IFRS: 

• Standards – What’s new? 

  • IASB - May update meeting 

  • IASB - Financial Instruments with Characteristics of Equity (Agenda Paper 5) 

  • IASB - Post-implementation Review of IFRS 15 Revenue from Contracts with Customers (Agenda Paper 6) 

  • IASB - Post-implementation Review of IFRS 9—Impairment (Agenda Paper 27) 

  • IASB - Second Comprehensive Review of the IFRS for SMEs Accounting Standard (Agenda Paper 30) 

  • IASB - Rate-regulated Activities (Agenda Paper 9) 

  • IFRS - Proposed IFRS Accounting Taxonomy Update—Contracts for Renewable Electricity (oral update) 

  • IFRS - IFRS 19 Subsidiaries without Public Accountability – Disclosures 

  • IFRS - Keep talking about IFRS 18 Primary Financial Statements 

• Accounting issues 

  • IFRS - IASB proposes amendments for renewable electricity contracts 

  • IFRS - IASB issues narrow-scope amendments to classification and measurement requirements for financial instruments 

IRBA: 

• Other 

  • IRBA - Staff Practice Note 10: Acceptance and Continuance of Client Engagements 

  • IRBA - Guide for Registered Auditors: Joint Audit Engagements (Revised May 2024) 

  • IRBA - Invitation to Participate in a PSSC Survey on Guidance for Auditing in the Public Sector Council for Medical Schemes Publication that Impacts Auditor’s Reports 

CIPC: 

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

  • Notice 40 of 2024: Masking of information on COR39 proposed changes 

  • Notice 39 of 2024: Incorporating beneficial ownership information with annual return filings for companies and close corporations 

  • Notice 38 of 2024: Payment reference for direct deposits                 

  • Notice 37 of 2024: Foreigner assurance service 

  • Media release 3 of 2024: CIPC pioneers environmentally friendly solution for confiscated counterfeit goods, creating job opportunities for SMMEs  

  • New reminder - Appointing and resignation of auditors using online services 

Financial Intelligence Centre (FIC) 

• FIC Advisory & Guidance 

  • Extension on submissions of Beneficial Ownership Registrations until 5 July 2024 

  • Consultation Feedback – PCC121A Guidance on Beneficial Ownership 

  • Media Release: Collaboration between domestic and foreign agencies stymies crime 

  • FIC Updated Booklet - AML and CTF Legislation 

  • The significance of FICA compliance - Why it matters to all of us 

Sustainability & Integrated Reporting 

• Important issues: Sustainability 

  • IFRS - IFRS Foundation and African Development Bank to join forces to promote sustainability-related financial disclosures 

  • IFRS - GRI and IFRS Foundation collaboration to deliver full interoperability that enables seamless sustainability reporting 

• Important issues: Technology 

  • A ‘next-generation radio frequency spectrum policy for economic development’ was gazetted  

  • AI in Financial Auditing: KPMG Predicts Major Shift by 2027 (Accountancy Age) 

  • Cyber security governance -  The reality of board member liability in cyber attacks, data breaches _ 

  • The legal landscape of intellectual property, data privacy and AI 

Labour Law: 

• Employment law: 

  • Dept of Employment and Labour partners with the IDC.   

  • Notice 2390 of 2024 - Confirmation of the Maximum Earnings on Provisional Assessment 

  • Dept of Employment and Labour  - Labour inspectors may by law enter any premises without appointment to perform duties  

  • Dept of Employment and Labour - OHS has to keep up with developing in terms of labour laws 

  • Dept of Employment and Labour - Misrepresentation on employment equity is a criminal act  

  • Compensation for Occupational Injuries and Diseases Act: Draft prescription of claims  

  • Compensation for Occupational Injuries and Diseases Act: Draft registration of third party transacting with the Compensation Fund  

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

• Other acts and articles: 

  • National Health Insurance Act 

  • Pension Funds Amendment Act 

  • Financial Intelligence Centre Act: Draft directive on travel rule relating to crypto asset transfers  

  • South African Schools Act: Basic Education Laws Amendment Bill  

SARS: 

• Guides (new, updated & issued): 

  • See Maitland & Associates Inc News Round Up - May 2024 distributed to attendees. 

Regulator news: 

• CIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

  • Various guides are available to members in good standing 

• IRBA 

  • IRBA - IRBA Announces Measures to Enhance Pipeline of Registered Candidate Auditors and Boost Profession's Appeal 

• Information Regulator 

  • PAIA Manual submission deadline 30 June 2024 

• Companies Tribunal 

  • 2 name disputes 

  • 1 Director’s dispute 

  • 1 exemption 

• Competitions Commission 

  • Competition Commission to tackle data centre operators in South Africa 

• SARS 

  • SARS clarifies new rules for buying from Amazon – BusinessTech 

• FCSA publications  

  • FSCA warns the public against Arbitrawallet (Pty) Ltd 

  • FSCA warns the public against Trident Global (Pty) Ltd and Mr Richard Clark 7 May 2024 

  • FSCA issues public warning against RNI Aquaculture 

  • FSCA warns the public against individual(s) impersonating the FSCA and its staff 

  • FSCA warns the public about SpaceX Investment and SpaceX-Shares-Investment. 

  • FSCA warns the public against persons or entities that may be unlawfully conducting unauthorised financial services business 28 May 2024 

  • FSCA warns the public against a telegram scam impersonating Denker capital (Pty) Ltd 

  • FSCA debars and imposes an administrative penalty on Mr Luan Krige 

General Announcements / News Releases: 

• Media articles and other thoughts:  

  • In-person commissioning - An outdated inconvenience 

  • A good healthcare system is not magical thinking – NHI 

  • Block exemption regulations for SMMEs are in place