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Technical Updates for March 2018


IFRS:
  • ED64 : New Lease Accounting Model proposed for the Public Sector (IPSAS 13) – comments due by 30 June 2018
  • IAS 19: Amendments to the employee benefits standard (IAS 19) on pension accounting published
  • General IFRS update

IRBA:
  • 8 Feb press release: IRBA wants to rope in audit committees under new APA
  • 25 press release: IRBA wants restated Steinhoff financial statements

CIPC:
  • Enforcement: list of CCs without accounting officers published
  • Enforcement: personal liability if CC acts without accounting officer
  • Update: revised guidance on appointment of accounting officers
  • Accredited bodies: criteria to be appointed as business rescue practitioners
  • Mandatory share offers: Takeover Regulation Panel ruling issued.

Labour law:
  • National Minimum Wages : exemptions
  • Asylum seekers: application for UIF
  • Application: how to calculate the monthly notice period.

Other Laws & Regulations affecting your client AND impact on NOCLAR:
  • COIDA : companies required to pay the funeral expenses of deceased employees
  • National Credit Amendment Bill: Treasury objection - extinguishing debt would deprive creditors of property
  • Money Laundering: list of deficient countries published
  • King IV: Practice Notes on committees and declaration of interests
  • Legal Practice Act: rules published affecting audit and accounting of attorney trust accounts
  • Children's Amendment Act: removal of child without court order
  • National Health Act: new safety standards for health establishments
  • Labour Relations Act: essential services
  • Insurance Acts: penalty for failure to submit returns

SARS:
  • 2018 Budget: highlights
  • Guides (new and updated):
  • VAT rate increase
  • FAQs on the increase in the VAT rate
  • Tax rates, duties and levies
  • IT Returns: latest enhancements for Trusts & Companies
  • PBO Interpretation Notes :
  • 22 – transfer duty exemption
  • 24 –partial taxation of trading receipts
  • 98 – transfer of funds and resources to any association or person
  • Interpretation Notes (new and draft) :
  • 99: lump sum benefits classified as unclaimed benefits
  • Lease premiums, leasehold improvements, building allowances and meaning of “bulk” in mining industry
  • Binding Private Ruling issued: 293 - disposal of shares by a non-resident individual
  • Draft public notice: Amendments to IT3 returns - Section 26 of the Tax Administration Act, 2011
  • Court cases: tax administration, understatement penalties, gross negligence, tax returns

Regulator news:
  • Consumer Ombud (CGSO): fee structure announced
  • Community Schemes Ombud (CSOS): Practice Directive 3 (discount or waiver of levies and fees) released
  • Tax Ombud newsletter
  • SARS warning on search & seizure scams
  • SAICA audit support line for public schools launched
  • Saiba/Unisa certificate for school bookkeepers
  • EAAB:
  • Fines for CPD training waived until 31 March 2018
  • Guidance on implementation of FIC Amendment Act by estate agents

General Announcements / News Releases:
  • SAICA update on Ntsebeza inquiry
  • FIC update on online scams
  • FSB warns public against 2 FSP companies
  • POPI warning: unlawful processing of information by MiWay
  • Saiba submission on Legal Practice Act (rules) to provide guidance for independent reviewers

Click here to register for the webinar. If you are an existing CIBA CPD subscriber the webinar is free.