IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Accounting issues 

  • ASB: Can past decisions about materiality affect future accounting? 

  • Body corporates financial statements published for comment 

  • Educational material on presentation of inventory write-offs and costs as a result of the civil unrest in South Africa 

  • 2021 SAICA Medical Schemes Accounting Guide 

  • 2022 MTEF Guidelines for Public Entities 

IRBA: 

• Standards:  

  • Reminder: New AUP standard now effective 

• Legal/Ethics:  

  • Revisions to the Code to promote the role and mindset expected of professional accountants are now effective 

• Other:  

  • Ground-breaking FRC report sets out what it expects from audit firms to deliver high quality 

  • Non-audit services and auditors' independence 

  • IAASB: New Technology-Focused FAQ Available 

  • Accountancy Europe: FAQs on audit facts, including some on audit, auditors and supervision 

CIPC: 

• Notices and Practice Notes issued (enforcement and to customers): 

  • Notice 59 of 2021 – Public companies contravening annual financial statements filing obligations  

  • Notice 60 of 2021 – Co-operative that have been directed to change names by the registrar of Co-operatives.  

  • Notice 61 of 2021 – Compliance obligations of companies and close corporations in business rescue  

  • Practice Note 1 of 2022 – Requirements for Company and Close Corporation Re-instatement in terms of regulation 4(2)(b)  

  • Notice 62 of 2021: Update: Status on file transition project 

COVID-19 Updates 

• New announcements/guidance: 

  • Directive on the Taxi relief fund 

Other Laws & Regulations affecting your client AND impact on NOCLAR: 

• Other acts and articles: 

  • The Cybercrimes Act has finally commenced 

  • E-waste regulations come into force 

  • Basic Education Laws Amendment Bill 2021: Explanatory summary 

SARS: 

• Guides (new, updated & issued): 

  • Refer to Notices section for Guides mentioned and updated 

• Binding Rulings (Private/Class/General) issued:  

  • Binding General Ruling 59 – Calculation of VAT for table games of chance 

• Notices and other publications issued: 

  • VAT Notices: Public Notice prescribing the particulars that a tax invoice must contain, if the supply by a vendor relates to any enterprise contemplated in paragraphs (b)(vi) and (b)(vii) of the definition of “enterprise” in section 1(1) of the Act 

  • Average Exchange Rates 

    • Table A – A list of the average exchange rates of selected currencies for a year of assessment as from December 2003 

    • Table B – A list of the monthly average exchange rates to assist a person whose year of assessment is shorter or longer than 12 months 

  • MobiApp update 

  • Deceased Employee – responsibility of the Employer 

  • Media release – Implementation of Tax Directives Enhancements 

  • Enhancements to the Disputes Process 

  • Updated Turnover Tax submission channels 

  • All eFiling forms were successfully migrated to HTML5 

  • Proposed Model for Establishing an Advance Pricing Agreement Programme in South Africa and Release of Draft Legislation 

    • Due date for public comment: 31 January 2022 

• Tax court cases: 

  • SARSTC IT 25117 (ADM) [2021] Johannesburg (18 November 2021) 

  • SARSTC IT 24790 (IT) [2021] CPT (15 October 2021) 

  • SARSTC VAT 2060 (VAT) [2021] DBN (8 October 2021) 

  • SARSTC IT 24596 (IT) [2021] CPT (17 September 2021) 

  • SARSTC IT 24988 (ADM) [2021] JHB (5 August 2021) 

  • SARSTC 0059/2019 (ADM) [2021] DBN (30 November 2021) 

  • SARSTC 2020/95 (ADM) [2021] JHB (19 November 2021) 

• High court cases: 

  • Naushaad Hamid v SARS (3280/2017) [2021] ZAKZNDHC (30 November 2021) 

  • Chien Hui Kao v Commissioner of Customs and Excise (5580/19) [2021] ZAKZNDHC (2 November 2021) 

• SCA cases: 

  • Purveyors South Africa Mine Services (Pty) Ltd v CSARS (135/2021) [2021] ZASCA 170 (7 December 2021) 

  • Voluntary disclosure – whether taxpayer met the requirements of section 227 of the Tax Administration Act 28 

  • of 2011 – Commissioner for the South African Revenue Service had knowledge of information subsequently 

  • disclosed and prompted taxpayer to comply – disclosure not voluntary  

  • requirements of section 227 not satisfied – appeal dismissed 

• Taxpayers must be on the lookout for New Scams: 

  • Tax refunds 

Regulator news: 

• IRBA News & press releases: 

  • IRBA successfully defends challenge to MAFR 

  • IRBA News Issue #56 

• SAICA press releases and other publications: 

  • Training Regulations 2022 have been published 

  • ASA December 2021 / January 2022 

• SAIBA press releases and other publications: 

  • Newsletters: 

    • CFO Talks (CFO Talks™ is devoted to sharing ideas and conversations between CFOs. It is a platform which facilitates insightful and powerful talks relevant to CFOs): https://cfotalks.com/  

    • Accounting Weekly (weekly newsletter): https://accountingweekly.com/  

• Companies Tribunal:  

  • 13 Cases finalised in DEC 2021 

• FSCA publications & press releases:  

  • FSP fined an administrative penalty of R50 000 for Contravention of section 167 of the financial sector regulation act no.9 of 2017 

  • 14 Warnings issued against fraudulent FSPs 

• OTO:  

  • Fairness for All - Office of the Tax Ombud monthly newsletter 

• IFAC:  

  • CPA Canada, ICAS, IESBA  IFAC release 2nd Publication in Series exploring Ethics in an era of complexity and digital change 

• SARS:  

  • VAT Connect Newsletter – Issue 13 

  • Latest Tax Practitioner Newsletter – December 2021 

  • Media Release – SARS uncovers non-compliance through data-driven risk detection