Accounting News

SAICA Retention of records guide updated

SAICA has revised and issued the updated Guide on the retention of records, which refers to the legi...


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CIPC delays the launch of automated Business Rescu...

CIPC has announced a delay in the release of automation of business rescue proceedings, business res...


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IESBA Launches the Post-Implementation Review of t...

The International Ethics Standards Board for Accountants (IESBA) has released a questionnaire that s...


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SA's new debit order system

South Africa's new debit order system, DebiCheck, came into effect on 1 May 2021.


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SAICA Revised IFRS Circular 1/2021 – Headline Earn...

Circular 1/2021 – Headline Earnings was revised and issued by SAICA to amend the detailed rules pert...


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Council for Medical Schemes issued guidance on the...

The Council for Medical Schemes has issued guidance on the submission of COVID-19 related financial...


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CIPC’s New Automated Processes & latest notices is...

CIPC will be introducing a new registration system called K2 (automated processes) to simplify the p...


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Tito’s 2021 Budget from an accountant’s perspectiv...

Taxpayers and accountants are being left to sort out a mess brought on by some truly awful decisions...


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New Minimum Wage effective from 1 March 2021

1 March 2021 will see the introduction of the increased national minimum wage.


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IASB amends 3 Standards to improve accounting poli...

The IASB (International Accounting Standards Board) has issued narrow-scope amendments to the follow...


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New Employee earnings threshold effective from 1 M...

With effect from 1 March 2021, the BCEA earnings threshold will increase to R211 596.30 per annum (a...


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New Legal opinion on trainee severance pay due to...

SAICA obtained an opinion on severance pay payable to trainees who may be retrenched for reasons res...


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Evolving risks from Money Laundering, Terrorist Fi...

IESBA (International Ethics Standards Board for Accountants) have published a staff alert on the evo...


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What the change in “loop structure” rules mean

Lifting exchange control rules on loop structures is intended to attract foreign investment to SA


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SARS MobiApp Enhancements

SARS have updated their guide to the SARS MobiApp to include the new enhancements.


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IESBA proposes holistic approach to defining a PIE...

The proposed revisions broaden the definition of a public interest entity (PIE) to include more cate...


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NEW! Updated Schedule of write-off periods accepta...

SARS have updated and issued BGR (Binding General Ruling) 7 on Wear-and-Tear Allowances, including t...


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The Companies and Intellectual Property Commission...

The Companies and Intellectual Property Commission (“CIPC”) has released 2 new notices.


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The Independent Regulatory Board for Auditors (IRB...

IRBA’s Board of Directors was dissolved by the Minister of Finance, taking into account the resignat...


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Guide released on new SARS eFiling Browser

SARS have published a brand new guide on how to download the new SARS eFiling Browser.


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The International Federation of Accountants (IFAC)...

The International Federation of Accountants (IFAC) has updated and published 2 support documents tha...


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SAICA issued the new 2021 Training Regulations

SAICA issued the latest Training Regulations which are effective from 1 January 2021.


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Infiniti provides a tool to guide your professiona...

Saica has recently changed its CPD policy from input-based (in other words, a requirement to put in...


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Accountex Virtual Summits go Global

Accountex is going global this autumn, with the launch of two new virtual summits for South African...


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IRBA re LP Trust Accounts

IRBA advises on very important information re Legal Practitioners’ Trust Accounts.


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Closing Dates for UIF COVID-19 TERS Benefit Paymen...

The Department of Employment and Labour has confirmed the closing dates for UIF COVID-19 TERS benefi...


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IRBA: no more extensions for 2nd RI reports

IRBA is no longer considering written requests for extensions for submissions of second Reportable I...


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Compensation for Occupational Injuries and Disease...

COIDA Amendment Bill now includes domestic workers and gardeners in the definition of an “employee”,...


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Unilateral change to employee’s retirement age

Unilateral change to employee’s retirement age may constitute an automatically unfair dismissal in t...


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New SARS guide on Third Party Appointments

SARS publishes new guide on Third Party Appointments via eFiling.


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Submission of AFS using GRAP in XBRL

State Owned Companies (SOCs) can now submit their GRAP AFSs in the XBRL format from 1 October 2020.


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NEW! UIF TERS Updates

UIF TERS benefit payments have been suspended again, and the TERS system will be unavailable for the...


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CIPC Guidance Note 2 of 2020: Director quick refer...

CIPC released a guide in terms of Regulation 4 of the Companies Regulations 2011 to highlight critic...


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IRBA proposes amendments to the Code re electronic...

IRBA issues Proposed Amendments to the Code of Professional Conduct for Registered Auditors: Propose...


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UIF TERS extension some companies may not qualify

A recent radio interview confirms that the TERS extension to 15 September 2020 only applies to certa...


