IFRS & Accounting: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Accounting issues: 

  • SAICA: Explanatory Commentary on Body Corporate Template – Illustrative AFS 

• Ethics: 

  • IESBA: Database of Public Interest Entity Definitions by Jurisdiction 

  • IESBA: Final Technology-Related Revisions to the Code 

IRBA & Assurance: 

• Standards:  

  • IAASB: ED Proposed Revisions for Going Concern Standard ISA570 

• Other:  

  • LPFF: Reminder: AUP Report required to claim back audit fees & bank charges  

CIPC & Company Secretarial: 

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

  • Practice Notice 21 of 2023: Requirements and processing of requests to expedite acceptance of patent applications 

  • Non-binding legal opinion: Virtual AGMs 

Sustainability & Integrated Reporting 

• Important issues: 

  • Survey: Are South African companies ready to adopt the ISSB’s Sustainability Disclosure Standards from 2024? 

  • IAASB progress on: Proposed new standard for Sustainability Assurance Engagements ISSA 5000, General Requirements for Sustainability Assurance Engagements 

  • ISSB decides to prioritise climate-related disclosures to support initial application 

  • What role can accountants play in making sure their clients and business partners act on greenwashing? 

Technology 

• Interesting articles/issues: 

  • Information Regulator examines the regulation of ChatGPT, AI in SA 

  • A first-of-its-kind AI Act is being finalized by the EU 

  • AI tools like ChatGPT raise copyright issues in SA 

Labour Law: 

• Employment law: 

  • Employment Equity: Draft Regulations out for comment  

  • Amended CCMA Rules and Forms  

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

• This month’s big 5: 

  • SAICA Legal Update 2023 Volume 18 Issue 6 covers new relevant National laws up to 14 Apr 2023: 

    1. The Domestic Violence Act: Amendment Act; 

    2. The Employment Equity Act: Amendment Act; 

    3. The Financial Intelligence Centre Act: Directives; 

    4. The Judicial Matters Amendment Bill; and 

    5. The Public Finance Management Act: Draft Eskom exemption. 

  • SAICA Legal Update 2023 Volume 18 Issue 7 covers new relevant National laws up to 5 May 2023:  

    1. The Compensation for Occupational Injuries and Diseases Act: Amendment Act 2022;  

    2. The Competition Act: Market inquiry into online intermediation platforms;  

    3. The Foodstuffs, Cosmetics and Disinfectants Act: Draft labelling and advertising regulations;  

    4. The National Energy Act: Integrated energy plan; and  

    5. The Draft National Identification and Registration Bill. 

• Other acts and articles: 

  • Reminder: Trust Property Control Act Update 

• COIDA Update: 

  • COID Amendment Act 2022 

  • COIDA FAQs 

  • Reminder: 2022 ROE Season open until 31 May 2023 

SARS: 

• Guides (new, updated & issued): 

  • Third Party Appointment AA88 e@syFile guide (updated) 

  • 2 Guides Updated with enhancements to the Tax Compliance System: 

    • Guide to the Tax Compliance Status functionality on eFiling – External Guide 

    • Services offered by SARS via the SARS MobiApp – External Guide 

• Interpretation Notes (updated & issued): 

  • IN 128 (New) – Definition of “associated enterprise” 

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

  • BGR 47 (Issue 2) – Meaning of “month” in the definition of “monthly remuneration” and section 6(g) for employers remunerating employees weekly or fortnightly 

  • BGR 44 (Issue 2) – Meaning of 160 hours for purposes of section 4(1)(b) 

• Notices and other publications issued: 

  • SARS Travel eLogbook 2023-24 

  • Renewable Energy Incentives published in the 2023 Draft TLAB for public comment 

  • Draft Notice: Solar panel installers proposed to report private residents’ information to SARS 

  • SARS changes VAT registration rules after flood of suspicious activity 

  • e@syFile™ Employer AA88 system enhancements 

  • Dispute Resolution Enhancements 

  • Enhancements to the Tax Compliance Status Process 

  • Frequently Asked Questions: Deceased Estates 

  • Tables of Interest Rates 

    • Table 1 – Interest rates on outstanding taxes and interest rates payable on certain refunds of tax 

    • Table 2 – Interest rates payable on credit amounts  

    • Table 3 – Rates at which interest-free or low interest loans are subject to income tax 

  • Taxing of Vaping Tobacco products with effect from 1 June 2023 

• Taxpayers must be on the lookout for New Scams: 

  • Telegram Scam 

• Tax court cases: Tax Court Judgments 

  • SARSTC VAT 1518 (VAT) [2023] ZATC JHB (23 March 2023) 

  • SARSTC 35476 (IT) [2023] ZATC JHB (15 March 2023) 

• High court cases: 

  • CSARS v Pearlstock (Pty) Ltd  

• SCA cases: 

  • CSARS and Another v Richards Bay Coal Terminal (Pty) Ltd  

Regulator news: 

• IRBA News & press releases: 

  • IRBA Issues Its First Enforcement Report 

  • IRBA News #61 

• SAICA press releases and other publications: 

  • Submission on the draft Public Notice on Returns of Information to be submitted by third parties 

  • Comments on the draft 2023 Taxation Laws Amendment Bill (Initial Batch) 

  • SAICA Anti-Money Laundering website 

• CIBA 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) 

    • Accounting Weekly (weekly newsletter) 

  • CIBA: Guide on AML for Accountants that are AIs 

• CIPC:  

  • Successful liquidation application against Selective Empowerment Investments 1 LTD 

• Companies Tribunal:  

  • 12 Cases finalised in Apr 2023  

    • 5 Name disputes, 3 Exemption from SEC, 1 Directorship disputes, 2 Review and 0 AGM extensions, and 1 other 

  • Bulletin Newsletter 

• Information Regulator:  

  • Reminder: PAIA reports are due by 30 June 2023 (for Public and Private Bodies) 

  • Enforcement notice issued against Dept of Justice and Constitutional Development 

• FIC Advisory & Guidance:  

  • Reminder: Accountants regarded as Accountable Institutions, must register with FIC ASAP! 

  • Reminder: TCSPs must submit their Risk Compliance Return to FIC by 31 May 2023. 

  • Reminder: New Accountable Institutions must submit their Risk Compliance Return to FIC by 31 July 3023 

• LPC:  

  • FICA Handbook for Law Firms 

• FSCA publications & press releases:  

  • FSCA Press Release_FSCA debarred Mr Moselane Mahlangu (Mahlangu) & imposed administrative penalties 30 March 2023 

  • FSCA Press Release - FSCA provisionally withdraws Salt Asset Management (Pty) Limited license 19 April 2023 

  • 4 Warnings issued against fraudulent FSPs 

• CGSO:  

  • Special Edition Newsletter 

• SARS:  

  • Latest Tax Practitioner Connect Issue 41 Newsletter 

  • Latest Government Connect Issue 9 newsletter 

  • Latest SMME Connect Issue 5 newsletter  

General Announcements / News Releases: 

• Media articles:  

  • Solar - A few point-worthy aspects to remember: Renewable energy tax incentives 

  • Remember the previous Enforcement notice issued against SAPS (late 2022)