saicanewsletters@saicanews.co.za ( Integritax@saicanews.co.za ) to
your safe sender list Dear Peet Membership No.: 03240972 Assurance ISA
600 Revised Training taking place on Wednesday, 19 June 2024 (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067605
) Register to join SAICA’s upcoming training session to explore the
key updates and practical applications of the ISA 600 Revised
standard. SAICA FAQs on the ISA for Less Complex Entities (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067606
) While the standard has not yet been adopted yet in South Africa,
SAICA has issued frequently asked questions on the ISA for Less
Complex Entities to introduce the standard in the South African
context. IASB launches review of accounting for intangibles (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067607
) The International Accounting Standards Board is considering whether
IFRS Accounting Standard requirements for intangible assets remain
relevant today, following concerns from stakeholders. Auditing
Considerations Related to Commercial Real Estate (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067608
) The PCAOB released a new staff Spotlight report, “Auditing
Considerations Related to Commercial Real Estate (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067609
)” which highlights important considerations and examples for
auditors related to commercial real estate (CRE), as they plan and
conduct audits and reviews of interim financial information in many
industries with CRE exposure. PCAOB Staff Report Shares Observations
on How Root Cause Analysis Can Drive Audit Quality (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067610
) The PCAOB released a new staff Spotlight report, “Root Cause
Analysis – An Effective Practice To Drive Audit Quality (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067611
).” Root cause analysis (RCA) is predicated on the belief that a
problem is best solved by attempting to address, to correct, or to
eliminate the fundamental cause or causes of the problem. IIA Opens
Public Comment Survey for Cybersecurity Topical Requirement (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067612
) The Institute of Internal Auditors is pleased to invite internal
audit leaders and stakeholders to participate in the global Topical
Requirements public comment survey on the draft pilot Cybersecurity
Topical Requirement. Participants are invited to submit their feedback
between April 3 - July 3, 2024 via the survey. Banking Proposed
Directives - Completion of regulatory returns relating to credit risk
forms BA 200 (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067613
) and BA 210 (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067614
) The directives guide banks on the completion and submission of forms
BA200 and BA210, ensuring consistent credit risk reporting across
banks. South African Reserve Bank launches the Corporation for Deposit
Insurance (CODI) (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067615
) CODI safeguards depositors by providing automatic cover up to R100
000 per depositor per bank in the event of a bank’s collapse.
Operational Notice: Notice governing operational and administrative
issues pertaining to repurchase transactions entered into by the
Corporation for Public Deposits (CPD) (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067616
) To participate in repo transactions, counterparties must be
approved, duly registered, and comply with all relevant laws and
regulations. The SARB releases Roadmap towards inclusive digital
payments (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067617
) The roadmap aims to enhance competition, innovation,
cost-effectiveness, interoperability, and financial inclusion in South
Africa’s payment system. 2024 Banking seminar - 14 June 2024 (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067618
) This year’s event will explore the future of banking, focusing on
FinTech, sustainable finance and regulatory developments of relevance
to the banking industry. Ethics 2024 SAICA Ethics in Practice -
Webcast (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067619
) Book to view Ethics in practice series. Each session provides
opportunity to reflect on ethics values and attitudes for CPD
purposes. Financial Reporting IFRS 19 - Subsidiaries without Public
Accountability: Disclosures published (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067620
) This new IFRS standard would permit a subsidiary to apply reduced
disclosure requirements when applying IFRS Standards in its financial
statements. SAICA IFRS for SMEs survey - comment deadline - 31 May (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067621
) The third edition of IFRS for SMEs is expected to be published
during 2025.Are you ready to implement the changes arising from the
SMEs standard, share your views by completing this survey. Event on
the new Accounting Standard - IFRS 18 - Presentation and Disclosures
in Financial Statements Join SAICA on 1 July in-person (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067622
) or webcast (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067623
) , where the IASB Board members will be walking you through these new
requirements affecting SA entities. Agenda decisions on IFRS 3, IAS 27
and IAS 37 published (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067624
) This compilation includes agenda decisions on payments contingent on
continued employment during handover periods, merger between a parent
and its subsidiary in separate financial statements and
climate-related commitments. Proposed amendments to improve reporting
of acquisitions (IFRS 3) - comment deadline - 15 July (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067625
) Access the Investor perspective article (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067626
) where IASB Board member discusses how the proposals in IFRS 3 will
enable investors to better assess companies’ acquisitions. Proposed
amendments to IFRS for SMEs - comment deadline - 31 July (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067627
) The IASB has published proposed amendments to IFRS for SMEs to
include lack of exchangeability between two currencies and disclosure
requirements for supplier finance agreements to align with IFRS
Accounting Standards. Financial reporting of renewable electricity
contracts - comment deadline - 7 August (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067628
) The IASB is proposing narrow-scope amendments on IFRS 9 and IFRS 7
to ensure that financial statements faithfully reflect the effects
that renewable electricity contracts have on a company. Intangible
assets project (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067629
) The IASB has commenced its comprehensive review of the accounting
requirements for intangibles which will assess whether the
requirements of IAS 38 remain relevant and continue to fairly reflect
current business models or whether the requirements should be
improved. Business combinations under common control (BCUCC) project
update The IASB has decided not to develop requirements for reporting
BCUCCs. Access the summary from here (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067630
). Digital financial reporting (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067631
) This article provides an introduction to digital financial
reporting, the IFRS digital taxonomies and the spotlight on various
jurisdictions including South Africa (CIPC) to illustrate digital
financial reporting developments around the world. Feedback from the
Accounting Standards Advisory Forum (ASAF) meeting (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067632
) The ASAF discussed the rate-regulated activities,
post-implementation review of IFRS 9 and IFRS 15 and climate-related
and other uncertainties in the financial statements projects.