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IRBA issues Guide for RAs on Joint Audit Engagemen...

IRBA has issued a Guide for Registered Auditors: Joint Audit Engagements


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IFAC: Exploring the IESBA Code Nr 9 – NOCLAR for p...

IFAC released the latest installment of Exploring the IESBA Code – Installment 9: Responding to Non-...


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SARS: New developments in next phase of Individual...

SARS have a number of new service offerings to assist taxpayers in the next phase of individual fili...


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TERS payments reinstated

After applicants were left hanging for 24 hours, UIF lifts suspension on TERS benefit.


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Inability to hold AGMs

Can’t hold AGM due to COVID-19? Contact the Companies Tribunal!


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IASB issues IFRS Taxonomy Update to IFRS 16

On 18 August 2020, the IASB issued an update to the IFRS Taxonomy 2020 for Covid-19-Related Rent Con...


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Estates: Master releases Directive 1 of 2020

Master’s office released Directive 1 of 2020 to address concerns regarding the placement of adverts...


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SARS Updated Income Tax Exemption Application Chec...

SARS has issued an updated Income Tax Exemption Application Checklist.


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TERS Update: Vulnerable employees and employees af...

The new TERS directive published in August 2020 makes provision for 2 further applicants to apply fo...


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SARS Notifications re progress of your audit case

You will now receive notifications from SARS to see the progress of your audit case.


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Applications for TERS benefit extension to open ne...

The directive allowing for the extended Covid-19 relief scheme has finally been signed and applicati...


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SAICA: Guidance on sign off of financial reporting...

SAICA issues guidance on CEO and FD sign off of internal financial reporting controls


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CIPC warns: File all outstanding Annual Returns or...

The Companies and Intellectual Property Commission (CIPC) advises customers that it would be finally...


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Where and how should COVID-19 impacts be presented...

Whether a company presents its COVID-19 impacts on the face of the income statement or discloses the...


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IFAC: Exploring the IESBA Code - NOCLAR for profes...

IFAC releases latest installment of Exploring the IESBA Code – Installment 8: Responding to Non-Comp...


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SASSA: Payment method changes for COVID-19 Grant a...

SASSA will be opening the system to enable approved applicants to change their method of SRD payment...


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Professional Scepticism explained

This article attempts to clarify the concept of professional scepticism and how auditors can practic...


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Consumer Goods and Services Ombud (CGSO) Stakehold...

The CGSO have published their 2nd quarterly newsletter for 2020.


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CIPC re directors’ remuneration when AFS are volun...

CIPC urges entities to comply with the requirement to disclose remuneration and benefits of director...


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Consumer Goods and Services Ombud (CGSO) Payments...

If a payment is made to a business in error, should it be fully refunded?


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Small Business - Tax Relief Measures leaflet for S...

This leaflet is a quick reference to the draft Disaster Management Tax Relief Administration Bill, a...


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SARS warns of 3 new scams

SARS warns the public against 3 new phishing scams purporting to be from SARS, including threatening...


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UIF TERS relief payments extended by 6 weeks!

The SA Government has decided to extend the COVID-19 Temporary Employee Relief Scheme (TERS) benefit...


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CIPC confirms recommencement of referral for dereg...

CIPC will once again start to automatically refer non-compliant companies and close corporations for...


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CIPC announces NEW method of confirming Business R...

CIPC announces the NEW method of issuing confirmations of processing COR123.1, COR125.2, COR125.3, a...


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UIF confirms New Login Rules for UIF TERS applicat...

The UIF COVID-19 TERS National Disaster Application System now displays the New Login Rules. COVID-1...


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CIPC advises on regulatory compliance during Natio...

CIPC confirms that regulatory and operational concessions and arrangements made in certain Notices,...


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Tribunal reaches consent on 3 more cases relating...

Competition Tribunal confirms 3 more consent agreements relating to COVID-19 excessive pricing compl...


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IAASB issues Staff Audit Practice Alert re Auditin...

This Staff Audit Practice Alert highlights key areas of focus in the current environment when undert...


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Dis-Chem fined R1,2million after long-awaited guil...

The Competition Tribunal has found Dis-Chem Pharmacies Limited (Dis-Chem) guilty of charging excessi...


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IRBA issues Staff Audit Practice Alert 5: The Audi...

This IRBA Staff Audit Practice Alert serves to provide auditors with guidance and considerations to...


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International Auditing and Assurance Standards Boa...

This Staff Audit Practice Alert highlights key considerations for auditors performing reviews of int...


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IRBA alerts auditors regarding the possible impact...

The 2020 interim reporting period is expected to disclose information over and above what is typical...


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Estate Agency Affairs Board (EAAB) Waives Penaltie...

There are no fines for late submissions for audit reports of estate agents’ business and trust accou...


