IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

  • IASB - Two new IFRS Accounting Standards 

  • IASB - Expected credit loss requirements for financial instruments comment deadline 

  • IASB - Post-implementation review on the revenue standard 

  • IASB - Tentative agenda decision - IAS 27 application 

  • IASB - Disclosure requirements to enhance the transparency of supplier finance arrangement published 

• Accounting issues 

  • IASB - Guidance for developing and drafting disclosure requirements in IFRS accounting standards published 

  • XBRL - 2016 and 2019 taxonomy entry points will be deprecated on 1 July 2023 to remain aligned with the latest financial reporting standards. 

• Public sector 

  • National Treasury - Statement of the National Government’s Revenue, Expenditure and Borrowing 

  • AG - Departmental financial statements template 

  • ASB - ASB ED 200: Post Implementation Review on GRAP 109 

• Sustainability Reporting 

  • IFRS - Draft IFRS Sustainability Disclosure Taxonomy 

  • TCFD - Comparison between IFRS S2 and Task-force on Climate-related Financial Disclosures (TCFD) 

  • IFRS - Feedback from the IFRS Advisory Council (Council) 

  • IFRS - IFRS Accounting requirements for climate related matters in financial statements 

  • IFRS - IFRS for SMEs educational material on the effects of climate-related matters on financial statements 

• Technology 

  • IFRS - Access IFRS Standards via the IFRS Standards Navigator 

IRBA: 

• Standards 

  • IAASB - IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard 

  • IAASB - Proposed global sustainability assurance standard published - ISSA 5000  

• Legal and ethics 

  • IESBA - IESBA Interactive 2022 Annual Report 

• Technology 

  • PCAOB - Launch of new online tools to help users  

  • PCAOB -  Standards addressing the use of data analytics by auditors 

• Other 

  • LPFF - Latest Publications from the Legal Practitioners Fidelity Fund 

  • IRBA - New Illustrative Reports to be Used by Independent Assurance Practitioners  

  • FRC - FRC welcomes new corporate reporting requirements 

  • FRC - inspections show continued improvement at largest audit firms 

  • ICAEW - Proposals strengthen big business assurance and resilience claims 

CIPC: 

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

  • Practice Notice 1: Guidance on filling COR39 and CK2 applications 

  • Practice Notice 2: CIPC has issued guidance on how to change company directors 

  • CIPC upgrade of Beneficial Ownership 

  • CIPC reminds all companies & CCs to file Annual Returns promptly 

  • CIPC review of Companies and CC enquiry category 

  • CIPC has decided to phase out the EFT payment platform 

Financial Intelligence Centre (FIC) 

• News releases 

  • Request for delisting from the TFSL 

  • Proposed reforms for the whistle blower protection regime in South Africa 

  • Article - What are Ultimate Beneficial Owners (UBOs) and why do they matter? 

Sustainability and Integrated Reporting: 

• News releases 

  • EU Commission - Adoption of the European Sustainability Reporting Standards (ESRS) for use by all companies 

  • ISSB - EFRAG, ISSB together with the European Commission Confirm the High Degree of Climate Disclosures Alignment and Interoperability 

  • IFRS - The IFRS Foundation welcomes culmination of TCFD work and transfer of TCFD monitoring responsibilities to ISSB from 2024 

  • EU - The European Union Proposes new Regulations that can possibly limit the companies acting as ESG rating agencies 

  • JET IP - South Africa is making significant strides towards the Just Energy Transition 

  • NEMLAA - Answers to questions to most of the provisions contained in the NEMLAA were proclaimed and came into effect 

  • Discussion - Sustainability reporting for enabling SMEs business growth 

Technology 

• News releases 

  • ICAEW: Crypto assets and the case for regulation 

  • Article: Hi ChatGPT, do you know my name? Navigating privacy laws in a post-ChatGPT world 

Labour Law: 

• Employment law: 

  • The “new normal” in South Africa isn’t as normal as elsewhere 

  • The consequences of social media conduct on employment relationships 

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

• This month’s big 5: 

  • The latest SAICA Legal Update has been released and it covers relevant national laws up to 10 July 2023: 

    1. The Compensation for Occupational Injuries and Diseases Act 

    2. Draft rehabilitation, reintegration and return-to-work regulations 

    3. The National Building Regulations and Building Standards Act. 

    4. The National Environmental Management Waste Act 

    5. The National Small Enterprise Act: Amendment Bill 

  • The latest SAICA Legal Update has been released and it covers relevant national laws up to 21 July 2023: 

    1. The Divorce Act (Amendment Bill) 

    2. The Independent Police Investigative Directorate Act (Amendment Bill) 

    3. The Draft Intergovernmental Monitoring, Support and Interventions Bill 

    4. The Draft Marriage Bill 

    5. The Water Services Act (Water service works standards) 

Other acts and articles: 

• National Water Resource Infrastructure Agency Bill heading for parliament 

• National Dialogue on coalition of governments on the cards 

• Non-profit Organisations Act: Registration  

• National Small Enterprise Act: Amendment Bill   

SARS: 

• Refer to June 2023 and July 2023 Maitland and Associates Tax Newsletter distributed to attendees.  

  • News: Call to Action on Tax Transparency by each Country to conform to public reporting under GRI 207 

  • News: Court grants access to former President Zuma’s tax records 

Regulator news: 

• CIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

  • Guide - Incorporating ChatGPT in an Accounting Practice 

  • Guide - Beneficial Ownership 

• IRBA 

  • IRBA: Accreditation of ACCA 

  • Striving for progress amongst challenges 

• SAICA  

  • SAICA Audit reform initiatives 

  • SAICA FAQs on the application of the ISAs  

• Competitions Commission 

  • Commission recommends prohibition of Vodacom/Maziv merger 

  • Commission signs consent agreement with Unilever 

• Companies Tribunal 

  • Names Disputes (4 granted, 1 dismissed) 

  • Directors Disputes (1 granted,) 

  • Reviews (2 granted, 1 dismissed)  

• Property Practitioners Regulatory Authority 

  • Submission of reports 

• FCSA publications  

  • Media Advisory – Money Smart Week SA Launch 2023 

  • FSCA Press Release - Publication of the FSCA'S Regulation Plan (2023 – 2026) 

  • FSCA Press Release - Draft paper on open finance 

  • FSCA Press Release - FSCA Retail Financial Customer Behaviour and Sentiment Study results 

  • FSCA Press Release - FSCA cautions consumers against mule bank account scams 

  • FSCA Press Release - 8 public warnings 

• Information Regulator 

  • Media Statement: Infringement notice and R5 Million administrative fine issued to the Department of Justice and constitutional Development for contravention of POPIA. 

General Announcements / News Releases: 

• Media articles and other thoughts:  

  • CAQ: Significant Barriers Deter Students from Pursuing a Degree in Accounting 

  • MiWay not getting its way in a car theft case: Victory for the insureds