Webinars On-Demand

IFRS:

• • Standards – What’s new?
    • IFRS Monthly news summary
    • IASB Workplan updated
  • Accounting issues
    • IFRS for SME Update June 2020 published 2 July 2020
    • Exposure Draft General Presentation and Disclosure Update
    • Digital Reporting – Questions for Practitioners, Standard setters, Researchers
    • Goodwill and Impairment project continued
    • IFRS 16 and COVID 16 – continuing issues

IRBA:

• • Standards:
    • IRBA issues “Focus on Interim financial Statements”
    • The IAASB Issues Conforming amendments to the International Standards as a Result of the Revised IESBA Code and the IRBA Issues Updated
    • Illustrative Auditor's Reports Following These Conforming Amendments
    • IRBA issues comments on CIPC notice regarding Directors Renumeration Disclosure
  • Legal/Ethics:
    • IRBA Issues for Comment an Exposure Draft on the Use of Electronic Signatures When Signing Audit, Review or Other Assurance Reports
  • Other:
    • IRBA Newsletter 50 released
    • IAASB issues COVID 19: Reminder Accounting Estimates and Interim Reporting publications
    • SAICA issues summary of changes to the IFAC Guide using ISAs in the Audit of SMEs
    • SAICA opens a webpage on IAASB’s Quality Management Project

CIPC:

• • Notices and Practice Notes issued (enforcement and to customers):
    • Notice 34 of 2020 - Companies, close corporations regulatory compliance during government lock down of South Africa
    • Notice 35 of 2020 – New method of issuing confirmations
    • Notice 36 of 2020 – Acknowledgement of the appointment of business rescue practitioners
    • Notice 37 of 2020 – Recommencement of referral for deregistration of non-compliant companies and CC’s
    • Notice 38 of 2020 – Audited annual financial statements: Requirement to disclose remuneration and benefits of directors and prescribed officers
    • Notice 39 of 2020 – Pending final deregistration of companies and close corporations

COVID-19 Updates

• • Important changes:
    • Lockdown level change - Disaster Management Act
    • Disaster Management Tax Relief Bill
    • Disaster Management Tax Relief Administration Bill
  • Legislative amendments:
    • Lockdown Disaster Management Act (Basic education)
    • Disaster Management Act (Co-operative governance)
    • Disaster Management Act (Health)
    • Disaster Management Act (Higher Education)
    • Disaster Management Act (Home Affairs)
    • Disaster Management Act (Justice)
    • Disaster Management Act (Social Development)
    • Disaster Management Act (Sports Arts and Culture)
    • Disaster Management Act (Tourism)
    • Disaster Management Act (Transport)
    • Disaster Management Act (Health)
    • Disaster Management Act (Self isolation and self-quarantine)
    • Impact on Immigration Act
  • New announcements/guidance:
    • UIF release information about verification of bank accounts
    • Council of Medical Schemes

• • • PMB definition guideline on COVID-19 v4
    • CMS industry update on COVID-19 exemptions and guidelines

• • • Disaster Management Tax Relief Bill
    • Disaster Management Tax Relief Administration Bill
  • COIDA Update:
    • COVID-19 directions (employment- compensation for occupational injuries and diseases)

Labour Law:

• • Employment law:
    • Employment Equity Amendment Bill 2020
    • Increase in monthly pensions payable in terms of Compensation for Occupational Injuries and Disease Act

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

• • This month’s big 5:
    • The Disaster Management Act: Regulations and directions
    • The Electronic Communications Act: Draft policy direction on rapid deployment
    • The Employment Equity Act: Amendment Bill 2020
    • The Infrastructure Development Act: Strategic infrastructure projects
    • The Special Investigating Units and Special Tribunals Act: State institutions and COVID-19.
  • Other acts and articles:
    • The Electronic Communications and Transactions Act and National Credit Act – Updated for POPIA
    • Legal Practice Act
  • COIDA Update:
    • Draft regulations updated for comment

SARS:

