Accounting (IFRS, etc) 

• Standards – What’s new? 

  • IFRS Monthly news summary 

  • IASB: Annual improvements to 5 IFRS Accounting Standards 

  • IFRS for SMEs - update on plan 

• Public Sector 

  • ASB: Latest developments in the IPSASB’s tangible natural resources project 

  • IPSASB: New ED 91 to Clarify Requirements for First-Time Adoption of Accrual Basis IPSAS 

  • IPSASB: Exposure Draft (ED) 90 

Auditing (IRBA, IAASB, etc): 

• Standards:  

  • New IAASB Handbook  

• Legal/Ethics:  

  • IESBA Handbook 2024 Edition now available 

• Other:  

  • SAICA: Materiality Guidelines for Banking Regulatory Assurance Engagements 

  • IAASB: New Guidance Available from IAASB on Using the ISA for LCE: Auditor Reporting Supplemental Guidance 

  • SAICA: Auditor Opinions in terms of Management Rule 26(5)(c) of the Sectional Titles Schemes Management Regulations, 2016 

CIPC: 

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

  • Notice 52 of 2024: Filing of prospectuses can be made online as from 1 September 2024 

  • Notice 54 of 2024: Enforcement of beneficial ownership filings and securities registers 

  • List of Active Licensed Business Rescue Practitioners  

  • Notice 56 of 2024: Notice to accounting officers of CCs 

  • Notice 58 of 2024: Notice of Beneficial Ownership (BO) non-compliance 

  • Notice 60 of 2024: Recommencement of referral for deregistration due to non-compliance with Annual Returns 

  • Notice 61 of 2024: Additional function on Beneficial Ownership Declaration service – complex structures 

Anti-Money Laundering and FICA 

• FIC Advisory & Guidance:  

  • PCC 59 on Beneficial Ownership 

• Important issues: 

  • FIC Act appeal board judgement: Capital Point Properties 

Technology 

• Important issues: 

  • Top GenAI Success Stories for Risk and Assurance Professionals, and the Crucial Caveats You Need to Know 

Labour Law: 

• Employment law: 

  • Employment Equity Amendment Act and Regulations: 2024 EE Reporting period 

  • NMW Adjustment: comments invited  

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

• This month’s big 5: 

  • SAICA Legal Update 2024 Volume 19 Issue 14 covers new relevant National laws up to 23 Aug 2024: 

    1. The Electricity Regulation Act: Amendment Act;  

    2. The Identification Act: Notice of pending cancellation where ID numbers are blocked;  

    3. The Independent Communications Authority of South Africa Act: Inquiry into satellite services;  

    4. The National Prosecuting Authority Act: Amendment Act; and  

    5. The Special Investigating Units and Special Tribunals Act: OR Tambo municipality and Transnet investigations. 

  • SAICA Legal Update 2024 Volume 19 Issue 15 covers new relevant National laws up to 6 Sep 2024: 

    1. The Hazardous Substances Act: Leaded paint;  

    2. The Medicines and Related Substances Act: Patient information leaflet;  

    3. The Pension Funds Act: Amendment Act;  

    4. The South African National Water Resource Infrastructure Agency SOC Limited Act; and  

    5. The Special Investigating Units and Special Tribunals Act: Department of Rural Development and Land Reform, and Eskom. 

• Other acts and articles: 

  • Updated FAQ: Two Pot Retirement System 

  • POPIA applies to juristic person's information too 

• COIDA Update: 

  • Compensation Fund urges medical service providers to submit correct and relevant documentation to speed up payments  

SARS: 

• Guides (new, updated & issued): 

  • The Withholding Tax on Royalties Guide 

  • Draft Guide – Allowances and deductions relating to assets used in the generation of electricity from specified sources of renewable energy 

  • Comprehensive Guide to the ITR12 Income Tax Return for Individuals (Updated) 

  • Draft Guide – Mineral and Petroleum Resources Royalty Act 

  • 8 Guides updated due to Enhancements to the EMP501 Reconciliation process 

    • Third Party Appointment AA88 e@syFile™TC Employer Guide – External Guide 

    • e@syfile™TC Employer Guide – External Guide 

    • A Guide to the Employer Reconciliation Process – External Guide 

    • Guide for Codes Applicable to Employees Tax Certificates 2025 – External Guide 

    • Guide for Validation Rules Applicable to Reconciliation Declarations 2025 – External Guide 

