Compliance and Legislation Update - September 2019 Presenter: Lettie Janse van Vuuren 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: SARS: Guides (updated & issued): New Tax guide for small businesses 2018/19 New Guide on income tax and the individual (2018/19) Interpretation Notes (updated & issued): None Binding Rulings (Private/Class/General) issued and updated: BPR 324 – Disposal and acquisition of shares by a public benefit organisation BPR 325 – Liquidation distribution and amalgamation transaction between non-resident companies Notices and other publications issued: Practice Note 2 of 1996 withdrawn – Income Tax: Determination of taxable income where financial assistance has been granted by a non-resident of the Republic to a resident of the Republic Tax cases: High Court: Acti-Chem SA (Pty) Ltd v CSARS – Whether the rebate claimed by the appellant is warranted in terms of the Customs & Excise Act, 1964 IFRS: Standards – What’s new? IFRS Monthly news summary IRBA: Standards: IRBA issues Guide for Registered Auditors: Auditing in the Public Sector (Revised August 2019) - effective from 2 September 2019 IRBA issues SAAPS 4 (Revised 2019): Letters of Specific Inquiry to the Entity's External Legal Practitioner Regarding Litigation and Claims Involving the Entity - effective for letters of specific inquiry requested on or after 1 September 2019 Legal/Ethics: Proposed Amendments to the IRBA Code of Professional Conduct relating to Registered Candidate Auditors IESBA Proposes Changes to Promote Role and Mindset Expectations of Professional Accountants CIPC: Notices and Practice Notes issued (enforcement and to customers): 2 notices issued (re Lists re Deregistration Notification to Companies and Close Corporations, Introduction of compliance checklist button on e-services website) Companies Tribunal: 9 Decisions reached on cases heard (6 Name disputes, 0 AGM, 2 Exemptions from SEC, 1 Directorship dispute) Labour Law: Employment law: The wholesale and retail sectoral determination 9 wage tables have been amended. Employees can soon check their UIF status via USSD. Other Laws & Regulations affecting your client AND impact on NOCLAR: This month’s big 5 include: The Administrative Adjudication of Road Traffic Offences Act (Amendment Act 2019); The Constitution of the Republic of South Africa (Transfer of administration and powers and functions); The National Credit Act (Amendment Act 2019); The National Qualifications Framework Act (Amendment Act 2019); and The Public Finance Management Act (Standard rate on interest). Other Acts: The National Health Insurance Bill 2019 Financial Sector Regulation Act (Reminder that the commencement date for chapter 14 (Ombuds) is now 1 September 2019) Regulator news: ISAICA Guidance & other publications: Top tips for SMPs (Small and Medium Practices) Companies Tribunal: Manual re on-line case management system Newsletter SAIBA: SAIBA talks to IRBA re accreditation SAIBA investigates ATA assurance engagements – inspectors vs auditors SAIBA makes practical suggestions: To CIPC: to have RI for IRs included when you do the submission of your annual return To the Companies Tribunal: to have an automatic extension to submit financial statements, from 6 to 9 months, where a company/CC has a PIS<100 SARS media releases: VAT Fraudster sentenced to 15 years imprisonment Clarification Note on Donations FSCA publications & press releases: 6 Warnings issued to the public against fraudulent FSPs General Announcements / News Releases: Media articles: How you can save tax on school fees
Company law amendments for bookkeepers and accountants Presenter: Russel Ngobeni Learning objectives By the end of this event the participant should: Know key proposed amendments to the Companies Act and wh en they will take effect. Know recent amendments to the Companies Act. Understand how the amendments affect the bookkeeper and accountant's work. Understand how to apply the amendments practically. Content The webinar will cover the following topics: Amendments to the Memorandum of Incorporation; Amendments to remuneration disclosures; Amendments related to share buy-backs; and Application of takeover regulations to private companies.
Accounting for trusts and deceased estates Presenter: Sonja Frank Learning objectives: By the end of this event the participant should: Understand estate planning and trust law. Know all the recent amendme nts to legislation. Know how to draft an estate plan and administer an estate. Know how to correctly create and administer a trust. Understand curatorship and the roles and responsibilities thereof. Know the Davis Committee recommendations. Content: The webinar will cover the following topics: Background to estate planning and trust law; The Income Tax Act on trusts. Recent amendments to legislation related to trusts and estates; Creating a valid and lawful trust; The roles, responsibilities and liabilities of the trust founder and beneficiaries; Administering and terminating a trust; Pitfalls in trust deeds and their remedies; Taxation of resident and non-resident trust beneficiaries; The deceased estate administration process; Appointment as curator, roles and responsibilities; How to do a proper estate plan; Taxation of income in deceased estates; and An update on the Davis Committee recommendations.
Reporting Engagements: Accounting Officer, Review and Compilations Presenter: Jako Liebenberg CA(SA) Learning objectives: By the end of this event the participant should: Understand the difference between assurance and non-assurance engagements. Understand the risks and liabilities of accountants and accounting officers. Understand the key requirements of professional standards. Be able to apply standards to each phase of the engagement. Know how to make engagements more effective and efficient. Understand the link between risks, controls and engagement approach. Understand the reporting requirements of the following acts: Close Corporations Act, 1984; Sectional Titles Schemes Management Act, 2011; Non-Profit Organisations Act, 1997; South African Schools Act, 1996; and Companies Act, 2008; and Have practical tools to assist in the different engagements. Content: The webinar will cover the following topics: Different types of reporting engagements explained; Assurance vs non-assurance engagements; Who can perform which engagement? Accounting officer; Accountants in practice; and Independent reviewers. Legislation affecting the reporting of different entities' financial affairs; Financial standards to use in reporting engagements; Practical tools to use in reporting engagements; Recent notices affecting the accounting officer's work; and Recapping accounting officer duties – the do's and don'ts.
Costing for accounting services 2019 Presenter: Kery Boucher CA(SA) HDip Tax CSAP Learning objectives By the end of this event the participant should: Understand the basis for costing accounting services.&n bsp; Know how to evaluate different methods for costing of accounting services. Understand how to package accounting services effectively. Understand benchmarking across accounting services. Be more effective in client pricing. Content The webinar will cover the following topics: Different costing methods; Defining service-based costing; Identifying and defining your services; Identifying service costs and building a costing model; Benchmarking to the industry; Using service-based costing in budgeting; and Relooking value adds vs cost of services.
Knowing the requirements of the Companies Act and your MOI Presenter: Edith Wilkins Learning objectives: By the end of this event the participant should: Know what is required of corporates by the Companies Act, 2008. Know the importance of following their entity's MOI. Understand every stakeholder's roles, responsibilities and liabilities. Know critical compliance requirements of CIPC and the JSE. Understand the need for good corporate governance, transparency and accountability. Content: The webinar will cover the following topics: Introduction to the Companies Act, 2008; Core principles of the Companies Act, 2008; Roles, responsibilities and risks faced by entity's stakeholders: Shareholders; Directors; Accountants/ accounting officers; and Auditors. The Memorandum of Incorporation and you; CIPC and JSE regulations on companies; and Corporate governance – an overview.