Monthly Compliance and Legislation Update - December 2023


CPD hours: 2 Hours

Price: R380.00

Video Type: Single

Presenter: Caryn Maitland CA(SA)
Owner, Maitland & Associates
...

Monthly Compliance and Legislation Update - December 2023

CPD Hours: 2

Price: R380.00


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Title / Topic

Monthly Compliance and Legislation Update - December 2023

Presenters : Caryn Maitland CA(SA)


Overview 

Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients. 

Technical expert Caryn Maitland CA(SA) researches and summarises all relevant and important changes which she then presents in an easily understandable webinar. 

The webinar includes: 

  • A reference guide of all changes to share within the firm; 

  • Slide presentation summary of all new amendments; 

  • Interactive session with the presenter; and 

  • Online Q & A. 


 Learning objectives  

After attending this webinar you will: 

  • Be aware of the latest legislative changes and what it means for your business, practice, and your clients; 

  • Be able to inform your staff and clients on how to stay compliant; 

  • Adapt business models to fit new legislative landscapes; 

  • Receive references to documents and guides;  

  • Have access to your own technical resource; and  

  • Have access to the presenter via email for follow-up Q & A. 


 Content  

The following legislative, regulatory, industry standards, items and guides have been issued and/or updated during the preceding month and will be covered in the webinar: 

 

IFRS: 

  • Standards – What’s new? 

    • IFRS - IFRS 17 effective from 1 January 2023 

    • IFRS - Agenda Decision Volume 9 published 

    • FRC - FRC publishes review of companies’ IFRS 17  

    • IASB - Proposed updates to the IFRS Accounting Taxonomy 2023 

    • ITCG - Feedback from the IFRS Taxonomy Consultative Group (ITCG) meeting 

  • Accounting issues 

    • SAICA - Access submissions on amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 

    • SAICA - Revised headline earnings circular published 

    • SAICA - FAQ on Zimbabwe functional currency archived 

    • SAICA - Body Corporate Illustrative Annual Financial Statements template published 

  • Public sector 

    • National Treasury - Municipalities Guidance: Accounting for Contractual Receivables 

    • National Treasury - Modified cash standard for comment 

  • Technology 

    • IFRS - Proposed Update 2 Common Practice for Financial Instruments, General Improvements and Technology Update 

    • ITCG - Feedback from the IFRS Taxonomy Consultative Group (ITCG) meeting 

  • Sustainability 

    • IASB - Targeted actions to improve the reporting of climate-related and other uncertainties in financial statements 

IRBA: 

  • Standards 

    • IRBA - Board Notice No. 509 of 2023  

    • IAASB - Have you heard? ISA for LCE is coming soon 

    • IAASB - Effective Date of the International Standard on Auditing 600 (Revised) 

    • IAASB - Exposure Draft: Proposed Guide for Registered Auditors (Revised), Joint Audit Engagements  

    • IRBA - An Alert on the Latest Publications from the Legal Practitioners Fidelity Fund 

  • Legal and ethics 

    • IRBA - Disciplinary Hearing (week of 4th December 2023) regarding improper conduct RE VBS Bank  

    • IRBA - Audit Quality Indicators Survey Report shows commitment to transparency and continuous improvements  

  • Sustainability 

    • IFAC - IFAC Releases Sustainability Checklist for Small Businesses 

  • International news 

    • ICAEW - Audit Monitoring Report 2022-23 

  • Technology 

    • IRBA - Final Pronouncement: Technology-related Revisions to the IRBA Code of Professional Conduct for Registered Auditors 

    • IRBA - Recording and Presentation Slides Now Available: IRBA Innovation Day 2023 - Shaping the Future of Audit 

    • ICAEW - Why audit? A profession full of possibilities 

    • ICAEW - Audit quality drives search for AI tools  

  • Other 

    • FRC - Audit Quality Indicators Survey Report shows commitment to transparency and continuous improvements   

CIPC: 

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

    • Notice 67 of 2023: Incorporation of BO filing and turnover validation to ARs 

    • Notice 62 of 2023: Correction of Company Information and Share certificates across platforms 

    • Notice 64 of 2023: Automation of foreign assurance services 

    • Notice 65 of 2023: Automation of Register of Disqualified persons (to act as directors and members) 

    • Notice 65 of 2023: Automation of filing of directors' changes 

Financial Intelligence Centre (FIC) 

  • News releases 

    • Anti-money laundering, counter-financing of terrorism and counter-proliferation financing (AML/CFT/CPF) awareness communiqué 

    • The FIC Draft PCC 121 

    • The FIC: Draft sector risk assessment 

    • FATF Risk-Based Guidance on Recommendation 25 Public Consultation 

    • The FIC GN 9 on International Fund Transfer Reports  

Labour Law: 

  • Employment law: 

