Compliance and Legislation Update - May 2018


Date: May 23, 2018 - May 23, 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

This May 2018 Monthly Compliance and Legislation Update (MCLU) is focused on the following important changes affecting professionals since April 2018. The course content will cover the latest changes and amendments over the last 30 days with regards to the topics below.


Learning objectives

  • Be aware of the latest legislative changes and what it means for your business or practice 
  • Be able to inform your staff and clients on how to stay compliant
  • Adapt business models to fit a new legislative landscape
  • Provide delegates with access to the reference documents, and guide
  • Provide access to the presenter via email for a follow-up Q&A

Course Content

SARS:
  • Guides (updated):
    • FAQs on the increase in the VAT rate (Issue 4).
    • Understatement penalties (Issue 2).
  • Binding Private Rulings issued:
    • 301: Taxation of dividends received by a borrower under a securities lending arrangement.
    • 302: Corporate restructuring and unbundling of listed shares.
  • Table updated:
    • Rates at which interest-free or low interest loans are subject to income tax.
  • Court cases
    • Whether the Respondent procedurally conducted a valid audit and whether the Appellant was entitled to farming expenses and a retrenchment benefit as a deduction.
    • Valuation of preference shares for the purposes of determination of a capital gain.
IFRS:
  • DTI:
    • The Minister of the Department of Trade and Industry has published 5 financial reporting pronouncements (FRP) – applicable to companies preparing IFRS and IFRS for SMEs (for financial periods starting on or after 1 January 2018).
  • SAICA Press release
    • The business impact of the new financial reporting standards.
  • IFAC
    • Exposure Draft 65, Improvements to IPSAS, 2018. (Comments are requested by 15 July 2018).
  • General
    • IFRS summary update.
IRBA
  • Guidance issued
    • Public Sector: SAICA Circular 1/2018 – AGSA Fees (covers the period commencing 1 April 2018 to 31 March 2019).
  • General
    • RBA Quarterly Newsletter.
    • IRBA Inspections Report – shows recurring themes that require improvement.
    • Act Amendments will strengthen oversight powers.
CIPC
  • Notices issued (enforcement and to customers):
    • Accounting Officers can verify which CCs they are appointed to
    • The DTI provided a mandate to CIPC to issue Black Economic Empowerment (B-BBEE) certificates to specific small business in line with the B-BBEE Act 53 of 2003.
    • Reversal of Re-instatement applications of companies and CCs which fail to file Annual Returns within 30 days.
  • Companies Tribunal:
    • Application to deal with removal of director (section 71(8) read with section 69 of the Companies Act).
Labour Law:
  • National Minimum Wages
    • Update on implementation.
  • Court cases
    • Employers beware – Liability for sexual harassment in the workplace.
    • Remuneration of business rescue practitioners – the requirement to prove claims against the insolvent estate.
    • The right to a fair hearing trumps the contract of employment.
Other Laws & Regulations
affecting your client
AND impact on NOCLAR:
  • Reminders
    • on acts and regulations that commenced.
  • FAIS CPD requirements
    • commences on 1 June 2018.
  • National Road Traffic Act:
    • Draft Regulations
  • Protected disclosures
    • Proposed draft regulations.
  • Draft SEZ Guidelines
    • Process and procedures for the planning and establishment of SEZ (comments due by 16 May 2018).
  • NCR
    • New enhanced debt help system used by debt counsellors.
Regulator news
  • IRBA press releases
    • CEO addresses Zimbabwe Accountants Conference (ZAC2018) on Ethics.
    • 2018 Annual Renewal process.
    • IESBA Consults on its 2019 to 2023 Strategy and Work Plan.
  • SAICA Guidance
    • Top tips for SMPs (Small and Medium Practices).
    • Latest FAQs re Schools available on website.
  • SAICA press release
    • Accountability in the Accounting Profession and SAICA’s role.
  • CGSO media releases
    • Final Regulatory Debates to highlight trends regarding the implementation of legislation.
    • Complaints from Online shoppers have increased.
  • National consumer tribunal case
    • Deregistration of credit provider.
  • EAAB Guidance
    • Resources published following SAICA’s information session re Estate Agents Trust Accounts (consists of Presentation and Guide).
  • FSCA press releases
    • The FSCA (Financial Sector Conduct Authority) has replaced the FSB (effective 1 April 2018).
    • New FAIS Ombudsman appointed.
    • Conduct Standards published for authorised over-the-counter derivative providers.
    • Free Registration Workshops held for funeral parlours.
    • 1 Warning issued to public against suspect provider.
    • 1 Company fined R30 000 for potentially misleading investors.
  • SARS media releases
    • SARS's stance on the tax treatment of cryptocurrencies.
    • SARS & NPA to prosecute taxpayers for outstanding returns – including prominent South Africans.
General Announcements / News Releases:
  • Auditor-General
    • fires auditors – Nkonki Sunninghill closed their doors. What about KPMG?
  • SAIBA
    • Heavy FICA compliance may be on the horizon for accountants.
  • DTC
    • (Davis Tax Committee) publishes final reports.

Who should attend:

  • Practicing auditors, RA(SA)
  • Accountants in practice: CA(SA), PA(SA), BAP(SA), ACCA, CIMA
  • Company secretaries
  • Legal advisors
  • Compliance officers

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.

SAAA issues you a CPD certificate to your online profile. 


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
  • Pieter: Just a word of gratitude extended to your professionalism and humour on this webinar today, what a pleasure to listen to and you really updated us on all aspects to date.
  • Anzhela: Topical questions are presented  in clear and understandable manner, precise to topic with supporting material.
  • Sarah: The presentation is so detailed and well presented.
  • Simon: Course material and explanation by the presenter was very clear and to the point

 

Previous Recording

Preview the snippet below for a sneak peak at what you can expect from the webinar


Venues & Dates

The following venues and dates are available for this event.


Discounts available

The following discounts are available for this event

SAIT CPD Subscriber: CPD Package Dependent
SAIBA

Event presented in collaboration
with SAIBA

Already a member of a professional body?
Register as a SAIBA Associate and get weekly accounting and tax news updates

Visit www.saiba.org.za/membership_rewards


Not yet a member of a professional body? Upgrade to one of four designations:

BAP(SA)
for accounting officers and tax practitioners

BA(SA)
for junior accountants and bookkeepers

CBA(SA)
for financial managers

CFO(SA)
for chief financial officers and financial directors

Visit www.saiba.org.za/membership_rewards
Or phone 012 643 1800

DraftWorx

Event sponsored by Draftworx

Automated working papers and financial statements that will reduce your work load with 20% and save you money

Click here

I'm ready to join, please contact me

Explore Smarty