• • Guides (new, updated & issued):
    • Guide on Income Tax and the Individual (2019/20)
    • Introduction to Excise Duties Levies and Air Passenger Tax - External Guide
    • Guide on the Determination of Medical Tax Credits (Issue 11)
  • Interpretation Notes (updated & issued):
    • Draft IN - Vesting of income in a resident beneficiary by a non-resident trust: Interaction between section 25B(1) and section 7(8)
      • Due date for public comment: 20 July 2020
    • IN 18 (Issue 4) – Rebate and deduction for foreign taxes on income
    • Draft Interpretation Note – Taxation of the receipt of deposits
    • Interpretation Note – Taxation of the receipt of deposits
  • Binding Rulings (Private/Class/General) issued:
    • BCR 071 – Transfer of portfolio investments by foreign pension funds to an authorised contractual scheme
    • BPR 348 – Income tax consequences for a public benefit organisation lending funds to qualifying entrepreneurs
    • BPR 347 – When the temporary setting aside of voluntary liquidation proceedings will not jeopardise roll-over relief
    • BPR 346 – Tax implications resulting from the elimination of intra-group loans
  • Notices and other publications issued:
    • COVID-19 Loan Guarantee Scheme FAQs – 26 July 2020
    • Publication details for tariff amendment notices R806, R807, R808 and R809, as published in Government Gazette 43543, are now available
    • Updated source codes look-up for Filing Season 2020
    • FAQs for Small Businesses
    • National Treasury and SARS invite public comment on the following draft documents, intended to give effect to the 2020 Budget and the extension of some COVID-19 relief measures. (Due date for public comment: 31 August 2020)
    • Publication of the 2020 Draft Tax Bills, Draft Regulations Prescribing Electronic Services, Venture Capital Company Survey to give effect to 2020 Budget and extension of some COVID-19 Relief Tax Measures
    • Rule amendment notice R825 in Government Gazette 43569 of 31 July 2020, under sections 59A and 120 – Rule 59A.03 relating to the use of registration code 70707070 (DAR199)
    • FAQs for Auto Assessment
    • Published FAQs - Employees' tax
      • Status overview of all DTAs and Protocols – Multilateral Convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI) Synthesised Texts
  • Tax court cases:
    • Big G Restaurants (Pty) Limited v Commissioner for the South African Revenue Service (CCT13/19) [2020] ZACC 16 (21 July 2020)
    • Commissioner: South African Revenue Service and Another v Alves (A194/2019) [2020] ZAFSHC 123 (27 July 2020)
  • Taxpayers must be on the lookout for New Scams:
    • Draft Proof of online Payment - 31 July 2020
    • Package of gold - 14 July 2020
    • eFiling confirmation - 13 July 2020

Regulator news:

• • IRBA News & press releases:
    • IRBA investigation into Steinhoff auditors will recommence once restated financials are released
    • Linkway Trading auditor deregistered - ordered to contribute to costs
  • SAICA press releases and other publications:
    • SAICA Companies Act Guide Revised
  • CIPC:
    • Business Rescue CPD policy updated
  • FIC Advisory & Guidance:
    • Proposed amendments to Schedules 1, 2 and 3 to the FIC Act
  • LPC:
    • Updates to Legal Practices Act
  • FSCA publications & press releases:
    • Exemption of managers of CISs from section 44(2) and (3) of the CISCA
    • Request of information related to participating employers under umbrella funds
    • Conduct Standard for minimum skills and training requirements for board members of Pension Funds
  • Information Regulator:
    • Update to POPIA
    • Draft Guidelines on the Registration of Information Officers
  • Council of Medical Schemes:
    • Approval of appointments of auditors and IFRS advisors

General Announcements / News Releases:

• • Media articles:
    • SAICA article: Evidence on the Value of Audit for SMEs in Europe
    • SARS: IMF Executive Board Approves US$4.3 Billion Financial Support to South Africa to deal with Covid-19 pandemic – 27 July 2020