Vacancies: Accounting Standards Advisory Forum - application deadline
- 30 June (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067633
) The IFRS Foundation is seeking suitable candidates for membership of
the ASAF for the three-year period from January 2025 to December 2027.
Access IFRS Standards via the IFRS Standards Navigator (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067634
) IFRS Standards Navigator is a search and navigation tool which
allows you to access and navigate Standards and related materials.
Legal and Governance Compliance in Practice series (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067635
) Join us for the latest session in the SAICA Compliance in Practice
series taking place on 16 May 2024, where we will be unpacking the
practical processes for CIPC Annual Returns and Beneficial Ownership.
Volume 19 Issue 7 (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067636
) Latest SAICA legal update includes information on the FIC Act: Draft
Regulations, Immigration Act, Pension Fund Act, Tax Administration
Act, Act, and various legislative changes. CIPC delays in processing
CC and Co. reinstatements (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067637
) CIPC advise that delays should be expected in processing and
responding to CC and Company re-instatement applications and
deregistration enquiries. The FIC events (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067638
) Register on The FIC website for face-to-face events, roadshows,
telematic sessions and virtual conferences for compliance and other
information. Precautionary suspension of senior officials in the
Masters Office (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067639
) The Masters Office in Pretoria, Johannesburg and Bloemfontein has
seen the suspension of its senior officials. These suspensions are as
a consequence of an internal forensic investigation and an
investigation conducted by the Special Investigating Unit. Though
acting officials have been appointed, we do anticipate delays in the
administration of estates. Medical Schemes Circular 20 of 2024:
Updated operational statistics for reporting (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067640
) This circular seeks stakeholder engagement on the proposed
statistics for 2024 financial year reporting purposes. Comments by 31
May 2024. Circular 21 of 2024: Update on Annual Statutory Returns
(ASR) submissions for 2023 (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067641
) The 2023 ASR system launch is delayed to June 2024 due to additional
development time required. Public Sector AGSA CIRCULAR 1/2024/25 -
AGSA Charge-out Rates (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067642
) The Auditor-General has reviewed the charge out rates applicable to
the private audit firms and pre-issuance reviewers for the 2024/25
financial year. The charge-out rates set out in annexure A of circular
are appropriate for audit work performed by private firms and
pre-issuance reviewers on behalf of the AGSA and are intended only for
the purpose of audits conducted on behalf of the AGSA. OAG GRAP
Reporting Bulletin (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067643
) The April edition of the GRAP Reporting Bulletin provides reporting
entities with further explanations on the application of GRAP 11 on
Construction Contracts in the public sector. Reporting entities should
familiarise themselves with the Standard and the impact thereof on
their policies and reporting. ASB Exposure Draft 209 (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067644
) The Accounting Standards Board (ASB) invites comments on the
Exposure Draft of the International Public Sector Accounting Standards
Board (IPSASB® ) on Amendments to Consider IFRIC Interpretations.
Comment received on this Exposure Draft will be used in formulating a
response to the IPSASB. Comment should be submitted in writing by
Friday, 7 June 2024. Invitation for Comment: MCS (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067645
) The Office of the Accountant-General (OAG) invites comments on the
Modified Cash Standard by Monday, 30 September 2024. Retirements Funds
2024 Retirement Funds and Investment Management Seminar - 10 July 2024
save the date (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067646
) This year’s event will explore the two-pot retirement system,
economic outlook, sustainable investing, and regulatory developments
impacting the retirement funds and investment managers. Updated
Requirements for rule amendments to be submitted by retirement funds
to give effect to the Two–Component System (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067647
) Funds can submit two-component amendments from 2 May to 15 July
2024. No rule revisions or consolidations will be accepted during this
period. Valuations International Valuation Standards Council (IVSC)
Announces Board Appointments, effective April 2024 (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067648
) The new board members bring diverse background and expertise which
is crucial in guiding the evolution and relevance of global valuation
standards. Register now: IVSC Valuation Webinar Series 2024 (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067649
) This year’s series includes five sessions with international
experts discussing various valuation topics and recent valuation
developments. Share your insights on ESG in the valuation process (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067650
) Share your views on the integration of Environmental, Social, and
Governance (ESG) considerations within the valuation process. Comments
by 31 May 2024. Legal Policy Public documents issued (
https://saica.evlink21.net/servlet/link/55771/593084/116172398/2067651
) Follow the link above to read the latest on the legislative front.
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