Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.
Technical expert Caryn Maitland CA(SA) 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:
IFRS:
Standards – What’s new?
IFRS Monthly news summary
IASB Workplan updated
Accounting issues
IFRS for SME Update June 2020 published 2 July 2020
Exposure Draft General Presentation and Disclosure Update
Digital Reporting – Questions for Practitioners, Standard setters, Researchers
Goodwill and Impairment project continued
IFRS 16 and COVID 16 – continuing issues
IRBA:
Standards:
IRBA issues “Focus on Interim financial Statements”
The IAASB Issues Conforming amendments to the International Standards as a Result of the Revised IESBA Code and the IRBA Issues Updated
Illustrative Auditor's Reports Following These Conforming Amendments
IRBA issues comments on CIPC notice regarding Directors Renumeration Disclosure
Legal/Ethics:
IRBA Issues for Comment an Exposure Draft on the Use of Electronic Signatures When Signing Audit, Review or Other Assurance Reports
Disaster Management Act (Self isolation and self-quarantine)
Impact on Immigration Act
New announcements/guidance:
UIF release information about verification of bank accounts
Council of Medical Schemes
PMB definition guideline on COVID-19 v4
CMS industry update on COVID-19 exemptions and guidelines
Disaster Management Tax Relief Bill
Disaster Management Tax Relief Administration Bill
COIDA Update:
COVID-19 directions (employment- compensation for occupational injuries and diseases)
Labour Law:
Employment law:
Employment Equity Amendment Bill 2020
Increase in monthly pensions payable in terms of Compensation for Occupational Injuries and Disease Act
Other Laws & Regulations affecting your client AND impact on NOCLAR:
This month’s big 5:
The Disaster Management Act: Regulations and directions
The Electronic Communications Act: Draft policy direction on rapid deployment
The Employment Equity Act: Amendment Bill 2020
The Infrastructure Development Act: Strategic infrastructure projects
The Special Investigating Units and Special Tribunals Act: State institutions and COVID-19.
Other acts and articles:
The Electronic Communications and Transactions Act and National Credit Act – Updated for POPIA
Legal Practice Act
COIDA Update:
Draft regulations updated for comment
SARS:
Guides (new, updated & issued):
Guide on Income Tax and the Individual (2019/20)
Introduction to Excise Duties Levies and Air Passenger Tax - External Guide
Guide on the Determination of Medical Tax Credits (Issue 11)
Interpretation Notes (updated & issued):
Draft IN - Vesting of income in a resident beneficiary by a non-resident trust: Interaction between section 25B(1) and section 7(8)
Due date for public comment: 20 July 2020
IN 18 (Issue 4) – Rebate and deduction for foreign taxes on income
Draft Interpretation Note – Taxation of the receipt of deposits
Interpretation Note – Taxation of the receipt of deposits
Binding Rulings (Private/Class/General) issued:
BCR 071 – Transfer of portfolio investments by foreign pension funds to an authorised contractual scheme
BPR 348 – Income tax consequences for a public benefit organisation lending funds to qualifying entrepreneurs
BPR 347 – When the temporary setting aside of voluntary liquidation proceedings will not jeopardise roll-over relief
BPR 346 – Tax implications resulting from the elimination of intra-group loans
Notices and other publications issued:
COVID-19 Loan Guarantee Scheme FAQs – 26 July 2020
Publication details for tariff amendment notices R806, R807, R808 and R809, as published in Government Gazette 43543, are now available
Updated source codes look-up for Filing Season 2020
FAQs for Small Businesses
National Treasury and SARS invite public comment on the following draft documents, intended to give effect to the 2020 Budget and the extension of some COVID-19 relief measures. (Due date for public comment: 31 August 2020)
Publication of the 2020 Draft Tax Bills, Draft Regulations Prescribing Electronic Services, Venture Capital Company Survey to give effect to 2020 Budget and extension of some COVID-19 Relief Tax Measures
Rule amendment notice R825 in Government Gazette 43569 of 31 July 2020, under sections 59A and 120 – Rule 59A.03 relating to the use of registration code 70707070 (DAR199)
FAQs for Auto Assessment
Published FAQs - Employees' tax
Status overview of all DTAs and Protocols – Multilateral Convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI) Synthesised Texts
Tax court cases:
Big G Restaurants (Pty) Limited v Commissioner for the South African Revenue Service (CCT13/19) [2020] ZACC 16 (21 July 2020)
Commissioner: South African Revenue Service and Another v Alves (A194/2019) [2020] ZAFSHC 123 (27 July 2020)
Taxpayers must be on the lookout for New Scams:
Draft Proof of online Payment - 31 July 2020
Package of gold - 14 July 2020
eFiling confirmation - 13 July 2020
Regulator news:
IRBA News & press releases:
IRBA investigation into Steinhoff auditors will recommence once restated financials are released
Linkway Trading auditor deregistered - ordered to contribute to costs
SAICA press releases and other publications:
SAICA Companies Act Guide Revised
CIPC:
Business Rescue CPD policy updated
FIC Advisory & Guidance:
Proposed amendments to Schedules 1, 2 and 3 to the FIC Act
LPC:
Updates to Legal Practices Act
FSCA publications & press releases:
Exemption of managers of CISs from section 44(2) and (3) of the CISCA
Request of information related to participating employers under umbrella funds
Conduct Standard for minimum skills and training requirements for board members of Pension Funds
Information Regulator:
Update to POPIA
Draft Guidelines on the Registration of Information Officers
Council of Medical Schemes:
Approval of appointments of auditors and IFRS advisors
General Announcements / News Releases:
Media articles:
SAICA article: Evidence on the Value of Audit for SMEs in Europe
SARS: IMF Executive Board Approves US$4.3 Billion Financial Support to South Africa to deal with Covid-19 pandemic – 27 July 2020
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.
Choose Individual if you would like to attend this event yourself or choose Company if you would like to share this event to with your entire firm.
This webinar is free if you are already an SAAA CPD subscriber.
Click here to find out about the Technical Resource Centre & CPD Subscription options.
Click here to create a profile and then register for the event (There is no charge to create a user profile and gain access to our free Monthly Practice Management Series).
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.
Save this event to your Google or Outlook calendar.
Venues & Dates
The following venues and dates are available for this event.
