IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Accounting issues 

  • COVID-19 Related Rent Concessions beyond 30 June 2021 (ED and request for comments 25 Feb 2021) 

  • Lease Liability in Sale and Leaseback (ED and request for comments 29 Mar 2021) 

  • Costs Necessary to Sell Inventory (IASB tentative agenda item) 

  • Preparation of financial statements no longer a going concern (IASB tentative agenda item) 

  • IFRS 10 Consolidated financial statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities (RFI) 

  • ED Regulatory Assets and Regulatory Liabilities  

IRBA: 

• Legal/Ethics:  

  • IESBA Proposes Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code and implications for South Africa 

  • IRBA Releases its 2020 Public Inspections Report which Shows Continued Quality Deficiencies and Inconsistencies at Audit Firms 

• Other:  

  • The firm assurance work declaration and firm related information are now available for submission on the IRBA website. (1 Feb 2021) 

  • Media reports – Minister of Finance dissolved IRBA Board of Directors  

CIPC: 

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

  • Notice 8 of 2021: New Automated Processes 

  • Notice 7 of 2021: Requirement for letter of no objection 

  • Notice 4 of 2021: Disparity of Registration Numbers and Incorporation Dates 

COVID-19 Updates 

• New announcements/guidance: 

  • SONA – TERS and Social Grant extended 

Labour Law: 

• Employment law: 

  • Legal Practice Act (Misconduct)  

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

• This month’s big 5: 

  • Issue 6 covers new relevant National laws up to 5 February 2021: 

    • The Disaster Management Act (Regulations and Directions) 

    • The Income Tax Act (Taxation Laws Amendment Act) 

    • The Tax Administration Act (Tax Administration Laws Amendment Act) 

    • The Tourism Act (Draft Safety Norms and Standards) 

• Other acts and articles: 

  • The Insurance Act (Contingent Business Insurance)  

  • National Small Enterprises Act (Draft Amendment Bill 2020) 

  • Draft Preservation and Development of Agricultural Land Bill  

  • Animals Protection Act (Amendment Bill 2021)  

  • Regulation of Interception of Communications and Provision of Communication-related Information Act  

SARS: 

• Refer to January and February 2021 Maitland and Associates Tax Newsletter distributed.  

Regulator news: 

• Competitions Act 

  • Guidelines for competition in the SA automotive aftermarket industry available 

• FSCA publications & press releases 

  • Financial Advisory and Intermediary Services Act (General code of conduct)  

General Announcements / News Releases: 

• Media articles:  

  • 5 years for audit firms  

  • How Can The Audit Profession Find Its Way Back To Noble Leadership?