IFRS: 

• Standards – What’s new? 

  • IFRS - IFRS 17 effective from 1 January 2023 

  • IFRS - Agenda Decision Volume 9 published 

  • FRC - FRC publishes review of companies’ IFRS 17  

  • IASB - Proposed updates to the IFRS Accounting Taxonomy 2023 

  • ITCG - Feedback from the IFRS Taxonomy Consultative Group (ITCG) meeting 

• Accounting issues 

  • SAICA - Access submissions on amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 

  • SAICA - Revised headline earnings circular published 

  • SAICA - FAQ on Zimbabwe functional currency archived 

  • SAICA - Body Corporate Illustrative Annual Financial Statements template published 

• Public sector 

  • National Treasury - Municipalities Guidance: Accounting for Contractual Receivables 

  • National Treasury - Modified cash standard for comment 

• Technology 

  • IFRS - Proposed Update 2 Common Practice for Financial Instruments, General Improvements and Technology Update 

  • ITCG - Feedback from the IFRS Taxonomy Consultative Group (ITCG) meeting 

• Sustainability 

  • IASB - Targeted actions to improve the reporting of climate-related and other uncertainties in financial statements 

IRBA: 

• Standards 

  • IRBA - Board Notice No. 509 of 2023  

  • IAASB - Have you heard? ISA for LCE is coming soon 

  • IAASB - Effective Date of the International Standard on Auditing 600 (Revised) 

  • IAASB - Exposure Draft: Proposed Guide for Registered Auditors (Revised), Joint Audit Engagements  

  • IRBA - An Alert on the Latest Publications from the Legal Practitioners Fidelity Fund 

• Legal and ethics 

  • IRBA - Disciplinary Hearing (week of 4th December 2023) regarding improper conduct RE VBS Bank  

  • IRBA - Audit Quality Indicators Survey Report shows commitment to transparency and continuous improvements  

• Sustainability 

  • IFAC - IFAC Releases Sustainability Checklist for Small Businesses 

• International news 

  • ICAEW - Audit Monitoring Report 2022-23 

• Technology 

  • IRBA - Final Pronouncement: Technology-related Revisions to the IRBA Code of Professional Conduct for Registered Auditors 

  • IRBA - Recording and Presentation Slides Now Available: IRBA Innovation Day 2023 - Shaping the Future of Audit 

  • ICAEW - Why audit? A profession full of possibilities 

  • ICAEW - Audit quality drives search for AI tools  

• Other 

  • FRC - Audit Quality Indicators Survey Report shows commitment to transparency and continuous improvements   

CIPC: 

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

  • Notice 67 of 2023: Incorporation of BO filing and turnover validation to ARs 

  • Notice 62 of 2023: Correction of Company Information and Share certificates across platforms 

  • Notice 64 of 2023: Automation of foreign assurance services 

  • Notice 65 of 2023: Automation of Register of Disqualified persons (to act as directors and members) 

  • Notice 65 of 2023: Automation of filing of directors' changes 

Financial Intelligence Centre (FIC) 

• News releases 

  • Anti-money laundering, counter-financing of terrorism and counter-proliferation financing (AML/CFT/CPF) awareness communiqué 

  • The FIC Draft PCC 121 

  • The FIC: Draft sector risk assessment 

  • FATF Risk-Based Guidance on Recommendation 25 Public Consultation 

  • The FIC GN 9 on International Fund Transfer Reports  

Labour Law: 

• Employment law: 

  • Prevention of and Treatment for Substance Abuse Act: Prevention of and treatment of substance use disorders policy 

  • Navigating employment, gender equality and parental leave 

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 1 September 2023: 

    1. The Children’s Amendment Act (abandoned and orphaned children) 

    2. Customs and Excise Act: Tax Administration Laws Amendment Bill (Passenger data of people exiting and entering RSA) 

    3. Income Tax Act: Tax Administration Laws Amendment Bill 

    4. Tax Administration Act: Tax Administration Laws Amendment Bill 

    5. Tax Administration Act: Third party returns (Third party returns amended so that trusts covered by the notice must submit returns by 30 September each year) 

