Accounting (IFRS, etc) 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Accounting issues 

  • IFRS for SMEs Educational Module 1—Small and Medium-sized Entities 

  • IFRS for SMEs Accounting Standard educational module 2 - Concepts and Pervasive Principles 

  • IFRS for SMEs Accounting Standard educational module 7 - Statement of Cash Flows 

• Standards 

  • Review of IFRS 16 (Leases) - comments requested 

  • Revised IFRS Practice Statement 1 Management Commentary 

• Public Sector 

  • Newsletter #2: GRAP 104 re Loan commitments 

  • Newsletter #3: GRAP 104 re Accounting for investments in residual interests under GRAP 104 (2019) 

  • NT: Annual Financial Statements: Annexure 5 proposed changes 

  • NT: Accounting Manual for Departments (AMD) for 2025/26 

  • IPSASB: Technical and Application Issues 

Auditing (IRBA, IAASB, etc): 

• Standards:  

  • IAASB: Newly Revised ISA 240: The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 

  • IAASB: Fact Sheet: Newly Revised ISA 240 

• Legal/Ethics:  

  • IESBA: Summary of Feedback from Global Roundtables on Firm Culture and Governance 

• Other:  

  • IFIAR: Comments on IAASB’s Exposure Draft on Narrow-Scope Amendments to IAASB Standards Arising from the IESBA’s Using the Work of an External Expert Project 

  • New internal controls reporting requirements: auditors’ views 

  • ICAEW: Regulation and Conduct Annual Report 2024 

  • Professional Skepticism in the Revised Fraud & Going Concern Standards 

  • Audit Focus: Engagement acceptance 

  • Key insights into the 2025 fraud landscape 

  • Audit Focus: Auditing Accounting Estimates 

  • Supporting Materials as Part of SME Audit Campaign: What is an audit? 

  • IESBA Staff Alert: Private Equity (PE) Investment in Accounting Firms: Key Ethics and Independence considerations 

  • PCAOB Investor Bulletin: The Importance of Auditor Professional Responsibilities and Ethics 

  • PCAOB: 8 New Inspection Reports & 5 Expanded Reports 

  • Audit Committee Insights - July 2025 

CIPC: 

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

  • Practice Note 3 of 2025: Companies and their stakeholders in dispute 

  • Notice 35 of 2025: Automation of application for re-instatement of deregistered company  

Anti-Money Laundering and FICA 

• FIC Advisory & Guidance:  

  • FATF Africa Joint Group concludes on-site assessment visit of SA  

Sustainability & Integrated Reporting 

• Important issues: 

  • ACCA Guide: A case study - Demystifying materiality in accordance with ISSA 5000 

  • Guidance on disclosures about transition plans 

  • Key Differences Between IESSA and Parts 1 to 4A of the IESBA Code 

  • List of Prohibitions for PIEs in IESSA 

  • Climate-related examples: Near-final examples on reporting uncertainties in the financial statements 

  • SAICA Mid-year Sustainability Newsletter 2025 

• Standards: 

  • ISSB via IFRS Foundation: EDs on SASB Standards and IFRS S2 industry-based guidance 

Technology 

• Important issues: 

  • Excel Tips: Python in Excel — part 1 

  • FSCA: Joint Communication 2 of 2025: Cloud computing and offshoring of data 

  • Assuring AI foundation models: key challenges 

  • CAQ: How auditors harness responsible AI to identify trends and sharpen focus on risk 

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

• This month’s big 5: 

  • SAICA Legal Update 2025 Volume 20 Issue 11 covers new relevant National laws up to 25 Jul 2025: 

    1. The Agricultural Products Act: Meat analogues and sorghum; 

    2. The Animals Protection Act: Draft regulations for the exportation of live animals by sea;  

    3. The Preferential Procurement Policy Framework Act: Preference points claim form;  

    4. Railway Safety Act: Commencement; and  

    5. The Special Investigating Units and Special Tribunals Act: North West Development Corporation. 

• Other acts and articles: 

  • What happens if you missed the PAIA reporting deadline of 30 June 2025?  

