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Technical Updates for December 2017

IFRS:
  • Complaint against IASB (IFRS9) and general news update
CIPC:
  • CIPC and Professional bodies meeting (Business Rescue and Company Filing amendments)
  • Cyber security update
Labour Law:
  • Basic Conditions of Employment Act (Summary of proposed amendments)
  • Labour inspectors assessing compliance levels of SMEs
  • National Minimum Wage Bill (Update)
IRBA Announcements
  • New proposed guide for client access to working papers
  • Sustainability Assurance Engagements (Proposed SAAEPS 1)
  • IRBA Disciplinary Rules (Amendments)
  • Audit investigations (UK case studies)
  • Poor audit work (New fines proposed)
  • Reporting responsibilities for auditors of banks (Directive 5-2017)
  • KPMG inspection (Update)
SARS:
  • Game farming and nursery operators (Interpretation notes 69,79)
  • Dispute resolution (update)
  • Medium Term Budget speech (summary)
  • Taxation Laws Amendment Bill (summary)
  • Compelling SARS to share documentation related to audit (S69 of TAA)
  • Update on binding private rulings (BPRs): Relieve for clubs, Wind Farm operators, Intragroup asset disposal, Franchise fees, Settling-in allowance, Disposal of vacant land-for-shares.
FSRC
  • Latest EDs issued and submissions to IASB (IFRS, IFRS for SME)
Update general laws:
  • Draft Prevention and Combating of Corrupt Activities Amendment Bill, 2017 (Provisions affecting accountants and auditors)
  • Draft Electronic Communications Amendment Bill 2017 (Rules for digital communication)
  • Draft National Credit Amendment Bill 2017 (Reckless lending)