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.
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
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.
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:
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
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
IAASB modernises auditing of accounting estimates in support of audit quality – Revised ISA540
Professional scepticism the heart of audit
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
5 Decisions reached on cases heard (Exemptions and Name disputes).
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
Social Media Guideline released
IRBA News & press releases:
Top tips for SMPs (Small and Medium Practices).
Quarterly SMP Newsletter released
Article: ADR and its potential application to Insolvency
Tribunal Newsletter released
To mandated entities re Access to Information held by FIC
National Credit Regulator:
Public warning issued
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:
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.