SAICA Technical

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Whether you're a seasoned professional or an aspiring accountant, our comprehensive resource hub is designed to keep you at the forefront of industry standards and legislation. Dive into expertly curated content that covers everything from the latest regulatory updates to in-depth technical guides. Stay informed, stay inspired, and elevate your career with tools and insights tailored just for you.

April

The Masters Office
The Masters Office has implemented the QR-coded appointment letters in the trust section of all Master’s Offices countrywide as from18 March 2025 and activated the Online Trust Registration System for all users under Pretoria and Johannesburg Master’s Office jurisdictions, as from 1 April 2025.
https://www.saica.org.za/resources/legislation-and-governance/master-of-the-high-court/technical-resources/directives/2025-directives
Consultation paper: Climate change policy and regulatory framework in the national payment system
Climate change has become a key topic in the financial sector, emphasizing its risks to financial stability. This paper proposes a regulatory framework for managing climate-related risks in the national payment system. Comments by 30 April 2025.
https://www.resbank.co.za/en/home/publications/publication-detail-pages/national-payment-system/Consultation-documents/climate-change-policy-and-regulatory-framework-consultation-paper
Consultation paper: Cloud computing and offshoring of data in the national payment system
The rapid adoption of cloud computing and data offshoring by payment institutions and operators necessitates a regulatory framework. This paper proposes such a framework and seeks industry feedback. Comments by 15 May 2025.
https://www.resbank.co.za/en/home/publications/publication-detail-pages/national-payment-system/Consultation-documents/cloud-computing-and-offshoring-of-data-consultation-paper
Recommended methodology for determining Jibar fallback rates
The Market Practitioners Group (MPG) has recommended a fallback rate using compounded ZARONIA and a spread based on the historical median differences between Jibar and ZARONIA over five-year lookback period.
https://www.resbank.co.za/content/dam/sarb/publications/financial-markets/committees/mpg/mpg-ralated-documents/2025/Jibar%20fallback%20methodology%20-%20MPG%20final%20recommendation%202025.03.19%20(1).pdf
Proposed Directive: Completion of forms BA600 and BA610
The proposed Directive includes revisions to these returns to ensure the revised forms accurately capture the provisions of the amended Regulations relating to Banks. These requirements become effective on 1 July 2025.
https://www.resbank.co.za/en/home/publications/publication-detail-pages/prudential-authority/pa-documents-issued-for-consultation/2025/Proposed-Directive-Form-BA-600-610
Proposed Directive - Submission of consolidated information for South African domestic systemically important banks (D-SIBs)
D-SIBs are directed to submit the credit-related statutory BA 200 and BA 210 returns semi-annually, based on consolidated information. Additional returns are required D-SIBs with year-ends other than June/December. Comments by 16 April 2025.
https://www.resbank.co.za/content/dam/sarb/publications/prudential-authority/pa-documents-issued-for-consultation/2025/Proposed%20Directive%20-%20Submission%20of%20consolidated%20information%20for%20D-SIBs.pdf
FSCA Conduct Standard Amendment 1 of 2025 - Amendments to FSRA Conduct Standard 1 of 2019 (PFA)
The Financial Sector Conduct Authority (FSCA) amended this Conduct Standard to remove Section 14 application forms, which will now be determined separately. This enables the FSCA to determine their submission, content, and format requirements.
https://www.fsca.co.za/Regulatory%20Frameworks/Regulatory%20Frameworks%20Documents/FSCA%20Communication%204%20of%202025%20(RF).zip
Publication of final Conduct Standard – Requirements for financial institutions providing financial education Initiatives
Financial institutions must ensure proper governance, oversight, and standards when developing content, including implementing, monitoring, evaluating, and reporting on financial education initiatives. This will help ensure consistency across the sector.
https://www.fsca.co.za/Regulatory%20Frameworks/Regulatory%20Frameworks%20Documents/FSCA%20Communication%202%20of%202025%20(GENERAL).zip
Directive in respect of the execution of low-value cross-border electronic funds transfers within the Common Monetary Area
Participants in the settlement system that are routing low-value cross-border electronic funds transfers through the Southern African Development Community Real-Time Gross Settlement (SADC-RTGS) system are directed to begin migrating these transfers to the Transactions Cleared on an Immediate Basis (TCIB) payment scheme. From 1 April 2027, all low-value cross-border electronic funds transfers must be executed through the TCIB payment scheme. Participants must ensure these transfers are processed efficiently, transparently, and cost-effectively, without negatively impacting consumers and businesses.
https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight/Directive%201%20of%202025_Gazetted.pdf
The calculation of late payment interest by pension funds
The FSCA issued an update regarding the calculation of late payment interest (LPI) on pension fund contributions. Initially, FSCA Communication 15 of 2023 stated that LPI starts on the 8th day, i.e., the day after the seven-day payment period ends. However, after receiving independent legal advice and considering the Office of the Pension Funds Adjudicator's interpretation, the FSCA now confirms that LPI should be calculated from the 1st day following the end of the month in respect of which contributions were payable. The FSCA has asked National Treasury to consider amending the relevant statutory provisions to clarify the start date for LPI calculation.
https://www.fsca.co.za/Regulatory%20Frameworks/Regulatory%20Frameworks%20Documents/FSCA%20Communication%206%20of%202025%20(RF).pdf
Standard guidelines on the format of business plans submitted to the Council for Medical Schemes
The Council for Medical Schemes (CMS) has amended the guidelines to align with medical schemes' IFRS-compliant Annual Financial Statements (AFS). This amendment will not only ensure comparability across the industry but also enhance the consistency of submissions to CMS.
https://www.medicalschemes.co.za/download/3770/2025-circulars-current/29753/circular-10-of-2025.pdfL

