IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

  • IASB Work Plan updated (again) 

  • IFRS Standards Navigator replaced eIFRS 

  • Agenda Decisions Volume 7 published 

  • Proposed IFRS Taxonomy Update 2022: General Improvements and Common Practice published: Comment deadline - 16 December 

• Accounting issues 

  • JSE - Proactive monitoring of financial statements 

  • IASB - Retaining the impairment-only approach to account for goodwill 

• Public Sector 

  • ASB - Directive 5: Determining the GRAP Reporting Framework 

  • IPSASB - ED 83 Reporting Sustainability Program Information published 

• Sustainability Reporting 

  • CPAC - Article: Why accountants are the best choice to produce sustainability reports 

IRBA: 

• Standards:  

  • IAASB - Guidance on the impact of the IAS 1 amendments on the ISAs   

  • SAICA - Illustrative Risk Matrix and Proforma Toolkit on ISQM 1 

• Legal/Ethics:  

  • SAICA - How do auditors maintain independence? 

  • CAQ - Auditor independence 

  • IESBA - Comprehensive research on impacts of technology on ethics 

  • IFAC - Article on building trust and ethics 

• Technology 

  • CPAC - The data-driven audit: AI and automation's impact on audit and auditors' roles 

  • CAQ - Jumpstart your digital assets journey: a tool for audit committees 

• Other: 

  • IRBA - News Issue #59 

  • FRC - Consultation on audit committees standard 

  • CPAC - Briefing on risks for management and those charged with governance 

  • Audit committee guide 

CIPC: 

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

  • Office closure from 10h00 Friday, 23 December 2022 up to and including Monday, 2 January 2023. 

  • CIPC phasing out EFT bulk deposits, from 5 December 2022 

  • Guidance Note 4 of 2021: Guidance note to clients on requirements pre and post registration of a prospectus. 

Labour Law: 

• Employment law: 

  • Compensation Fund reminder 

  • Compensation Fund Audit 

  • ICAEW - Are accountants falling in line with resignation trends? 

  • ICAEW - The golden rules for making redundancies 

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 11 November 2022: 

    1. The Competition Act: Market inquiry into online intermediation platforms 

    2. The Extension of Security of Tenure Act: Draft regulations  

    3. The Occupational Health and Safety Act: Hazardous biological agents regulations 

    4. The Preferential Procurement Policy Framework Act: Regulations 

    5. Public Administration Act: Office of standards and compliance regulations. 

  • The latest SAICA Legal Update has been released and it covers relevant national laws up to 25 November 2022: 

    1. The Financial Intelligence Centre Act: Draft risk compliance returns  

    2. The General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Bill 

    3. The Income Tax Act: Draft further information for deductions of donations to certain organisations 

    4. The National Energy Act: Mandatory display and submission of energy performance certificates for buildings 

    5. The National Environmental Management Act: Prior informed consent procedure for certain hazardous chemicals and pesticides in international trade 

Other acts and articles: 

• Preferential Procurement Policy Framework Act: Regulations  

• Constitution of the Republic of South Africa: Trading corporation reputation and good name 

• Financial Intelligence Centre Act: Risk compliance returns  

SARS: 

• Refer to October and November 2022 Maitland and Associates Tax Newsletter distributed to attendees.  

Regulator news: 

• SAIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

• CGSO (Consumer Regulator) 

  • Press Release: Fraudsters could turn Festive Season cheer to Festive Season frustration 

• Competitions Commission 

  • Commission welcomes penalty against Corpcom Outdoor for price fixing 

• FIC Advisory & Guidance 

  • FIC Communication 

  • Anti-Money Laundering Bill 

  • FIC Draft Directive 7 of 2022 

• Companies Tribunal 

  • 1 name dispute 

Sustainability and Integrated Reporting 

• Publications and news releases 

  • ISSB - COP 27: ISSB and CDP on climate change disclosures 

  • Accounting for Sustainability - SMEs: Embracing Sustainability 

  • Carbon Trust - The journey to Net Zero for SMEs 

  • Article - Beginning of the end of greenwashing 

  • Article - GRI at COP27: The future of climate reporting 

General Announcements / News Releases: 

• Media articles and other thoughts:  

  • South Africa starts regulating cryptocurrency exchanges 

  • Global crypto exchange giants turn to SA auditors to assure customers their funds are safe 

  • Challenges, initial steps and key resources for small firm digitalisation 

  • Fraud is on the rise: what can you do? 

  • The IVSC publishes the results of a survey exploring the evolution of Environmental, Social, and Governance (ESG) considerations in the valuation process