Monthly Compliance and Legislation Update - May


CPD hours: 2 Hours

Price: R399.00

Video Type: Single

Presenter: Lettie Janse van Vuuren CA(SA)
CA (SA), Registered Auditor
...

Monthly Compliance and Legislation Update - May

CPD Hours: 2

Price: R399.00


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Title / Topic

Monthly Compliance and Legislation Update - May


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 Lettie Janse van Vuuren CA(SA), RA 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.

Course 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 Monthly news summary – not available yet as at 18 May 2021, but only 1 individual NB item: 

    • IASB proposes amendments setting out accounting for when no foreign exchange rate exists 

  • Issued by the Office of the Accounting-General in the Department of National Treasury 

    • GRAP Accounting and Disclosure Checklist 2021 

    • Summary of GRAP Standards 31 March 2021 

    • 2 Updated Accounting Guidelines on GRAP 

    • Modified Cash Standard 2021_2022 

  • Accounting issues 

    • Accounting for subsequent expenditure on biological assets 

    • IASB proposes a new approach that opens the way to better communication in the notes in financial statements 

    • IFRS Foundation publishes educational material to support companies in applying going concern requirements 

    • ASB issues letter to CFOs re New Accounting Requirements for 2020/2021 

IRBA: 

  • Legal/Ethics:  

    • IESBA takes major step forward in strengthening Auditor Independence 

  • Guidance/Other:  

    • SAICA issues Circular 1/2021 – Guideline on Fees for Audits performed by private firms on behalf of the Auditor-General of South Africa (AGSA) 

    • Guide for Registered Auditors: Guidance on Performing Audits where the AGSA has Opted not to Perform the Audit (Revised March 2021) 

CIPC: 

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

    • Notice 20 of 2021 – Amended Notice in Respect of Issuing Patent Certificates   

COVID-19 Updates 

  • New announcements/guidance: 

    • Updated: An employer’s guide to mandatory workplace vaccination policies 

Labour Law: 

  • Employment law: 

    • Guidelines to apply for Temporary Employer / Employee Relief Scheme (TERS) 

    • Employment Strike Guideline 

    • Fired for coming to work with COVID 

    • Can staff be dismissed for disregarding Covid-19 protocol after hours?...  

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

  • This month’s big 5: 

    • Volume 16 Issue 7 up to 23 Apr 2021: 

      • The Disaster Management Act (Regulations and directions); 

      • The Gas Act (Amendment Bill); 

      • The Medical Schemes Act (Undesirable practices); 

      • The Preservation and Development of Agricultural Land Bill; and 

      • The Special Investigating Units and Special Tribunals Act (Investigations) 

    • Volume 16 Issue 8 up to 7 May 2021: 

      • The Auditing Profession Act (Amendment Act); 

      • The Legal Practice Act (Draft conduct rules); 

      • The National Environmental Management Waste Act (Extended producer responsibility); 

      • The Promotion of Access to Information Act (Protection of Personal Information Act); and 

      • The Special Investigating Units and Special Tribunals Act (Investigations) 

  • Other acts and articles: 

    • Complimentary POPIA Compliance Checklist 

    • Proposed draft Regulations relating to the Promotion of Access to Information 

  • COIDA Update: 

    • Domestic workers’ compensation: Here’s how much employers are required to pay per year 

SARS: 

  • Guides & FAQs (new, updated & issued): 

    • VAT Section 72 Decisions Process Reference Guide 

    • Updated: Guide for Transfer Duty via eFiling. 

    • Updated: Guide on how to download the new SARS eFiling browser. 

    • Updated: Guide on how to activate, submit and declare the IT3 via eFiling. 

    • Updated: Completion guide for IRP3(a) & IRP3(s) forms. 

    • Updated: Guide to the SARS MobiApp 

    • Updated: Guide on how to register for eFiling and manage your user profile. 

    • Updated: Guide to the Tax Directive functionality on eFiling. 

    • Updated: Guide on the Payment Advice Notice functionality on eFiling 

    • Updated: Guide to bulk and additional payments on eFiling. 

    • Updated: Guide on how to complete, submit and cancel a recognition of transfer. 

    • Updated: Guide on how to submit your Individual Income tax return via eFiling 

    • Updated: Guide on Tax Directive for emigration, cease to be resident and expiry of visas. 

  • Interpretation Notes (updated & issued – including Drafts): 

    • Interpretation Note 115 – Withholding tax on interest 

    • Interpretation Note 116 – Withholding tax on royalties 

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

    • Binding General Ruling (BGR) 56 – Application for a decision under section 72 

  • Notices and other publications issued: 

    • Tax Administration Act, 2011:  Public notice 299, published in Government Gazette 44383 of 1 April 2021 

    • Useful information on the tax obligations relating to Small, Micro, and Medium Enterprises (SMMEs) 

    • Corporate Income Tax (CIT) Audit Letters 

    • Numerous changes relating to Customs & Excise 

  • SCA cases: 

    • CSARS v Levi Strauss SA (Pty) Ltd (509/2019) [2021] ZASCA 32 (7 April 2021) 

  • Taxpayers must be on the lookout for New Scams: 

    • ​ Payment Notice scam 

    • Letter of Demand scam 

Regulator news: 

  • SAICA press releases and other publications: 

    • Headline Earnings Circular revised and issued by SAICA 

    • Updated SAICA Code of Professional Conduct 

    • The impact of technology on the audit product 

  • Companies Tribunal:  

    • 7 Cases finalised in April 2021 (2 AGM, 5 Name Disputes, 0 Exemption from SEC) 

    • Quarterly Newsletter 

  • National Consumer Commission (NCC): 

    • Up money fined one million rands and declared a pyramid scheme 

  • Information Regulator of SA:  

    • POPIA: Code of Conduct for CBA 

    • POPIA: What’s the latest on the online registration of Information Officers? 

    • Guidance Note on Information Officers and Deputy Information Officers, 01 Apr 2021 

    • Media Statement: Information Regulator to take further action regarding the WhatsApp Privacy Policy 

  • IFRS Foundation: 

    • IFRS Foundation introduces substantial update to its website 

  • IESBA:  

    • IESBA eNews Quarter 1 released 

  • FSCA publications & press releases:  

    • FSCA enters into an enforceable undertaking with Basfour and Ms. Jane Engelbrecht 

    • 11 Warnings issued against fraudulent FSPs this month 

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