IFRS:

• Standards – What’s new?
  • IFRS Monthly news summary
• Accounting issues
  • Headline Earnings Circular published for comment
  • Review of Merger and Acquisition accounting
  • Accounting for common control
  • Proposed amendments to IFRS 16 (Sale and leaseback)
  • Educational material: Climate change impact on fiancials

IRBA:

• Audit Reform Project (an overview):

- Auditing Profession Amendment Bill
- Enabler vs Victim by Prof Wiseman Nkulu

- BEIS Report on the Future of Audit

- Sir D Bydon’s Report of the Independent Review of the Quality and Effectiveness of Audit

- International Benchmarking

- Financial Reporting Council Developments

- IAASB Developments
- IESBA Developments

• Standards:
  None

• Legal/Ethics:
  • • Reminder concerning IRBA’s new CPD policy
• Other:
  • Disciplinary Committee’s merits ruling on African Bank matter

CIPC:

• Notices and Practice Notes issued (enforcement and to customers):
  • Notice 51 and 54 of 2020: Uploading of new eServices for online Co-Op registrations
  • Balance of notices relate to administration issues

LAST NOTICE DONE BY Lettie IN Nov:

• • Notice 49

COVID-19 Updates

• Important changes:
  • Waiting to see if any Presidential addresses happen considering increasing cases and the impact of the 2^nd wave
• Legislative amendments:
  • None
• New announcements/guidance:
  • • Article of interest: How COVID-19 will impact December leave for workers in South Africa

Labour Law:

• Employment law:
  • • See COVID-19 update regarding leave

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

• This month’s big 5:

Issue 19 covers new relevant National laws up to 7 December 2020:

1. The Auditing Profession Act (Amendment Bill 2020);
2. The Compensation for Occupational Injuries and Diseases Act (Domestic Workers);
3. The Cybercrimes Bill (Version D);
4. The Disaster Management Act (Regulations and Directions); and
5. The Financial Advisory and Intermediary Services Act (Draft Regulations)
    

• Other acts and articles:
• The Cybercrimes Bill
• Update:
  • None

SARS:

Refer to December and November 2020 Maitland and Associates Tax Newsletter attached

Regulator news:

• IRBA News & press releases:
  • None
• SAICA press releases and other publications:
  • Quarterly update on Disciplinary Outcomes
• CIPC:
  • None
• FIC Advisory & Guidance:
  • None
• Companies Tribunal:
  • None
• LPC:
  • None
• CGSO:
  • None
• FSCA publications & press releases:
• Information Regulator:
  • None
• SARS:
  • Refer to Newsletters

General Announcements / News Releases:

• Media articles:
  • KPMG Report (UK) The New Customer
  • FM: To fight fraud, manage culture
  • The case for Outsourcing Collections at Accounting Firms (CPA)
  • IFAC – Enhancing Firm Credit Control and Fee Collection
  • IFAC – Anti Money Laundering – The Basics
  • IFAC – Accountants Supporting Sustainable Recovery