    6. BONUS: Value-added Tax Act: Taxation Laws Amendment Bil 

  • The latest SAICA Legal Update has been released and it covers relevant national laws up to 15 September 2023: 

    1. The Administration of Estates Act: Judicial Matters Amendment Bill 

    2. Draft Aquaculture Development Bill 

    3. Cannabis for Private Purposes Bill 

    4. Intestate Succession Act: Judicial Matters Amendment Bill 

    5. Maintenance of Surviving Spouses Act: Judicial Matters Amendment Bill 

    6. BONUS: Prevention and Combating of Corrupt Activities Act: Judicial Matters Amendment Bill 

Other acts and articles: 

• Administration of Estates Act: Judicial Matters Amendment Bill 

• Intestate Succession Act: Judicial Matters Amendment Bill  

• Maintenance of Surviving Spouses Act: Judicial Matters Amendment Bill  

Eskom Debt Relief Act:  Amendment Bill The Bill proposes that Eskom must pay interest on the amounts advanced as a loan 

• Prevention and Combating of Corrupt Activities Act: Judicial Matters Amendment Bill  

• Protected Disclosures Act: Judicial Matters Amendment Bill  

• National Council on Gender Based Violence and Femicide Bill  

• South African Police Services Act: Draft national policing policy  

• Cannabis for Private Purposes Bill  

SARS: 

• Refer to October 2023 and November 2023 Maitland and Associates Tax Newsletter distributed to attendees.  

Regulator news: 

• CIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

• CIPC 

  • The how, where and what of Trade Mark registration for SMMEs in South Africa debunking common misconceptions – part 1 

• SAICA  

  • SMP Podcast series to be released  

  • Top u35 awards 

• Competitions Commission 

  • Multinational Standard Chartered Bank admits liability to currency 

  manipulation case, agrees to pay R42m fine 

  • Statement of Decisions (2nd, 6th, 21st and 27th November 2023) 

  • Commission welcomes Tribunal’s decision to prohibit the proposed merger between Plascon and AkzoNobel 

  • Commission welcomes the Tribunal’s confirmation of settlement agreement With the Allens Meshco Group 

• Companies Tribunal 

  • Names Disputes (2 granted 1 refused) 

  • Exemptions (6 granted 0 dismissed) 

  • Directors Disputes  (2 granted, 2 refused) 

  • AGM  (1 refused) 

  • Other matters (none) 

• Property Practitioners Regulatory Authority 

  • Communique: Funding opportunities for SMMEs 

• National Credit Regulator 

  • Circular 6 of 2023 (Emolument attachments and other matters  

• FCSA publications  

  • The FSCA publishes Crypto Assets Market Study 

  • Be smart and cautious when spending on Black Friday  

  • FSCA Update on BHI Trust matter  

  • FSCA warns the public against an entity impersonating BI ME (Pty) Ltd  

  • FSCA warns the public against Branson Capital (Pty) Ltd (Branson Capital) and Brandon Naicker 07 November  

  • FSCA warns the public against Lereko Brokers (Pty) Ltd.  

  • FSCA warns the public against Acqumen Fund Limited_20 November 2023 FSCA issues public warning against Kozoo Forex 

  • FSCA warns the public against GS Partners 

  • FSCA warns the public against Finco World (Pty) Ltd  

  • FSCA warns the public against FX Squad  

  • Public warning against individuals impersonating MitonOptimal (Pty) Ltd 

General Announcements / News Releases: 

• Media articles and other thoughts:  

  • Drafting an MOI - A guide to the provisions relating to Directors (Part 1) 

  • Understanding default judgment and rescission applications 

  • DocFox explains why FICA requires continuous screening 

  • Restraint of trade agreements and business transfers 

  • A guide to drafting provisions relating to shareholders in your MOI 

  • Can your freedom of speech be limited - Defamation vs. crimen injuria 

  • Insurance-related legalities and considerations as hailstorms wreak havoc