Overview:

This January 2018 Monthly Compliance and Legislation Update is focused on the following important changes affecting professionals since December 2017

Key learning outcomes

At the end of this update you will be able to:

• Uncover common non-compliance mistakes
• Review the key provisions of the relevant acts
• Explore the rules of conduct most misunderstood
• Examine practices to remain compliant
• Identify key learning from case studies
• Develop strategies to improve practice, reduce risk and ensure compliance

Course Content

• IFRS: 
  • IFRS 9: impact of profits (effective 1 January 2018)
  • General IFRS update
• IRBA
  • Monitoring Group Consultation Paper (comments on global audit standard-setting process)
  • Stronger sanctions for improper conduct (changes to Auditing Profession Act and Adjustment of Fines Act)
• CIPC:
  • Minutes from latest stakeholder meetings
  • New notices released (de-registrations on 2 February 2018 and re-instatements)
• Labour law:
  • BCEA Sectoral Determinations (new minimum wages effective from 1 January 2018)
• Other Laws & Regulations affecting your client AND impact on NOCLAR:
  • Sectional titles : Community Schemes Ombud Service Act (overview of 1^st year)
  • The Animals Protection Act (Draft Amendment Bill 2017)
  • The Competition Act (Draft Amendment Bill 2017)
  • The Films and Publications Act (Amendment Bill 2015)
  • The Long-term Insurance Act and Short-term Insurance Act (Insurance Bill 2017)
  • The Political Party Funding Bill 2017
  • Basic Education Laws Amendment Bill 2017 (strengthening of bookkeeping practices)
• SARS: 
  • Extension of deadline to file returns in terms of section 25(7) of the Tax Administration Act 2011
  • Multinational Enterprises:
    • Extension of deadline for the submission of reports and other returns (by entities with reporting fiscal years beginning before 1 March 2016)
    • Jurisdictions contemplated in Article 2(2)(ii)(b) of the regulations specifying the Country-by-Country Reporting Standards
    • The Bahamas join international efforts against tax evasion and avoidance
  • Acts promulgated in December 2017:
    • Taxation Laws Amendment Act 17 2011
    • Tax Administration Laws Amendment Act 2017
    • The Rates and Monetary Amounts and Amendment of Revenue Laws Act 2017
  • Explanatory memorandum : TLAB
  • New SARS guides released in December 2017:
    • Comprehensive guide to capital gains tax
    • Transfer duty guide
  • Interpretation Note 73 – Tax Implications of rental income from tank containers
  • Interpretation Note 97 -  Taxation of REITs and controlled companies
  • Interpretation Note 67 – Connected persons
  • Binding Private Ruling 287 – Disposal of vacant land in exchange for shares
  • Court cases:
    • ITC 14055 – Social corporate expenditure
    • A win against SARS: late delivery of SARS’s rule 31
    • Deductibility of legal expenses
• Regulator news:
  • FRSC (Financial Reporting Standards Council)
  • IRBA Newsletter (December 2017)
  • IRBA Integrated Report (2017)

Who should attend:

These updates are primarily aimed at accounting, auditing, and tax professionals but may also be of interest to all personnel in charge of HR in the firm, partners and directors who would like to update their knowledge, and all employees to ensure they understand their legal rights and responsibilities.

CPD

Attendance of this two-hour webinar will accrue 2 hours’ CPD for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA.

Read what our delegates said about the previous webinar.​​​​​​

• Ashraf: Really great presentation
• Johann: Thank you for a very good webinar. Many things learned. Keep on. Good presenter.
• Tshepo: Thank you Lettie, the webinar was insightful and knowledge enriching.
• Sophie: Thank you so much - please continue to enlighten us!
• Magaretha: Thank you Lettie, I look forward to all the rest of your coming presentations.
• Michele: Thank you Lettie, this was a very good presentation.  Looking forward to the next one.
• Venisia: The presenter was well prepared
• Marthinus: Course well presented Presenter Well prepared
• Johann: The tax section.
• Tshepo: The difference between NOCLAR and RI and their implications.
• Simon: Course material and explanation by the presenter was very clear and to the point
• Nkgolo : Course content and articulation by the lecturer
• Gerard: Variety of Topics