IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

  • Board workplan update 

• Accounting issues 

  • Investor perspectives: Disclosures in financial statements reflect investor needs 

  • Right-of-use assets (Conceptual Framework issues) 

IRBA: 

• Standards:  

  • Quality Management Standards: IFAC - First-time Implementation Guide for ISQM 1 Updated and Reissued  

  • ISA315 (Revised): Identifying and assessing the risks of material misstatement - Effective date reminder.  

• Legal/Ethics:  

  • Staff Audit Practice Alert 6: Protection and Retention of Client Data 

CIPC: 

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

  • Companies Act Amendment Bill 

  • Re-registration of companies and CCs due to failure to submit returns 

  • Notice No. 48 of 2021: Notice to accounting and auditing professional bodies: Independent Review Survey 2021 

  • Notice No. 49 of 2021: Important changes to CIPC electronic platforms relating to short standard private and short standard non-profit without members company registrations 

  • Notice No. 50 of 2021: Filling of joint business rescue practitioner appointments 

COVID-19 Updates: 

• New announcements and guidance 

  • IFAC COVID-19 Response to Recovery 

  • Lockdown adjusted to Alert Level 1 

  • Vaccines registrations open for 12 to 17 year-olds 

  • The right to refuse a vaccination is not cast in stone (article)  

Labour Law: 

• Employment law: 

  • Proposed amendments to the Employment Equity Act 

  • Is your company conducting disciplinary hearings in line with legislation? (article) 

  • Is it fair discrimination to exclude unvaccinated people (article) 

  • To be or not to be.… vaccinated against Covid-19 (article) 

  • Quantifying compensation for unfair dismissal - Labour Relations Act (article) 

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

• This month’s big 5: 

  • This month's issue 17 Vol 16 covers new national laws up to 1 October 2021 

  • The big 5 include: 

    • The Companies Act (Draft Companies Amendment Bill) 

    • The Constitution of the Republic of South Africa (Constitution Eighteenth Amendment Bill) 

    • The Disaster Management Act (COVID-19 regulations) 

    • The Financial Sector Laws Amendment Bill 2020 

    • The Liquor Products Act (Liquor Products Amendment Act) 

SARS: 

• Refer to September and October 2021 Maitland and Associates Tax Newsletter distributed to attendees.  

Regulator news: 

• IRBA 

  • 48% of JSE Listed Entities have rotated auditors 

  • Fraud and the role of auditors - what more can be done to detect fraud risk? 

• SAIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

• CIPC 

  • CIPC enforces Sec 30 of the Companies Act: High Court orders JCI Ltd to pay the CIPC an administrative fine of R1 million 

  • Considering business rescue for financially distressed companies (article) 

  • Revisiting blockchain technology and intellectual property (article) 

• Consumer Regulator (CGSO): 

  • Can money in your account be used when it belongs to someone else (article)   

• Information Regulator 

  • The impact of the Cybercrimes Act on electronic communication (article) 

  • Further obligations of an information officer in terms of PAIA (article) 

  • Disclosure of medical or confidential information - when it is permitted (article) 

General Announcements / News Releases: 

• Media articles:  

  • Artificial intelligence identified as inventor of a patent 

  • Don't mess with neighbourhood watches in communities 

  • Department of Agriculture takes steps to prevent misleading descriptions 

  • Are influencers inciting their followers to buy counterfeit products? 

  • Are tests for provisional and final liquidation orders really different? 

  • Understanding the legal implications of property sale agreements