign exchange transactions
    • 102: Classification of risk policy and the once-off election to transfer certain policies or classes of policies issued before 2016 to the risk policy fund
  • Binding Rulings (Private/Class/General) issued and updated:
    • BPR 307: Relief from double taxation of interest
    • BCR 064: Transfer of a security that constitutes a participatory interest in a collective investment scheme
    • BGR 48: Developers negatively affected by the expiration of temporary relief granted under section 18B
    • BGR 39 (VAT): Changes to municipal boundaries may cause havoc for vendors
  • Other publications issued:
    • SARS and NT response to Carbon Tax Bill: payable as 6 monthly provisional tax payments system?
    • TLAB and TALAB out for comment.
  • Court cases:
    • Manufacturing business: Under-declaration of income, liable for 10% understatement penalties and Sec 89quat(2) interest?
    • Rule 32 Statement: grounds of appeal.
    • If there is no tax debt, SARS must pay the refund: An interesting judgment about the TAA’s refund provisions.

IFRS:

  • Standards:
    • Massive changes made to insurance accounting – IFRS 17
  • General: 
    •  IFRS summary update.

IRBA:

  • Standards:
    • Audit firms to start sharing their business secrets: Transparency reporting required for audit firms.  How does this affect reviewers, accounting officers and accountants? 
    • Proposed ISA on Identifying and Assessing the Risks of Material Misstatement – ED-ISA 315.  What should reviewers, accounting officers and accountants consider in this regard?
  • Guidance issued:
    • How to audit your firms ethical culture: 8-steps issued by ICAEW. 
    • IESBA final pronouncement on inducements - applicable to both professional accountants in business and professional accountants in public practice.

CIPC:

  • Notices issued (enforcement and to customers):
    • CIPC XBRL portal rolled out
    • Activation of new e-mail addresses for Business Rescue Practitioners filing.
    • CIPC is going mobile: how will this work?
  • Companies Tribunal:
    • Newsletter: Recent updates and Name Disputes Case Highlights.
    • 7 Decisions reached on cases heard (Exemptions and Name disputes).

Labour Law:

  • Court cases:
    • Mental illness and the impact on employment
    • When culture and law clash.
    • Constitutional court on TES and deemed employees.
    • Traditional dispute resolution practices verse disciplinary codes.
    • Disciplining employees after resignation.

Other Laws & Regulations affecting your client AND impact on NOCLAR:

  •  The Big 5:
    • The Competition Amendment Bill.
    • Carbon Tax Bill.   

Regulator news:

  • Consumer goods (CGSO publication):
    • Case studies from Newsletter.
  • Other publications:
    • MoU signed between SARS and the B-BBEE Commission.
  •  FSCA publications & press releases:
    • Retail Distribution Review: Discussion Document on Investment Related Matters Comments Template.
    • RDR document
  • SARS media releases:
    • Woman sentenced and company fined for failure to pay taxes.
    • 10 Taxpayers sentenced for failure to submit tax returns.

General Announcements / News Releases:

  • SAICA: 
    • 265 SAICA members currently in the disciplinary process pipeline & the VBS Saga – including the CEO.
  • SARS: 
    • SARS service charter delights and disappoints.
  • Journal of Accountancy: 
    • The next generation of accounting firms & the 4 skills accountants need to succeed in a tech-enabled future.
  • SAIBA: 
    • Establishing a number of new licences to help accountants specialise in areas such as Business Rescue, Independent Review, Immigration and IFRS. 

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 is issued with a CPD certificate available in an online profile. 


Who should attend

  • Accountants in Practice: CA(SA), PA(SA), BAP(SA), ACCA, CIMA, IAC, AGA(SA), CIS, ICBA. 
  • Practicing auditors, RA
  • Company secretaries
  • Legal advisors
  • Compliance officers

Price:    

  • R399-00. Register now
  • Free if you are already an SAAA CPD subscriber. Click here to create the profile and then register for the event here. There is no charge to create  a user profile. 

Additional material 

By attending this webinar you will be provided with:

  • Summarised slide presentation, 
  • Detailed course material and reference documents.  
  • You can ask questions during the webinar via the online portal, and you will also have access to me the presenter via e-mail after the webinar.

 

Previous Recording

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