    • Prevention of and Treatment for Substance Abuse Act: Prevention of and treatment of substance use disorders policy 

    • Navigating employment, gender equality and parental leave 

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

  • This month’s big 5: 

    • The latest SAICA Legal Update has been released and it covers relevant national laws up to 1 September 2023: 

      1. The Children’s Amendment Act (abandoned and orphaned children) 

      2. Customs and Excise Act: Tax Administration Laws Amendment Bill (Passenger data of people exiting and entering RSA) 

      3. Income Tax Act: Tax Administration Laws Amendment Bill 

      4. Tax Administration Act: Tax Administration Laws Amendment Bill 

      5. Tax Administration Act: Third party returns (Third party returns amended so that trusts covered by the notice must submit returns by 30 September each year) 

      6. BONUS: Value-added Tax Act: Taxation Laws Amendment Bil 

    • The latest SAICA Legal Update has been released and it covers relevant national laws up to 15 September 2023: 

      1. The Administration of Estates Act: Judicial Matters Amendment Bill 

      2. Draft Aquaculture Development Bill 

      3. Cannabis for Private Purposes Bill 

      4. Intestate Succession Act: Judicial Matters Amendment Bill 

      5. Maintenance of Surviving Spouses Act: Judicial Matters Amendment Bill 

      6. BONUS: Prevention and Combating of Corrupt Activities Act: Judicial Matters Amendment Bill 

Other acts and articles: 

  • Administration of Estates Act: Judicial Matters Amendment Bill 

  • Intestate Succession Act: Judicial Matters Amendment Bill  

  • Maintenance of Surviving Spouses Act: Judicial Matters Amendment Bill  

Eskom Debt Relief Act:  Amendment Bill The Bill proposes that Eskom must pay interest on the amounts advanced as a loan 

  • Prevention and Combating of Corrupt Activities Act: Judicial Matters Amendment Bill  

  • Protected Disclosures Act: Judicial Matters Amendment Bill  

  • National Council on Gender Based Violence and Femicide Bill  

  • South African Police Services Act: Draft national policing policy  

  • Cannabis for Private Purposes Bill  

SARS: 

  • Refer to October 2023 and November 2023 Maitland and Associates Tax Newsletter distributed to attendees.  

Regulator news: 

  • CIBA 

    • Accounting Weekly Newsletter  

    • CFO Talks 

  • CIPC 

    • The how, where and what of Trade Mark registration for SMMEs in South Africa debunking common misconceptions – part 1 

  • SAICA  

    • SMP Podcast series to be released  

    • Top u35 awards 

  • Competitions Commission 

    • Multinational Standard Chartered Bank admits liability to currency 

    manipulation case, agrees to pay R42m fine 

    • Statement of Decisions (2nd, 6th, 21st and 27th November 2023) 

    • Commission welcomes Tribunal’s decision to prohibit the proposed merger between Plascon and AkzoNobel 

    • Commission welcomes the Tribunal’s confirmation of settlement agreement With the Allens Meshco Group 

  • Companies Tribunal 

    • Names Disputes (2 granted 1 refused) 

    • Exemptions (6 granted 0 dismissed) 

    • Directors Disputes  (2 granted, 2 refused) 

    • AGM  (1 refused) 

    • Other matters (none) 

  • Property Practitioners Regulatory Authority 

    • Communique: Funding opportunities for SMMEs 

  • National Credit Regulator 

    • Circular 6 of 2023 (Emolument attachments and other matters  

  • FCSA publications  

    • The FSCA publishes Crypto Assets Market Study 

    • Be smart and cautious when spending on Black Friday  

    • FSCA Update on BHI Trust matter  

    • FSCA warns the public against an entity impersonating BI ME (Pty) Ltd  

    • FSCA warns the public against Branson Capital (Pty) Ltd (Branson Capital) and Brandon Naicker 07 November  

    • FSCA warns the public against Lereko Brokers (Pty) Ltd.  

    • FSCA warns the public against Acqumen Fund Limited_20 November 2023 FSCA issues public warning against Kozoo Forex 

    • FSCA warns the public against GS Partners 

    • FSCA warns the public against Finco World (Pty) Ltd  

    • FSCA warns the public against FX Squad  

    • Public warning against individuals impersonating MitonOptimal (Pty) Ltd 

General Announcements / News Releases: 

  • Media articles and other thoughts:  

    • Drafting an MOI - A guide to the provisions relating to Directors (Part 1) 

    • Understanding default judgment and rescission applications 

    • DocFox explains why FICA requires continuous screening 

    • Restraint of trade agreements and business transfers 

    • A guide to drafting provisions relating to shareholders in your MOI 

    • Can your freedom of speech be limited - Defamation vs. crimen injuria 

    • Insurance-related legalities and considerations as hailstorms wreak havoc 

 

  

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