Guidance on Beneficial Ownership, in Terms of Section 21b of the FIC Act The FIC has published PCC 59, which offers accountable institutions guidance on compliance with the beneficial ownership requirements of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001). PCC 59 is available on the FIC website: https://www.fic.gov.za/compliance/compliance-guidance/public-compliance-communication/ Go to more snippets Read full article Other Updates Go to News Room

Second Comprehensive Review of the IFRS for SMEs Accounting Standard In September 2022, the IASB published the Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard as part of its second comprehensive review of the standard. The outcome of this second review will improve information provided to users of SME financial statements, while maintaining the simplicity of the standard for SMEs. The IASB plans to issue the third edition of the standard in the first half of 2025. Detailed information is available on: https://www.ifrs.org/projects/work-plan/2019-comprehensive-review-of-the-ifrs-for-smes-standard/ Go to more snippets Read full article [...]

Companies Act Amendments Signed into Law The President has signed into law amendments to the Companies Act of 2008 that facilitate doing business, and impose greater corporate transparency on the earnings gap between the highest and lowest paid employees in a company. Public and state-owned companies are now required to prepare and present a remuneration policy for shareholder approval. Further information may be obtained on: https://www.thepresidency.gov.za/president-assents-laws-advancing-ease-doing-business-and-corporate-transparency Go to more snippets Read full article Other Updates Go to News Room

Finalised Disciplinary and Investigation Matters In the latest issue of IRBA News, Issue 66, two finalised disciplinary matters and 23 finalised investigation matters were reported. For more information, Issue 66 of IRBA News may be accessed on the following link: https://www.irba.co.za/upload/IRBA%20News%20Issue%2066.pdf Go to more snippets Read full article Other Updates Go to News Room

IRBA Inspections tip-offs hotline The IRBA has implemented a Tip-Offs hotline. The IRBA’s 9th Inspections Cycle Information Handbook explains the process, and is available on: https://www.irba.co.za/guidance-for-ras/inspections/tip-offs This initiative is already operational, with a dedicated email address for the submission of tip-offs via the IRBA website. Tip-offs may be provided anonymously. The primary benefit of this process will be the enhanced proactive benefits of the risk-based inspections approach, also for other IRBA departments. Go to more snippets Other Updates Go to News Room

CA2025 Updated to CA of the Future SAICA's CA2025 project has transformed into the CA of the Future initiative, aiming to equip Chartered Accountants with leadership skills. A major revision of the CA(SA) entry-level Competency Framework is being implemented across various aspects of the qualification process. More information about the updates of the CA of the Future initiative may be found on: https://www.saica.org.za/become-a-member/future-members/exam-information The standard and quality of the exam will not change. Go to more snippets Other Updates Go to News Room

Staff Audit Practice Alert 10: Key Considerations With the assistance of the Committee for Auditing Standards, the IRBA has issued the Staff Audit Practice Alert 10: Key Considerations – Acceptance and Continuation of Client Relationships of Audit Engagements (IRBA Staff Audit Practice Alert), to assist registered auditors. The alert is available for downloading in a PDF format from the IRBA website, on: Click Here For queries, contact the Standards Department by emailing standards@irba.co.za. go to more snippets Other Updates Go to News Room

Key Considerations on the VCMs Published by IFAC, CPA Canada and ISF VCMs were created to mobilise private capital at scale towards nature-based climate solutions and innovative low-carbon technologies. IFAC, CPA Canada and the ISF published a resource for professional accountants, and existing and potential market participants, on the state of VCMs and their future development. Understanding Voluntary Carbon Markets: Key considerations for professional accountants and purchasers on the carbon credit life cycle is available on: https://www.ifac.org/knowledge-gateway/professional-accountants-business-paib/publications/understanding-voluntary-carbon-markets?utm_source=Main+List+New&utm_campaign=adeb581d05-EMAIL_CAMPAIGN_2024_06_11_02_48&utm_medium=email&utm_term=0_-adeb581d05-%5BLIST_EMAIL_ID%5D Other Updates Go to News Room

The IFRS Foundation Releases Jurisdictional Guide at IOSCO Annual Meeting The IFRS Foundation has released a guide, the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards (Guide), which was published at the IOSCO Annual Meeting in Athens. The Guide aims to show market participants how jurisdictions are progressing towards delivering globally consistent and comparable sustainability-related information. The Guide is available on the link below: https://www.ifrs.org/content/dam/ifrs/supporting-implementation/adoption-guide/inaugural-jurisdictional-guide.pdf Other Updates Go to News Room

IASB Issues Narrow-scope Amendments to Requirements in IFRS 9 The IASB has issued amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. Read Amendments to the Classification and Measurement of Financial Instruments ‒ Amendments to IFRS 9 and IFRS 7, available on the link below: https://www.ifrs.org/premium/ These amendments respond to the 2022 Post-implementation Review of the Accounting Standard, available on the link below: https://www.ifrs.org/news-and-events/news/2022/12/iasb-publishes-its-review-of-classification-and-measurement-requirements-related-to-financial-instruments/ The amendments are effective for annual reporting periods beginning on or after 1 January 2026. Other Updates Go to News Room