SARS: 

• Guides (new, updated & issued): 

  • Updated Guide on the Determination of Medical Aid Tax Credits (Issue 17) 

  • Updated Air Passenger Tax guide 

  • Guide on Income Tax and the Individual (2024/25) 

  • Updated guide for the SARS Online Query System 

• Interpretation Notes (updated & issued): 

  • Interpretation Note 33 (Issue 6) – Assessed losses: Companies: The “trade” and “income from trade” requirements 

• Notices and other publications issued: 

  • Reminder: IT3(t) submission for Trusts - Deadline 30 September 

  • Global Minimum Tax Act, 2024 

  • How to check your tax refund status 

  • Personal Income Tax – Non-residents – 2025 Filing Season 

  • Updated Tables of Interest Rates 

  • Unsure what to do after receiving your auto assessment notice? 

  • Public Notice 2025 

  • Everything you need to know about Auto Assessments 

  • Customs – Enhancements to the Traveller Management System 

• Taxpayers must be on the lookout for New Scams: 

  • SARS-SCAM-384 – eFiling Statement 

  • SARS-SCAM-383 – Letter of demand 

  • SARS-SCAM-382 – Alteration of Auto Assessment 

  • SARS-SCAM-381 – Notification of Audit for Tax refund 

• Tax court cases: 

  • SARSTC 2024/8 (IT) [2025] ZATC CPT (23 May 2025) 

• High court cases: 

  • Kerbyn Cape 2 (Pty) Ltd v CSARS (15899/2023) [2025] ZAWHC (11 July 2025) 

  • Royal AM Football Club (Pty) Ltd v National Soccer League and Others (2025/054266) [2025] ZAGPPHC 664 (7 July 2025) 

  • CSARS v Kajee and Others (D1514/2025) [2025] ZAKZDHC 39 (24 June 2025) 

• SCA cases: 

  • The Lion Match Company (Pty) Ltd v CSARS (1047/23 and 1067/23) [2025] ZASCA 112 (28 July 2025) 

  • CSARS v African Bank Limited (242/2024) [2025] ZASCA 101 (8 July 2025) 

  • CSARS v Woolworths Holdings Limited (863/2023) [2025] ZASCA 99 (04 July 2025) 

Regulator news: 

• IRBA News & press releases: 

  • IRBA News #70 

  • Monetary Fine Guideline 

  • LMS goes live - A new era for ADP Learning! 

• SAICA press releases and other publications: 

  • Submission to Treasury: update to the Diesel Refund policy 

  • Submission – delayed implementation of Advance Pricing Agreement legislation 

  • Submission to the CMS on Circular 22 of 2025 - Audit Quality Indicators 

  • SAICA Valuations Survey Results 

• CIBA press releases and other publications: 

  • Newsletters: 

• Companies Tribunal:  

  • 21 Cases finalised in Jul 2025  

  • Bulletin Newsletter – Volume 1: Apr to Jun 2025 

• Information Regulator:  

  • Annual Performance Plan (APP) for 2025 to 2026  

• CMS:  

  • Circular 22 of 2025: Audit Quality Indicators (AQIs) 

• IAASB:  

  • Technology: Submission Form for Feedback on the Catalog 

  • eNews July 2025 

• LPFF:  

  • Compulsory automation of trust interest receipts 

• FSCA publications & press releases:  

  • Joint Press Release - The FSCA and IFC enter milestone sustainability reporting agreement 

  • FSCA is investigating Finwel Financial Management Services (Pty) Ltd, Mr Marius Schonken and Mr Robert Edmund De Jongh 

  • NT Media statement - Demarcation Regulations 21 July 2025 

  • The 2025 Financial Literacy Speech Competition 

  • FSCA publishes its Regulatory Actions Report 

  • FSCA finally withdraws the FSP licence of Banxso (Pty) Ltd 

  • FSCA Press Release - The FSCA provisionally withdraws the FSP licence of Afrimarkets Capital (Pty) Ltd 

  • FSCA publishes 2025 Regulation Plan 

  • 14 Warnings issued against fraudulent FSPs 

• SARS:  

  • Latest Monthly Tax Digest – July 2025 

  • Latest Tax Practitioner Newsletter – Issue 64 

  • Latest Government Connect Newsletter – Issue 29