Accounting (IFRS, etc) 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Accounting issues 

  • Reminder: IAS 1 (Accounting Policies) is now effective 

  • FASB Issues Standard to Improve the Accounting for and Disclosure of Certain Crypto Assets 

• Ethics 

  • Sustainability Exposure Draft and Tax Planning-related Ethics Standard completed 

• Public Sector 

  • ED 205 on Social Benefits: Comment deadline extended 

Auditing (IRBA, IAASB, etc): 

• Standards:  

  • Reminder: Effective Date of ISA 600 (Revised): Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) 

  • New ISA for LCE issued! 

  • The following documents were also issued/updated accordingly: 

    • ISA for LCE: Fact Sheet 

    • ISA for LCE: FAQs 

    • ISA for LCE: IAASB’s Overview presentation slides 

• Legal/Ethics:  

  • Fit & proper policy gazetted 

  • The IRBA QM L&R Rules 

• Other, Guides & Illustrative Reports:  

  • Audit & Assurance developments: what to expect in 2024 

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

  • Revised Illustrative Mutual Banks Act Regulatory Auditor's Reports 

  • IAASB: Guidance for Assurance Practitioners When Citing IFRS Accounting Standards 

CIPC: 

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

  • Notice 72 of 2023: Implementation of multi factor authentication for director amendments 

  • Notice 74 of 2023: Final de-registration of companies and CCs in the annual return de-registration process 

Anti-Money Laundering and FICA 

• FIC Advisory & Guidance:  

  • FIC Annual Report: FICA non-compliance statistics & trends 

  • Learnings from the 2022/2023 FIC Annual Report 

  • Draft sector risk assessment – Assessment of the inherent money laundering and terrorist financing risks for accountants 

  • Draft sector risk assessment for dealers in precious metals and stones 

  • Consequences of non-compliance with FICA for all accountable institutions 

• Important issues: 

  • Terrorist Financing: Prevention Guidelines issued for Banks 

  • FICA 2023 Round-Up: A Summary of Greylisting, New FICA Directives & Amendments 

  • FICA Documents needed to adequately perform Due Diligence 

  • The importance of continuous screening 

• Guides: 

  • Guide to identifying and reporting suspicious behaviours and transactions 

Sustainability & Integrated Reporting 

• Important issues: 

  • ISSB Standards requirements 

Labour Law: 

• Employment law: 

  • Four-day working week trial run in South Africa  

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

• Other acts and articles: 

  • Small Enterprise Amendment Bill: Revised Version available 

  • DoJ’s rescue plan for the Master’s Office 

SARS: 

• Guides (new, updated & issued): 

  • Customs: South African Traveller Management System – 3 Guides 

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

  • BPR 403 – Taxation of covered persons in respect of equity linked notes 

  • BPR 402 – Transfer of long-term insurance business to a local branch of a foreign reinsurer 

  • BPR 401 – Leasehold improvement allowance 

  • BPR 400 – Donations tax implications on the issue of shares at nominal value to enhance BBBEE credentials 

  • BGR 68 – Acceptable Documentation for Input Tax on Upward Adjustments on Imports 

• Notices and other publications issued: 

  • 2023 Tax Amendment Acts gazetted 

  • Average Exchange Rates 

• Taxpayers must be on the lookout for New Scams: 

  • Summons Notice via email 

• High court case: 

  • Canyon Resources 

Regulator news: 

• IRBA News & press releases: 

  • IRBA News#64 

• SAICA press releases and other publications: 

  • Reminder: 2023 CPD Compliance declaration 

  • 2024 Training Regulations 

  • 2023 Medical Schemes Accounting Guide 

  • Comments on IRBA Exposure Draft: Proposed SAAPS 3 (Revised), Illustrative Reports 

• CIBA press releases and other publications: 

  • Newsletters 

  • Various guides are available exclusively to members in good standing 

• Companies Tribunal:  

  • 15 Cases finalised in Dec 2023  

  • Bulletin Newsletter 

• Information Regulator:  

  • Media Statement: Joint Statement on Privacy and Democratic Rights 

• PPRA:  

  • The property practitioners’ landscape: reminder of late submission penalties 

• FSCA publications & press releases:  

  • eNewsletter 

  • FSCA Press Release - The FSCA welcomes Supreme Court of Appeal judgement against Fusion Guarantees (Pty) Ltd 

  • FSCA imposes an administrative penalty and debarment on Mr Jacobus Stephanus Geldenhuis (and Classic Financial Services has been liquidated) 

  • FSCA warns the public to be cautious of scams and fraudulent activities this festive season 

  • FSCA informs the public of an investigation into the business activities of BFG Engineering Brokers (Pty) Ltd 

  • Request for information from investors of BHI Trust 

  • 5 Warnings issued against fraudulent FSPs 

• CGSO:  

  • Consumer Alert: eGadgets.co.za 

  • Newsletter 

• OTO:  

  • Annual Report 2022/2023 

  • Special edition Newsletter - Nov 2023 

• IFAC:  

  • Plan to Revise International Education Standards for Sustainability Reporting and Assurance 

• SARS:  

  • Latest VAT Connect Newsletter  

General Announcements / News Releases: 

• Media articles:  

  • Understanding Whistleblower Protection 

  • NHI means 31% more tax and 69% less benefits for medical scheme members