    • Guide for Completion and Submission of Employees Tax Certificates 2025 – External Guide 

    • Guide for Employers iro Employees Tax for 2025 – External Guide 

    • Voluntary Disclosure Programme – External Guide 

• Interpretation Notes (updated & issued): 

  • IN 132 – Persons not eligible to register as a Tax Practitioner and deregistration of registered Tax Practitioners for tax non-compliance 

  • IN 33 – Income tax exemption: Water services provider 

  • IN 98 (Issue 2) – Public benefit organisations: The provision of funds, assets or other resources to any association of persons 

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

  • BPR 410 – Acquisition by a public benefit organisation of forfeited share incentive scheme shares 

  • BPR 409 – Acquisition by a public benefit organisation of forfeited share incentive scheme shares 

  • BPR 408 – Corporate restructuring using section 42 of the Act 

  • BGP 407 – Generation and supply of renewable energy 

  • BCR 090 – Award of listed shares under a share incentive scheme 

• Notices and other publications issued: 

  • Publication of the 2024 Draft Tax Bills and Draft Regulations 

  • Average Exchange Rates updated 

  • 2024 Public Opinion Survey 

  • Changes to Customs Import system by SARS: Update on Shein & Temu 

  • EMP501 Employer Interim reconciliation 

• Taxpayers must be on the lookout for New Scams: 

  • Letter of outstanding amount – 6 September 2024 

  • Delayed refund payment due to FICA documents – 3 September 2024 

Regulator news: 

• IRBA News & press releases: 

  • Recording of Fraud, Financial Reporting and the Role of the Auditor - The IRBA Indaba is now available 

  • IRBA News #66 

• SAICA press releases and other publications: 

  • SAICA Submission – Local Government General Laws Amendment Bill 

  • Submission on ED/2024/1 – Business Combinations - Disclosures, Goodwill and Impairment - Proposed amendments to IFRS 3 and IAS 36 

  • June 2024 Financial Services Newsletter 

  • Submission re adoption of the ISA for Less Complex Entities in SA 

  • SAICA Feedback Summary: SARS/RCB North-West Stakeholder Forum Engagement 

• CIBA press releases and other publications: 

  • Newsletters: 

    • Various guides are available exclusively to members 

  • Recent Publications: 

    • CIBA Comments on the Draft 2024 Taxation Laws Amendment Bill (TLAB) 

    • Exposure Draft Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting 

• Information Regulator:  

  • Regulator quietly ditches plan requiring BEE for fidelity fund certificates 

• Companies Tribunal:  

  • 25 Cases finalised in Aug 2024  

  • Bulletin Newsletter: Volume 1 

• PPRA:  

  • FAQs on Compliance 

  • Registration of all remaining industries regulated by the PPRA 

  • Guidelines on FFC registration and trading name requirements 

• FSCA publications & press releases:  

  • Money Smart Week SA 2024 launch 

  • Press Release: FSCA Financial Education Summit 

  • Suspension of Ithala SOC Limited’s licence 

  • FSCA Communication 27 of 2024 (RF): Two-Component System considerations for defined benefit funds 

  • 2 Warnings issued against fraudulent FSPs 

• CGSO:  

  • CGSO 2023-24 Annual Report Media Release 

  • Consumer Ombud supports Crackdown on Expired Goods 

  • Consumer Alert: We Build Property (Pty) Ltd t/a Reliable Store 

• IoDSA:  

  • About delinquency - time bar to hold directors accountable extended to 5 years. Is it enough? 

• SARS:  

  • Media Statement on Profile Hijacking 

  • Monthly Tax Digest – August 2024 

  • Latest SMME Traders Connect Newsletter 

  • Latest Tax Practitioner Newsletter 

  • Latest Government Connect newsletter  

General Announcements / News Releases: 

• Media articles:  

  • Big spam call loophole in South Africa - With reference to the anxiously awaited Guidance Note for Direct Marketers that the Information Regulator is expected to issue in the nearby future