IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary – not available yet as at 18 May 2021, but only 1 individual NB item: 

  • IASB proposes amendments setting out accounting for when no foreign exchange rate exists 

• Issued by the Office of the Accounting-General in the Department of National Treasury 

  • GRAP Accounting and Disclosure Checklist 2021 

  • Summary of GRAP Standards 31 March 2021 

  • 2 Updated Accounting Guidelines on GRAP 

  • Modified Cash Standard 2021_2022 

• Accounting issues 

  • Accounting for subsequent expenditure on biological assets 

  • IASB proposes a new approach that opens the way to better communication in the notes in financial statements 

  • IFRS Foundation publishes educational material to support companies in applying going concern requirements 

  • ASB issues letter to CFOs re New Accounting Requirements for 2020/2021 

IRBA: 

• Legal/Ethics:  

  • IESBA takes major step forward in strengthening Auditor Independence 

• Guidance/Other:  

  • SAICA issues Circular 1/2021 – Guideline on Fees for Audits performed by private firms on behalf of the Auditor-General of South Africa (AGSA) 

  • Guide for Registered Auditors: Guidance on Performing Audits where the AGSA has Opted not to Perform the Audit (Revised March 2021) 

CIPC: 

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

  • Notice 20 of 2021 – Amended Notice in Respect of Issuing Patent Certificates   

COVID-19 Updates 

• New announcements/guidance: 

  • Updated: An employer’s guide to mandatory workplace vaccination policies 

Labour Law: 

• Employment law: 

  • Guidelines to apply for Temporary Employer / Employee Relief Scheme (TERS) 

  • Employment Strike Guideline 

  • Fired for coming to work with COVID 

  • Can staff be dismissed for disregarding Covid-19 protocol after hours?...  

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

• This month’s big 5: 

  • Volume 16 Issue 7 up to 23 Apr 2021: 

    • The Disaster Management Act (Regulations and directions); 

    • The Gas Act (Amendment Bill); 

    • The Medical Schemes Act (Undesirable practices); 

    • The Preservation and Development of Agricultural Land Bill; and 

    • The Special Investigating Units and Special Tribunals Act (Investigations) 

  • Volume 16 Issue 8 up to 7 May 2021: 

    • The Auditing Profession Act (Amendment Act); 

    • The Legal Practice Act (Draft conduct rules); 

    • The National Environmental Management Waste Act (Extended producer responsibility); 

    • The Promotion of Access to Information Act (Protection of Personal Information Act); and 

    • The Special Investigating Units and Special Tribunals Act (Investigations) 

• Other acts and articles: 

  • Complimentary POPIA Compliance Checklist 

  • Proposed draft Regulations relating to the Promotion of Access to Information 

• COIDA Update: 

  • Domestic workers’ compensation: Here’s how much employers are required to pay per year 

SARS: 

• Guides & FAQs (new, updated & issued): 

  • VAT Section 72 Decisions Process Reference Guide 

  • Updated: Guide for Transfer Duty via eFiling. 

  • Updated: Guide on how to download the new SARS eFiling browser. 

  • Updated: Guide on how to activate, submit and declare the IT3 via eFiling. 

  • Updated: Completion guide for IRP3(a) & IRP3(s) forms. 

  • Updated: Guide to the SARS MobiApp 

  • Updated: Guide on how to register for eFiling and manage your user profile. 

  • Updated: Guide to the Tax Directive functionality on eFiling. 

  • Updated: Guide on the Payment Advice Notice functionality on eFiling 

  • Updated: Guide to bulk and additional payments on eFiling. 

  • Updated: Guide on how to complete, submit and cancel a recognition of transfer. 

  • Updated: Guide on how to submit your Individual Income tax return via eFiling 

  • Updated: Guide on Tax Directive for emigration, cease to be resident and expiry of visas. 

• Interpretation Notes (updated & issued – including Drafts): 

  • Interpretation Note 115 – Withholding tax on interest 

  • Interpretation Note 116 – Withholding tax on royalties 

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

  • Binding General Ruling (BGR) 56 – Application for a decision under section 72 

• Notices and other publications issued: 

  • Tax Administration Act, 2011:  Public notice 299, published in Government Gazette 44383 of 1 April 2021 

  • Useful information on the tax obligations relating to Small, Micro, and Medium Enterprises (SMMEs) 

  • Corporate Income Tax (CIT) Audit Letters 

  • Numerous changes relating to Customs & Excise 

• SCA cases: 

  • CSARS v Levi Strauss SA (Pty) Ltd (509/2019) [2021] ZASCA 32 (7 April 2021) 

• Taxpayers must be on the lookout for New Scams: 

  • ​ Payment Notice scam 

  • Letter of Demand scam 

Regulator news: 

• SAICA press releases and other publications: 

  • Headline Earnings Circular revised and issued by SAICA 

  • Updated SAICA Code of Professional Conduct 

  • The impact of technology on the audit product 

• Companies Tribunal:  

  • 7 Cases finalised in April 2021 (2 AGM, 5 Name Disputes, 0 Exemption from SEC) 

  • Quarterly Newsletter 

• National Consumer Commission (NCC): 

  • Up money fined one million rands and declared a pyramid scheme 

• Information Regulator of SA:  

  • POPIA: Code of Conduct for CBA 

  • POPIA: What’s the latest on the online registration of Information Officers? 

  • Guidance Note on Information Officers and Deputy Information Officers, 01 Apr 2021 

  • Media Statement: Information Regulator to take further action regarding the WhatsApp Privacy Policy 

• IFRS Foundation: 

  • IFRS Foundation introduces substantial update to its website 

• IESBA:  

  • IESBA eNews Quarter 1 released 

• FSCA publications & press releases:  

  • FSCA enters into an enforceable undertaking with Basfour and Ms. Jane Engelbrecht 

  • 11 Warnings issued against fraudulent FSPs this month