IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

  • New IPSAS issued 

• Accounting issues 

  • ASB: Updated proposed on Conceptual Framework designed for the public sector 

• Other:  

  • IFAC: New platform available to access International Standards 

IRBA: 

• Standards:  

  • IAASB Approves Revised Group Audits Standard 

• Legal/Ethics:  

  • IESBA Staff Releases FAQs on Revised Fee-related Provisions of IESBA Code 

  • IESBA: Proposed Technology-related enhancements to Global Ethics Code 

• Other:  

  • SAICA: Updated FAQs on application of the ISAs 

  • IAASB compiles COVID-19 resources for auditors 

  • IAASB_New ISA220 First-time Implementation Guide 

  • IAASB: Quality Management - Focus area 

• Reminders:  

  • Remember that Revised illustrative annual stockbroker's reports submitted to the JSE Limited are now effective 

CIPC: 

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

  • Practice Note 2 of 2022 – CIPC: Certification requirements for documents filed with the CIPC  

  • Notice 2 of 2022 – Auditor appointments and resignations  

  • Notice 4 of 2022 – Name Reservation and Approval  

  • Notice – Co-operatives requirements for annual reports  

• Reminders:  

  • Reminder: Co-operatives to submit financial statements via XBRL from 1 April 2022 

Labour Law: 

• Employment law: 

  • Review and Adjustment of the National Minimum Wage for 2022 

  • New BCEA earnings threshold 

  • DoL update on COVID-19 TERS and UIF provides important principles 

  • Employment and Labour Inspectors reveal valuable information regarding inspections 

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

• This month’s big 5: 

  • Volume 17 Issue 3 (covers legislation up to 14 February 2022): 

    1. The Basic Conditions of Employment Act (Working time regulation threshold); 

    2. The Electricity Regulation Act (Draft Amendment Bill 2022); 

    3. The Financial Sector Regulation Act (Financial Sector Laws Amendment Act 2021); 

    4. The Immigration Act (Critical skills list); and 

    5. The National Road Traffic Act (Vehicle registration and ownership). 

  • Volume 17 Issue 4 (covers legislation up to 24 February 2022): 

    1. The Auditing Profession Act: Draft Financial Matters Amendment Bill 2022; 

    2. The Climate Change Bill; 

    3. The Labour Relations Act: Essential services designations; 

    4. The National Environmental Management Act: Environmental assessment practitioners registration; and 

    5. The Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill 2022. 

• Reminders:  

  • Reminder: Commencement of the Property Practitioners Act 

  • Reminder: All private bodies to prepare a PAIA manual 

SARS: 

• Guides (new, updated & issued): 

  • Guide for Tax Rates/Duties/Levies (Issue 15) 

  • Submission of a deceased employee’s tax certificate 

  • Update on the Individual Return for Deceased and Insolvent Estates 

  • How to submit your individual Income Tax return via the SARS MobiApp 

  • How to complete the Income Tax Return ITR14 for Companies 

• Interpretation Notes (updated & issued): 

  • Draft IN – Determination of the taxable income of certain persons from international transactions: Intra-group loans 

  • Draft Interpretation Note – Public Benefit Organisations: Provision of Residential Care for Retired Persons 

  • Draft Interpretation Note – Public Benefit Activity: Bid to Host or Hosting any International Event 

  • Draft Interpretation Note – Understatement Penalty: Meaning of “Maximum Tax Rate applicable to the Taxpayer” under Section 222(5) of the Tax Administration Act 

  • Draft Interpretation Note – Recoupment of Amounts Deducted or Set Off when an Asset Commences to be Held as Trading Stock which was Previously not so Held 

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

  • Binding General Ruling (BGR) 60 – Disqualification as a Qualifying Company under Section 12R(4)(b) 

• Notices and other publications issued: 

  • New SMME Traders and Travellers webpage 

  • Once-off Admin Penalties for Personal Income Tax (PIT) 

  • Update on Cease to be a Resident 

  • Update on how to submit your Individual Return via eFiling 

  • Frequently Asked Questions: Insolvent Estates of Individuals 

  • Income Tax Notices 2022 scheduled for publication in the Government Gazette, relate to the – 

    • determination of the daily amount in respect of meals and incidental costs for purposes of section 8(1)(c)(ii) (overnight allowance) 

    • determination of the daily amount in respect of meals and incidental costs for purposes of section 8(1)(a)(ii) (daily allowance) 

• Tax court cases: 

  • 3 Tax court judgments 

    • SARSTC IT 45585 (ETI) [2022] Johannesburg (14 January 2022) 

    • SARSTC IT 45627 (IT) [2021] Cape Town (14 December 2021) 

  • SARSTC 24622 (ADM) [2019] Port Elizabeth (11 December 2019) 

• High court cases: 

  • De Beer Consolidated Mines (Pty) Ltd v CSARS (60161/2017) [2021] ZAGPPHC (17 March 2021) 

• Constitutional Court cases: 

  • Cash Paymaster Services (Pty) Ltd and Others v Freedom Under Law NPC and Others (CCT 48/17) [2022] ZACC 2 (11 February 2022) 

• Taxpayers must be on the lookout for New Scams: 

  • SARS-SCAM-308 – Statement of Account SMS 

  • SARS-SCAM-307 – Tax refunds SMS 

  • SARS-SCAM-306 – Letter of summons 

Regulator news: 

• IRBA News & press releases: 

  • Online submission of Assurance work declaration and firm related information 2022 

  • 2021 Public Inspections Report 

• SAICA press releases and other publications: 

  • Common errors in the auditor’s report 

• SAIBA press releases and other publications: 

  • Newsletters: 

    • CFO Talks (CFO Talks™ is devoted to sharing ideas and conversations between CFOs. It is a platform which facilitates insightful and powerful talks relevant to CFOs): https://cfotalks.com/  

    • Accounting Weekly (weekly newsletter): https://accountingweekly.com/  

• Companies Tribunal:  

  • 4 Cases finalised in February 2022 

• Accountancy Europe:  

  • FAQs on Sustainability Information Assurance 

• Information Regulator:  

  • SAICA: Notification of Security Compromise 

• Department of Labour:  

  • Inspection & Enforcement Services: 2021/2022 Performance Summary published 

• FSCA publications & press releases:  

  • FSCA fines Pioneer FX (Pty) Ltd and Quintin Moorcroft R2million jointly and debar Quintin Moorcroft 

  • FSCA launches accredited financial literacy facilitator course 

  • Release of FSCA Draft Financial Sector Transformation Strategy for public comment 

  • 7 Warnings issued against fraudulent FSPs 

• CGSO:  

  • CGSO: Contracts, COVID, Cancellations and the CPA -Part 1 

  • CGSO issues warning against e-commerce retailer 

  • All eligible suppliers of consumer goods and services to join the industry Ombud scheme or face a late joining penalty 

  • CPA Guidelines for calculating cancellation penalty 

  • Quarterly newsletter 

  • 7 Items to help stay alert for e-supplier scams 

• IFAC:  

  • Time for action on sustainability 

• Tax Ombud:  

  • Tax Ombud publishes a Draft Collection of Taxpayer Rights 

• SARS:  

  • Latest Tax Practitioner Newsletter – Issue 29 

  • Latest Government Connect newsletter is now available 

General Announcements / News Releases: 

• Media articles:  

  • Rapid Payments Programme