IFRS: 

• Standards – What’s new? 

  • IFRS - iFRS Monthly News Summary 

  • IASB - IFRS 18 Primary Financial Statements (Presentation and Disclosure in Financial Statements) 

  • IASB - • IASB work plan update (Agenda Paper 8) 

  • IASB - Research and standard-setting: 

    • Post-implementation Review of IFRS 15 Revenue from Contracts with Customers (Agenda Paper 6) 

    • Rate-regulated Activities (Agenda Paper 9) 

    • Equity Method (Agenda Paper 13) 

    • Climate-related and Other Uncertainties in the Financial Statements (Agenda Paper 14) 

    • Management Commentary (Agenda Paper 15) 

    • Post-implementation Review of IFRS 9—Impairment (Agenda Paper 27) 

    • Second Comprehensive Review of the IFRS for SMEs Accounting Standard (Agenda Paper 30) 

    • Updating the Subsidiaries without Public Accountability: Disclosures Standard (Agenda Paper 32) 

  • IASB - Maintenance and consistent application: 

    • Power Purchase Agreements (Agenda Paper 3) 

    • Use of a Hyperinflationary Presentation Currency by a Non-hyperinflationary Entity (IAS 21) (Agenda Paper 12) 

• Accounting issues 

  • IFRS - Proposed amendments to  improve reporting of acquisitions (IFRS 3) 

  • IASB - Survey: impairment of SMEs financial assets  

  • IFRS - IFRS Foundation publishes IFRS Accounting Taxonomy 2024 

  • IFRS - IASB consults on supplementary proposals to update the IFRS for SMEs Accounting Standard 

  • IFRS - IASB consults on proposals to improve reporting of acquisitions 

• Public sector 

  • ASB - The latest Accounting Standards Board’s (ASB) FAQ on Standards of GRAP is available 

  • National Treasury - Amendments to regulations 16 and Municipal Public Private Partnership Regulations 

  • IPSASB - Latest Updates from the IPSASB 

  • PFMA - Listing and Delisting of Public Entities 

IRBA: 

• Standards 

  • SAICA - Request for comments: ISA 240 Exposure Draft, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 

  • IRBA - Exposure Draft: Proposed South African Auditing Practice Statement 7, Transparency Reports of Firms that Audit Financial Statements of Publicly Traded Entities 

  • IRBA - Publication of South African Auditing Practice Statement 3 (Revised March 2024), Illustrative Reports, Incorporating Enhanced Auditor Reporting Requirements 

• Other 

  • IFIAR - Release of the 2023 Report on Annual Survey of Audit Inspection Findings 

  • IRBA - IFRS and Trademark Guidelines 

  • IRBA - News Issue 65 

CIPC: 

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

  • New customer verification process 

  • Security compromise of the CIPC- Business Continuity 

  • Rejection of Re-instatement applications- unverified profiles 

  • Incorporating beneficial ownership information with annual return filings for companies and close corporations (see below) 

  • Preparation and approval of annual financial statements (6 month post YE deadline) 

  • Practice Note 1 of 2024: Proof of Physical Address of Companies and CC’s 

  • CIPC enforces hard-stop submission of BO submissions 

  • Ruling by the high court regarding a claim of confidentiality in terms of s212 of the companies act, act 71 of 2008 as amended 

Financial Intelligence Centre (FIC) 

• FIC Advisory & Guidance 

  • Money Laundering and Terrorist Financing Control Regulations in terms of the FIC Act for public comment 

  • Media Statement - Money laundering and terrorist financing control regulations 

  • Draft Money Laundering and Terror Control Regulations and Explanatory memo - April 2024 

  • Money Laundering and Terrorist Financing Control Regulations 

Sustainability & Integrated Reporting 

• Important issues: Sustainability 

  • IFRS Foundation's Preview of the Jurisdictional Guide has been released 

  • Technical Committee Member talks about the Taskforce on Nature-Related Financial Disclosure (TNFD)  

• Important issues: Technology 

  • The AI Act is done. Here’s what will (and won’t) change  

  • How AI Is Transforming Audit, Risk and Compliance 

Labour Law: 