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Accounting in the age of coronavirus

There are several challenges arising from the coronavirus that impact the accounting profession.


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SARS will start issuing "auto-assessments" to taxp...

The third phase of Filing Season 2020 opens on 1 August 2020, and is referred to as the “auto-assess...


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Legal Practitioners Fidelity Fund (LPFF) clarifies...

The Legal Practice Act, No. 28 of 2014 (LPA) makes it mandatory for Legal Practitioners to pay any u...


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IRBA issues Staff Audit Practice Alert 4: A South...

This IRBA Staff Audit Practice Alert provides auditors with implementation guidance in responding to...


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Tax treatment of losses incurred during lockdown

Individuals and business who incur expenditure or losses as a result of the COVID-19 pandemic, must...


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Refusal to work by employee due to COVID-19

An employer may not take any disciplinary action against an employee for exercising his right to ref...


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Taxing Times: What the post-Covid world means for...

Tax agencies worldwide are shifting their focus from short-term relief to longer-term pro-growth inc...


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Estate Agency Affairs Board (EAAB) provides guidel...

The EAAB (Estate Agency Affairs Board) has issued guidelines which aims to assist employers, employe...


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Employment and Labour Head Office and its entity C...

The Department of Employment and Labour head office and its entity the Compensation Fund offices, wi...


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After a lost decade, now it’s time to focus on the...

The Covid crisis has gifted SA a once-in-a-generation opportunity to reform what's broken about the...


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Competition Tribunal confirms fines for COVID-19 p...

The Competition Commission summarised the outcome of hearings by the Competition Tribunal against co...


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International Accounting Standards Board (IASB) is...

The amendments prohibit a company from deducting from the cost of property, plant and equipment amou...


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IRBA draws attention to the Key Audit Matters in a...

The COVID-19 pandemic presents a unique set of circumstances and challenges to the financial reporti...


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International Accounting Standards Board (IASB) is...

The IASB (International Accounting Standards Board) has issued an amendment to IFRS 16 Leases (effec...


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National Employers’ Association of South Africa (N...

All industries, business entities, both private and in the public sector, that are permitted to oper...


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A thundering defeat for government over lockdown r...

The Pretoria High Court has delivered a thundering defeat to government over its "irrational" lockdo...


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IAASB issues illustrative examples for auditing si...

The examples demonstrate how an auditor’s work effort, to comply with the requirements of ISA 540 (R...


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The Accounting Standards Board (ASB) has issued gu...

This document outlines the high-level issues that entities that apply Standards of GRAP should consi...


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IAASB releases COVID-19 related guidance for audit...

This Staff Audit Practice Alert highlights potential implications on audit reports, independent revi...


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Clarification on the Audit Requirements relating t...

In withdrawing the non-binding legal opinion, CIPC has made it clear that legal practitioners that a...


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CIPC to implement a new card payment system for al...

The new card payment system will require customers to transact with CIPC using debit and credit card...


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International Auditing and Assurance Standards Boa...

This publication has been prepared to highlight key areas of focus in the current environment when u...


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UIF issues Final letter to TERS benefits recipient...

Employers who have received TERS benefits are advised to complete and return the letter, as failure...


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Competition Commission releases New Buyer Power Gu...

The Competition Commission has issued the Price Discrimination and Buyer Power Guidelines aimed at b...


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Legal Practice Council (LPC) extends submission da...

The Legal Practice Council extended the submission date of trust account auditor’s reports by one mo...


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SAICA Education Modules re COVD-19 Financial Repor...

SAICA has compiled and issued educational material on 12 Financial Reporting topics that require spe...


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Consumer Goods And Services Ombud (CGSO) clarifies...

Consumers are returning clothing bought during Level 4 Lockdown, and some clothing suppliers are not...


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Banks launch online application portals for Covid-...

The major banks this week launched their online portals providing loans to small and medium-sized bu...


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IESBA released Q&As on COVID-19: Ethics and Indepe...

To help accountants navigate ethics and independence issues that might arise during the COVID-19 pan...


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DoL released OHS measures that employers must impl...

The Department of Labour (DoL) has released Occupational Health and Safety Measures to reduce and el...


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SAICA issues clarification re COVID-19 TERS misund...

SAICA met with the UIF Commissioner and have issued a media statement on 7 May 2020 (containing 4 de...


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UIF clarifies deadline for COVID19 TERS claims

The Department of Labour clarified that no deadline has been reached for UIF COVID-19 TERS claims. T...


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CIPC reopens on 6 May 2020

Today, 6 May 2020, CIPC has incrementally recommenced back office processing services for Companies...


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You don’t qualify for bank assistance? Good, you’v...

The relief packages offered by banks could be the cause of untold legal cases in the months to come.


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Counting the economic cost of the lockdown

The economic costs of the Covid-19 lockdown are horrific. Here are some of them.


