| IFRS: |
- New guidance on the accounting treatment of attorneys’ trust accounts (FAQ issued by SAICA)
- IFRS 17 : Insurance (IASB : accounting model summary)
- General IFRS update
|
| IRBA: |
- Audit fees survey (IESBA to consider changes to Code of Ethics – deadlilne for comments 1 March 2018)
- IRBA comment deadlines (including Access to Working Papers due by 28 February 2018)
- Final amendments to the IRBA Code addressing Long Association of Personnel with an Audit or Assurance client
- Proposed Amendments to Public Audit Act
|
| CIPC: |
- 4 New notices released (domain names registration, changes to website, MOI retrieval, registration date)
- Companies will require software to submit AFS to the CIPC via XBRL
- Steinhoff served with compliance notice (including impact on Reportable Irregularities)
|
| Labour Law: |
- Lackay loses CCMA case against SARS
- Labour Relations Amendment Bill (Extension of Bargaining Council agreements to non-parties)
- Minimum wages update (sectoral determinations)
- Are Uber drivers considered employees of Uber?
|
Other Laws & Regulations
affecting your client AND
impact on NOCLAR: |
- COIDA : changes in monthly pensions payable & maximum amount of earnings
- The FAIS Act (Fit and proper requirements)
- The Foodstuffs, Cosmetics and Disinfectants Act (Draft cosmetics regulations)
- The Insurance Act, Long-term Insurance Act and Short-term Insurance Act (Multiple changes)
- The National Health Act (Notifiable medical conditions regulations)
- New POPI guideline for attorneys
- Draft Bill on Debt Rescue
- FATF report on Financing Recruitment for Terrorism
|
| SARS: |
- Acts promulgated in December 2017:
- Taxation Laws Amendment Act 17 2011
- Tax Administration Laws Amendment Act 2017
- New Draft SARS guide released in January 2018:
- Interpretation Note 22 – Transfer duty exemption: Public benefit organisations and institutions, boards or bodies
- Draft Interpretation Notes (4 new and 1 updated issue)
- Binding Private Rulings 288 to 292 (Including BPR 291 on Taxation of Subsistence Allowances)
- Binding Class Ruling (BCR) 060 - Consequences of an employee share trust disposing of the underlying shares and distributing the net proceeds to the beneficiaries
- SARS to collect for Sugar Tax from 1 April 2018
- VAT : residential property developers faced with cashflow dilemma (Sec 18B)
- Court cases:
- Another take on ITC 14055 – Social corporate expenditure
- 12 Years for VAT fraudster
|
| Regulator news: |
- About KPMG:
- Update on IRBA investigations into KPMG
- Update on the Ntsebeza inquiry into the conduct of SAICA members employed by KPMG
- Former KPMG partners arrested for leaking confidential information from regulator
- PwC found negligent over Colonial Bank failure
- India bans PwC for 2 years
- FIC issues amended Schedule 1 to FIC Act (expansion of accountable institutions)
- SAICA & CIBA require NOCLAR declarations
- FIC : Updated guidance on mode of communication
- FSB Notices (includes Sec 9B disclosures to the Registrar & Sec 37(2) penalties)
|
| General Announcements / News Releases: |
- Practice expansion : Agreed-Upon Procedures Engagements becoming popular (IFAC)
- Removal of Directors by Shareholders
- SARS' compliance intervention in religious sector
- Staff resignations decline at SARS
- SAICA launches new webpage - emerging technology
- Steinhoff parliamentary hearings (impact for accountants)
|