• Employment law: 

  • Notice 2390 of 2024 - The Department of Employment and Labour has confirmed the Maximum Earnings on Provisional Assessment 

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

• Other acts and articles: 

  • Chief Master’s Directive 1 of 2024: New Procedures dealing with litigation 

  • Trust Property Control Act: Regulations  

  • Administration of Estates Act: Judicial Matters Amendment Act  

  • Electricity Regulation Act: Amendment Bill  

  • Immigration Act: Regulations  

  • Income Tax Act: Revenue Laws Amendment Bill 2023  (affects Taxation as well) 

  • Intestate Succession Act: Judicial Matters Amendment Act  

SARS: 

• Guides (new, updated & issued): 

  • See Maitland & Associates Inc News Round Up - March 2024 distributed to attendees. 

Regulator news: 

• CIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

  • Various guides are available to members in good standing 

• IRBA 

  • IRBA - Reminder: Firm Annual Returns 

• SAICA  

  • SAICA AGM 30 May 2024 

  • SAICA appointed new President of National Council – Akash Singh 

• Information Regulator 

  • Media Statement on the IEC Security Compromise 

  • Media invite Information Regulator - Shares Outcomes on Investigations Assessments 25 March 2025 

  • IEC Media Monitoring Africa Hosts Dialogue On Misinformation and Disinformation During Election Period 

• Companies Tribunal 

  • 11 Cases finalised in March 2024 

  • Name Disputes (7 granted, 1 dismissed), Directorship disputes (1 granted, 1 dismissed), Exemptions (1 dismissed) 

• Property Practitioners Regulatory Authority 

  • Debt recovery process and arrangements to pay 

• SARS 

  • Critical tax deadline fast approaching – A first for South Africa  

  S18A Third Party submissions 

• FCSA publications  

  • Adoption of the Legal Entity Identifier (LEI) in South Africa 

  • FSCA’s response to comments received on the Discussion Paper - A Framework for Unclaimed Financial Assets in South Africa 

  • FSCA and B-BBEE Commission enter into a Memorandum of Understanding 

  • FSCA launches second phase of the Trustee Training Toolkit 

  • FSCA warns the public against persons or entities that may be unlawfully providing financial products or conducting unauthorised financial services business 

  • Publication of the FSCA Sustainable Finance Consumer Risks Study 27 March 2024 

  • Statement on the implications of the passing of Mr Markus Jooste on on-going investigations 

  • Update on Steinhoff International Holdings Limited and Steinhoff International Holdings NV 

  • Publication of the FSCA Statement on Consumer Vulnerability 

  • NT media statement - greylisting South Africa's progress against its action plan 

  • FSCA imposes Sanctions on: 

    •  Veracity Markets (Pty) Ltd, Ms Shelly Ann du Plessis, Mr Dane Mesane, Nirvesh Financial Services (Pty) Ltd, Ms Madhubala Lila Patel and Mr Bhavesh Patel 

  • Administrative penalties on My Wealth Dias (Pty) Ltd (My Wealth Dias) and My Wealth Method (Pty) Ltd (My Wealth Method) [the investigated parties] and debars Mr Charl Francois Coetzee. 

  • Administrative penalty on and disbars Mr Coenraad Barend Nolte Botha 

  • Administrative Sanction on Du Toit Advisors CC (FSP 22020) 

  • FSCA provisionally withdraws the license of Lehumo Securities (Pty) Ltd (previously known as Regenesis Markets (Pty) Ltd) 

  • FSCA warns the public against:  

    • Swiftkryprtotrade_28 March 2024 

    • Odyssey Investment Group_28 March 2024 

    • Glowfx, Bennefx and Xprestrade and David Carter_28 March 2024 

    • Mr Jacobus Stephanus Geldenhuis again 

  • FSCA warns the public against individuals or entities impersonating financial services providers 

General Announcements / News Releases: 

• Media articles and other thoughts:  

  • The biggest type of banking fraud in South Africa – BusinessTech 

  • What is the average salary in South Africa right now? 

  • New target in South Africa’s greylisting battle – BusinessTech