Compliance and Legislation Update - November 2018


Date: Nov 21, 2018 - Nov 21, 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: 

A reference guide of all changes to share within the firm; 
PPT 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.

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):
    • Comprehensive guide to capital gains tax (Issue 7)
    • ABC of capital gains tax for individuals (Issue 10)
    • Mutual agreement procedures (Issue 2) and Minimum information requirements for MAP requests
    • Calculation of the tax payable on lump sum benefits (Issue 3)
  • Interpretation Notes (updated & issued):
    • 104 (Issue 1) – ​Exemption – Foreign pensions and transfers
  • Binding Rulings (Private/Class/General) issued and updated:
    • BPR 311: ​Photovoltaic solar energy plants
  • Other publications issued:
    • Draft list of qualifying physical impairment or disability expenditure and Draft ITR-DD Form – Confirmation of Diagnosis of Disability
  • Court case, covering the:
    • Disallowance of the utilisation of an assessed loss
IFRS:
  • Standards – What’s in the pipeline?
    • Important aspects to note on new definitions of “materiality” and “a business”: IASB finalises amendments to IAS1, IAS8 and IFRS3 – Only effective for reporting periods beginning on or after 1 January 2020
IRBA:
  • Standards:
    • IAASB modernises auditing of accounting estimates in support of audit quality – Revised ISA540
  • Guidance issued:
    • Professional scepticism the heart of audit
CIPC:
  • Notices and Practice Notes issued (enforcement and to customers):
    • Appointment of Business Rescue Practitioner – form and supporting documents required for acknowledgement
    • Guideline for the application for licensing as a Business Rescue Practitioner – form and supporting documents to be submitted
    • Automation of paper-based disclosures for Companies and Close Corporations
    • Invitation for Public Comment on Draft Companies Amendment Bill
    • Clarity on CIPC’s interpretation of voluntary audits
  • Companies Tribunal:
    • 5 Decisions reached on cases heard (Exemptions and Name disputes).
Labour Law:
  • Court cases:
    • The labour court jurisdiction during business rescue proceedings: a case of urgency and unpaid employees – a recipe for new law
    • A commercial court established – a blessing or a curse?
Other Laws & Regulations affecting your client AND impact on NOCLAR:
  • The Big 5:
    • The Draft Financial Sector Laws Amendment Bill 2018;
    • The Financial Sector Regulation Act (Commencement dates);
    • The Income Tax Act (Taxation Laws Amendment Bill 2018);
    • The Long-term Insurance Act and Short-term Insurance Act (Policyholder protection rules); and
    • The Long-term Insurance Act and Short-term Insurance Act (Regulations commencement dates)
  • Legal Practice Act update:
    • Section 94 Regulations commenced on 29 October 2018 (also referred to as Section 109(1)(bA) Regulations)
  • Regulations on Compensation Fund new Assessment Model:
    • Released for comments
  • COID Amendment Bill:
    • Released for comments
  • Ethics:
    • Social Media Guideline released
  • Regulator news:
  • IRBA News & press releases:
    • None
  • SAICA Guidance:
    • Top tips for SMPs (Small and Medium Practices).
    • Quarterly SMP Newsletter released
  • Companies Tribunal:
    • Article: ADR and its potential application to Insolvency
    • Tribunal Newsletter released
  • FIC Guidance:
    • To mandated entities re Access to Information held by FIC
  • National Credit Regulator:
    • Public warning issued
  • Tax Ombud:
    • Fairplay Quarterly Newsletter released
  • FSCA publications & press releases:
    • Quarterly newsletter released
    • Regulatory Actions Forum releases a list detailing the current status of insider trading and prohibited trading practices investigations
    • 2 Conduct Standards on Over-the-counter derivatives released in terms of the Financial Markets Act
    • Warnings issued against 2 fraudulent FSPs.
General Announcements / News Releases:
  • SARS:
    • Clarification of SARS’s stance on medical expense claims
    • Good news for taxpayers battling refunds and disputes

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. 



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:                    

  • R 399.00 - Online admission - Individual
  • R 699.00 - Online admission - Company
  • Choose Individual if you would like to attend this event yourself or choose Company if you would like to broadcast this event to your entire firm.
  • 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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