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
IFRS 9: impact of profits (effective 1 January 2018)
General IFRS update
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)
Minutes from latest stakeholder meetings
New notices released (de-registrations on 2 February 2018 and re-instatements)
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 1st 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)
Extension of deadline to file returns in terms of section 25(7) of the Tax Administration Act 2011
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
ITC 14055 – Social corporate expenditure
A win against SARS: late delivery of SARS’s rule 31
Deductibility of legal expenses
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.
Lettie Janse van Vuuren CA(SA, Registered Auditor
Lettie Janse van Vuuren is not your typical chartered accountant! She is a Registered Auditor, Registered Assessor and Moderator, as well as a professional trainer and webinar host.
She was the Professional Development Manager at SAICA for 4 years and in charge of accrediting new training offices and monitoring existing ones (including the moderation of training offices).
Lettie recently joined SA Accounting Academy as a presenter and will be working closely with the CPD Department to ensure their members stay up-to-date with the latest developments in the auditing, accounting and tax industries.
Lettie is passionate about improving the efficiency at training offices and audit practices. She has extensive experience on a variety of topics including SAICA requirements, IRBA firm inspection preparation, CaseWare issues, audit file reviews, quality control manuals and implementation, HR policies, and FASSET skills development.
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.
Preview the webinar. (This is what you missed in December 2017)
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