IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

  • IIFRS - Disclosure requirements to enhance the transparency of supplier finance arrangement published 

  • IFRS -  Amendments to IAS 12 published 

  • IFRS - IFRS 17 effective from 1 January 2023 

  • IFRS - IFRS Interpretations Committee Agenda Decisions Volume 8 published 

  • IASB - Classification and measurement requirements for financial instruments - comment deadline - 19 July 2023 

  • IASB - Impairment requirements for financial instruments - comment deadline - 27 September 

  • IASB - IASB work plan update 

   

• Accounting issues 

  • SAICA - Body Corporate Illustrative Annual Financial Statements template published 

  • IASB - Guidance for developing and drafting disclosure requirements in IFRS accounting standards published 

  • CAQ - International Practices Task Force Meeting Highlights 

• Public sector 

  • OAG - MCS Frequently Asked Questions 

  • IPSASB - IPSASB approves amended RPGs 1 and 3 

  • IPSASB - IPSASB Measurement-Related Pronouncements 

  • IPSASB - Activities update 

• Sustainability Reporting 

  • IFRS - IFRS for SMEs educational material on the effects of climate-related matters on financial statements 

• Technology 

  • Financial Reporting Council Technology and Digital Hub 

IRBA: 

• Legal/Ethics 

  • IRBA - IRBA Code of Professional Conduct for Registered Auditors (Revised April 2023) 

  • IESBA - IESBA Consultation Paper: Proposed Strategy and Work Plan 2024 - 2027 

  • APA amendments out for comment 

• Technology 

  • IAASB - IAASB Digital Technology Market - Scan Digital Assets IAASB (7th Ed) 

  • Public Companies and Blockchain - Exploring the Digital Asset Landscape  

• Other 

  • AGSA - 2023-24 Guide on AGSA Charge Out Rates 

  • PCAOB - Revises Standard-Setting Agenda and Adds Rulemaking Projects to Enhance Investor Protection 

CIPC: 

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

  • CIPC Online verification of CIPC disclosure certificates 

  • Final Companies Amendment Regulations 

  • CIPC GN on Beneficial Ownership filling 

  • CIPC User Guidelines on filling of Beneficial Ownership 

  • CIPC Beneficial Ownership FAQs 

Financial Intelligence Centre (FIC) 

• News releases 

  • The FIC case studies and indicators collection 

  • IFAC, TI-UK, and World Economic Forum’s PACI Review of Anti-Corruption Reporting Sheds Light on Current Practice & Encourages Increased Transparency 

  • New IFAC Publication Equips Accountancy Organizations to Lead the Fight Against Corruption 

  • Understanding anti-corruption reporting, with the support of the WEF 

Sustainability and Integrated Reporting: 

• News releases 

  • ISSB - Which projects should be added onto the ISSB two-year work plan? 

  • ISSB - First global baseline of sustainability disclosure Standards to be published by the end of June 2023 

  • IASB - Key questions for audit committees overseeing sustainability-related disclosure 

  • UN DESA - UN Experts aiming to analyse SDGs and climate action synergies for maximum impact action 

  • The transition to a Chief Value Officer - An opportunity for the profession 

  • ISSB - ISSB to unlock sustainable capital and reshape how businesses report over climate and wider sustainability disclosures 

  • Are companies overwhelmed by ESG requests? 

Technology 

• News releases 

  • CAQ: Generative AI: Are You Addressing Factors of Trust and Ethics? There’s No Time to Waste 

  • One step closer for first of its kind, AI Act 

  • Generative AI and Copyright, who owns what? 

  • Google Bard: Experiment is here (Google’s generative AI) 

  • Cyber crime’s annual impact on SA estimated at R2.2bn 

  • How can organizations prepare for generative AI? 

Labour Law: 

• Employment law: 

  • Maximum Earnings on Provisional Assessment 

  • Extension of ROE 

  • COIDA reminder - Confirmation of Life 

  • EE Act targets Regulations 

  • The WEF Jobs Report 2023 has been released 

  • National Minimum Wage Act: Medium-term targets for the national minimum wage report  

  • Public Administration Management Act: Amendment Bill 

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 31 March 2023: 

    1. The Competition Act: Energy suppliers and users exemptions; 

    2. The National Health Insurance Bill: Version B; 

    3. The National Water Act: Draft water use licence application and renewals; 

    4. The Promotion of Access to Information Act: Access to tax records; and 

    5. The Tax Administration Act: Disclosure and secrecy of taxpayer information. 

Other acts and articles: 

• NPO Act Amendments 

• National Health Insurance Bill  

• Promotion of Access to Information Act: Access to tax records  

• Tax Administration Act: Disclosure and secrecy of taxpayer information  

• Employment Equity Act: Draft 5-year sectoral numerical targets 

• Financial Advisory and Intermediary Services Act: Crypto asset exemption  

• Merchant Shipping Bill 

• South African Post Office SOC Ltd: Amendment Bill 2023  

SARS: 

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

Regulator news: 

• CIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

• IRBA 

  • Auditing Profession Act: Mandatory audit firm rotation rule  

• SAICA  

  • SAICA’s Comment letter on the IAASB’S on Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) 

  • SAICA FAQs on the application of the ISAs  

• CGSO 

  • New mobile complaints app set to make life easier for users 

• Competitions Commission 

  • Statement on the latest decisions by the Competition Commission (15 May 2023) 

  • Media Statement Digital Markets Inquiry- extended to 30 June2023 

  • Media-Statement-Commission-refers-SAPS-supplier-to-Tribunal-for-excessive-pricing-18-May-2023 

  • Media-Statement-Commission-recommends-conditional-approval-of-Takatso-SAA-merger-12-May-2023 

• Companies Tribunal 

  • Names Disputes (6 granted) 

  • Exemptions (8 granted, 1 refused) 

  • Directors Disputes (1 granted,) 

  • AGM – (2 granted) 

  • Other – 1 matter 

• Property Practitioners Regulatory Authority 

  • Submission of reports 

• FCSA publications  

  • Changes to criminal verification checks in respect of Collective Investment Schemes (CIS) 

  • Exemption of persons rendering a financial service in relation to crypto sssets from certain requirements, 2023 (Exemption) 

  • List of qualifications recognised for financial services providers, key individuals and representatives FAIS notice 24 of 2023 available from the FSCA 

• Information Regulator 

  • Information Regulator Enforcement notice 

  • Submission of AR for access to information request 

Technology: 

• News releases 

  • Open AI releases the more advanced and capable GPT-4 

  • 7 Biggest Questions about ChatGPT answered by Gartner Experts 

  • Creating value in metaverse will require trust 

General Announcements / News Releases: 

• Media articles and other thoughts:  

  • Termination of a lease agreement - Legal requirements 

  • Mobile Apps - Legal tech and how you can incorporate it into your practice 

  • The legal status of companies and the validity of company actions 

  • What is the role of a Compliance Officer in terms of FICA - FoxDox