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Here are some alternative funding sources for cash...

Fintech companies offering 90-minute loan approvals are seeing a spike in loan applications


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Look who’s winning during lockdown

Netflix, Zoom, teleconferencing - and SA Accounting Academy.


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Here's the Covid relief being offered by the comme...

It's a bit of a damp squib compared to other countries.


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March 2020 monthly compliance update: Audit in the...

The month of March 2020 will be remembered for the Covid-19 lockdown, the 9/11 of our age.


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Covid-19 financial assistance hub

All on one page, the places where you can find assistance to help you through the Covid-19 crisis


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It's a Covid lockdown. Here are Ramaphosa's suppor...

A range of measures are planned to limit the economic effects of the Coronavirus.


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Taxpayer loses 2-1 against Sars in capital gains t...

A recent case involving an unnamed taxpayer didn't quite go as planned.


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Audit in the time of coronavirus: a tale of two re...

Already we are seeing a weakening of audit standards under the cloak of Covid-19


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CIPC issues notice ditching compliance checklist f...

The CIPC has ditched the proposed compulsory compliance checklist for smaller companies.


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It just got a whole lot easier to do business in S...

New web platform makes it possible to register a company in minutes.


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SAAA brings accounting services and hope to the to...

Here's how SA Accounting Academy is helping bring accounting services to the townships


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Monthly Compliance and Legislation Update for Janu...

It's been a busy period in court for SA Revenue Services, while accounting standard setters debate i...


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CIPC compliance checklist raises concerns

The CIPC Compliance Checklist became effective on 1 January 2020 but is raising concerns among accou...


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Regulatory and compliance update for October 2019

We take a look at the latest on the regulatory and compliance front.


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What’s hot on the regulatory front for September

As always, there’s plenty happening on the regulatory front, and September 2019 has been no exceptio...


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Monthly Compliance and Legislation Update for July...

A look at the latest legal and regulatory changes affecting accountants and auditors.


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How the auditors broke capitalism

We are programmed to regard accountants with reverence and unquestioning trust. But should we?


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What's new on the regulatory front - July 2019

It’s time to look at some of the major regulatory and legal changes for the last month.


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Monthly Compliance and Legislation Update for June...

This article covers some of the key regulatory and compliance issues for June 2019 to be covered in...


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Calling all accountants: your help is needed at SA...

This article is prepared with the assistance of Lettie Janse van Vuuren CA(SA), technical advisor to...


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Monthly Compliance and Legislation Update for May...

It’s been another busy month with regulatory and statutory changes stacking up in accountants’ in-tr...


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When walking away from a client is the cowardly wa...

Walking away from a client can be the cowardly way out for auditors, bearing in mind their obligatio...


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Monthly Compliance and Legislation Update for Apri...

The Monthly Compliance and Legislation Update (MCLU) is a webinar and newsletter service offered by...


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Opportunity for 50 African commerce graduates to t...

SA Accounting Academy (SAAA) has put out the call for 50 black African commerce graduates to sign up...


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Independent review vs audit – why should I care?

Independent Reviews (IRs) were introduced as an alternative to the audit for certain types of compan...


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Memo to accountants: you are all now professional...

International Standard on Auditing (ISA) 540 requires auditors to exercise professional skepticism...


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What’s your company’s Public Interest Score?

The Companies Act of 2008 introduced the concept of a company’s Public Interest Score (PIS). This is...


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Steinhoff - A Case Study of KingIV failures

In a series of in-depth features, the University of Stellenbosch Business School sheds light on Stei...


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Why you should consider becoming a business practi...

Louis Klopper is a business rescue practitioner (BRP) and turnaround master. His most recent engagem...


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Building industry slump deepens

JOHANNESBURG - Confidence in the building index slumped in the second quarter to its lowest level si...


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3 out of 5 businesses fail in SA despite showing a...

Three out of every five companies in South Africa fail whilst showing a profit, because of mistakenl...


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3 Reasons Why Businesses Fail in South Africa

A large percentage of new businesses in South Africa fail. This could be in the order of anywhere be...


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KPMG's audit quality unacceptable

KPMG’s audit work in the UK is of an unacceptable standard, Britain’s accounting regulator has said,...


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Steinhoff served with hard-hitting compliance noti...

The board of Steinhoff International has been served with a hard-hitting compliance notice by the Co...


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CIPC MEDIA RELEASE 2 of 2018

High court issues court orders in favour of cipc, to impose Administrative fines on entities who ign...


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Steinhoff: Where was the company secretary?

KPMG lost some of their major clients resulting in a flight of directors and partners leaving the fi...


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Lessons from KPMG: Be careful who you get into bed...

When Barclays Africa announced that it would sever ties with its external auditor KPMG, it said it c...


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