IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

  • IASB Work Plan updated (again) 

  • IFRS 17 Insurance contracts  

• Accounting issues 

  • JSE - Proactive monitoring of financial statements 

  • Proposed amendments to IAS 12 - comment deadline - 10 March 2023 

  • Tentative Agenda Decision : Definition of a Lease - Substitution Rights (IFRS 16) 

  • IFRS - IASB publishes its review of classification and measurement requirements relating to financial instruments 

• Sustainability Reporting 

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

IRBA: 

• Standards:  

  • IFAC - New implementation tool for auditors on identifying and assessing risks of material misstatement 

  • IAASB - Public consultation on Less Complex Group Audits 

  • IAASB - Fact Sheet: Quality management and group audits.  

  • IAASB - Consultation on proposed strategy and work plan 2024 - 2027 

• Legal/Ethics:  

  • IAASB - Consultation on proposed strategy and work plan 2024 - 2027 

  • IESBA - Release of update on sustainability work 

  • IAASB Begins Work on Global Standards for ESG Assurance 

• Technology 

  • NBA -  Practice Note: Soft controls relating to an audit of financial statements 

  • IRBA - Communique: Artificial Intelligence Audit Risks Mitigation 

  • IESBA - Technology Landscape - Robotics Process Automation 

  • IESBA Technology Landscape - Artificial Intelligence 

• Other: 

  • IRBA - News Issue #60 

  • LPFF - Application for refund of bank charges and audit fees 

  • ICAEW - Good practice when taking on new audits 

  • ICAEW - Insights: ISA 600: what’s new in group audits? 

  • CPA Canada - Crypto-asset mining - what does it mean for auditors? 

CIPC: 

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

  • CIPC Guidance note 1 of 2023 

  • CIPC Practice note 3 of 2022 withdrawn 

  • Enhanced E-services and BizPortal platforms 

Labour Law: 

• Employment law: 

  • Compensation for Occupational Injuries and Diseases Act: Return of earnings  

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 14 January 2023: 

    1. The Cybercrimes Act: Commencement 

    2. The Property Practitioners Act: Commencement 

    3. The South African Schools Act: Basic Education Laws Amendment Bill 2022 

    4. The Tourism Act: Norms and standards 

    5. The Value-added Tax Act: Electronic services supplier tax invoices. 

  • The latest SAICA Legal Update has been released and it covers relevant national laws up to 3 February 2023: 

    1. The Foodstuffs, Cosmetics and Disinfectants Act: Draft labelling and advertising of foodstuffs regulations 

    2. The National Health Act: Notifiable medical conditions 

    3. The Occupational Health and Safety Act: Major hazard installation regulations 2022 

    4. The Pension Funds Act: Employer contribution requirements 

    5. The Trust Property Control Act: Draft regulations relating to beneficial ownership registers and records of details of accountable institutions 

Other acts and articles: 

• Trust Property Control Act draft regulations 

• Companies Act: General Laws (Anti-money Laundering and Combatting Terrorism Financing) Amendment Act  

• Financial Advisory and Intermediary Services Act: Crypto assets  

• Financial Intelligence Centre Act: General Laws (Anti-money Laundering and Combatting Terrorism Financing) Amendment Act  

SARS: 

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

Regulator news: 

• SAIBA 

  • Submission to the Minister of Finance relating to the budget speech 

  • CIBA Academy post on the disclosure of beneficial interest 

  • Course on the GLA Bill from December   

  • Weekly Newsletter  

  • CFO Talks 

• SAICA 

  • SAICA guide on regulatory reporting duties 

  • Summary relating to provision of services 

  • Financial Intelligence Act changes 

  • Summary of changes brought by the General Laws Amendment Act 2 of 2022 

• CGSO (Consumer Regulator) 

  • Press Release: CGCSA says ESKOM tariff hike must be accompanied by progress to improve electricity supply 

  • Press release: Open letter to President Cyril Ramaphosa From CEOSa of Members of CGCSA 

• Competitions Commission 

  • Statement of Latest Decisions (24 Jan 2023 and 30 Jan 2023) 

  • Competitions Commission Prosecutes price fixing relating to PPE 

• FIC Advisory & Guidance 

  • General Laws Amendment Act 2 of 2022 effective date published 

  • FICA reference guide 

  • FICA Amendment of Money Laundering and Terrorist Financing Controls Regulation 

  • Schedule 1 of FIC Act amended 

  • FIC Draft public compliance communication 6A 

• Companies Tribunal 

  • Names Disputes: 3 granted, 1 refused 

  • Exemptions: 1 granted 

  • Other matters: 1 refused 

  • Eskom – AGM – granted (2 applications) 

• Property Practitioners Regulatory Authority 

  • PPRA appoints a new CEO 

• LPC 

  • SAICA information session held on 2 February 2023  

  • Liability of Legal Practitioners’ Fidelity Fund set down 

• National Credit Regulator 

  • Press Release – Borrow wisely, Ts and Cs apply 

• Information Regulator 

  • Media Release: International Data Privacy Day 2023 focuses on Children’s Privacy Rights and Online Safety 

Sustainability and Integrated Reporting 

• Publications and news releases 

  • EFAA - Guidance for SMPs on sustainability reporting 

  • ISSB - Discussion on the transition from ESG to sustainability 

  • ISSB - Progress on IFRS S1 and S2, addressing natural ecosystems as it relates to climate and more. 

General Announcements / News Releases: 

• Media articles and other thoughts:  

  • Possible legal consequences of wild animals roaming around the streets 

  • Unpacking some thoughts around share buyback transactions 

  • Be wary of beginning ‘side-hustles’ and moonlighting 

  • These businesses in South Africa need to fall in line with regulation changes – or face massive fines and jail time  

  • Start date for South Africa’s new finance laws – with more to come in 2023 

  • President Cyril Ramaphosa signs crucial antiterrorism acts into law