IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

IRBA: 

• Standards:  

  • New Edition of the IAASB Handbook Now Available 

• Legal/Ethics:  

  • The IESBA Releases Update on Sustainability Work 

  • Exposure Draft: Proposed Amendments to the IRBA Code of Professional Conduct for Registered Auditors – Revisions to the Definitions of Listed Entity and Public Interest Entity 

• Other:  

  • IRBA publishes fourth Audit Quality Indicators Report: Talent turnover at manager and supervisory level is a growing risk to audit quality 

  • ISQM 1 illustrative risk matrix and proforma toolkit 

  • IFAC Releases New Implementation Tool for Auditors on Identifying and Assessing Risks of Material Misstatement 

  • New IAASB Fact Sheet Helps Auditors Navigate Quality Management for Group Audits 

  • IFAC resources: Implementing the IAASB’s Quality Management Standards  

CIPC: 

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

  • Practice note 05: Issuance of Notices of Acceptance and Official Actions and e-filing of outstanding documents  

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

• Other acts and articles: 

  • Crypto asset regulation gaining traction in South Africa 

    

SARS: 

• Guides (new, updated & issued): 

  • The guides for Income Tax return have been updated: 

  • Comprehensive Guide to the ITR12 Income Tax Return for Individuals 

  • How to submit your individual income tax return via eFiling 

  • Guide to the Tax Directive functionality on eFiling (updated) 

• Interpretation Notes (updated & issued): 

  • Interpretation Note 10 (Issue 4) – Skills development levy exemption: Public benefit organisations 

  • Interpretation Note 18 (Issue 5) – Rebate and deduction for foreign taxes on income 

  • Interpretation Note 126 – Extraordinary dividends treated as income or proceeds on the disposal of certain shares 

• Binding Rulings (Private/Class/General) issued:  

  • Binding General Ruling 62 – Value-added tax implications of securities lending arrangements 

  • Binding Private Ruling 387 – Attribution of nett income to a public benefit organisation 

  • Binding Class Ruling 085 – En commandite partnerships investing in photovoltaic solar energy plants 

  • Binding Class Ruling 084 – Transfer of funds held in trust to a “beneficiary fund” 

• Notices and other publications issued: 

  • Tax Directives 

  • Average Exchange Rates updated  

• Tax court cases: 

  • SARSTC IT 45710 (ADM) [2022] ZATC CPT (29 November 2022) 

• High court cases: 

  • Glencore International AG v CSARS (34490/2021) [2022] ZAGPPHC (7 December 2022) 

• SCA cases: 

  • Pacific Solar Technologies (Pty) Ltd v CSARS (715/2021) [2020] ZASCA 166 (29 November 2022) 

• Taxpayers must be on the lookout for New Scams: 

  • PayFast-Scam 

Regulator news: 

• IRBA News & press releases: 

  • IRBA News #60 

• SAICA press releases and other publications: 

  • 2023 Training Regulations (Lettie to present webinar on 21.02.2023) 

  • 2023 SAICA Training Office Fees 

  • Accreditation Policy 

  • CA Accredited training offices - Using SAICA Branding 

  • 2022 CPD Declarations are due by 28 February 2023 

  • The Tax Practitioner Annual Declaration is due on 31 January 2023 

• SAIBA press releases and other publications: 

  • Newsletters: 

  1. CFO Talks  

  2. Accounting Weekly (weekly newsletter) 

• CIPC:  

  • CIPC Troubleshooting sessions in January 2023 

• Companies Tribunal:  

  • 1 Case finalised in Dec 2022 

  • Quarterly Newsletter – Bulletin 

• Information Regulator:  

  • The Information Regulator's first bite! 

• FSCA publications & press releases:  

  • FSCA issues revised penalty of R20 million to Mr Markus Jooste in line with the Financial Sector Tribunal’s decision on Insider Trading regarding Steinhoff International Holdings N.V. 

• CGSO:  

  • Consumers Alert: Reliable Store not reliable 

• SARS Newsletters:  

  • VAT Connect Newsletter  

General Announcements / News Releases: 

• Media articles:  

  • Changes to pensions in South Africa in 2023 – what you need to know