March

The SAICA Draft Solvency Guide is out for public comments, the comment period ends on 27 April 2025. If you have comments, please include them on the comments table and email to nomandlag@saica.co.za
https://www.saica.org.za/resources/legislation-and-governance/companies-act/technical-resources/guidance

February

IESBA Firm Culture and Governance Working Group (FCGWG) Final Report
The FCGWG Final Report emphasises ethical culture and governance in accounting firms, highlighting ethical leadership, accountability, and governance frameworks to mitigate unethical behavior and enhance trust.
https://www.ethicsboard.org/publications/iesba-firm-culture-and-governance-working-group-final-report
Technical Overview: Using the Work of An External Expert
This summary provides a technical overview of the International Ethics Standards Board for Accountants' (IESBA) pronouncement on Using the Work of An External Expert.
https://www.ethicsboard.org/publications/technical-overview-using-work-external-expert
Ethics for Sustainability Reporting Fact Sheet
The IESBA Fact Sheet outlines the contents of the revised Code of Ethics to include specific provisions for sustainability disclosure preparers, ensuring ethical standards in public interest.
https://www.ethicsboard.org/publications/ethics-sustainability-reporting-fact-sheet
Ethics & Independence for Sustainability Assurance (IESSA) Fact Sheet
The IESBA Fact Sheet outlines new Part 5 (IESSA) ethics and independence standards to ensure the integrity and effectiveness of sustainability assurance engagements in the public interest.
https://www.ethicsboard.org/publications/ethics-independence-sustainability-assurance-iessa-fact-sheet
Ethics & Independence for Sustainability Assurance (IESSA) Technical Overview
The IESBA technical overview on IESSA outlines ethics and independence standards for all sustainability assurance practitioners, providing a robust framework applicable regardless of their backgrounds.
https://www.ethicsboard.org/publications/ethics-independence-sustainability-assurance-iessa-technical-overview
Using the Work of an External Expert Fact Sheet
The IESBA Fact Sheet outlines ethical guidelines for using external experts, focusing on their competence, capabilities, and objectivity to ensure quality and integrity.
https://www.ethicsboard.org/publications/using-work-external-expert-fact-sheet
Basis for Conclusions: IESSA (including International Independence Standards) and Other Revisions to the Code Relating to Sustainability Assurance and Reporting
The Basis for Conclusions outlines the rationale behind IESBA's sustainability assurance standards, addressing ethical risks, independence, and integrity in sustainability reporting and assurance.
https://www.ethicsboard.org/publications/basis-conclusions-international-ethics-standards-sustainability-assurance-including-international
Basis for Conclusions - Using the Work of an External Expert
The Basis for Conclusions provides an ethical framework for evaluating external experts' competence, capabilities, and objectivity, aiding accountants and sustainability practitioners in applying the Code.
https://www.ethicsboard.org/publications/basis-conclusions-using-work-external-expert

More from February...

FSCA Information Request 1 of 2025: Request for information on personal lines claims reported in the 2024 calendar year
The Financial Sector Conduct Authority (FSCA) requests all licensed non-life insurers that are members of National Financial Ombud Scheme (NFO) to furnish information on the number of personal lines claims reported in the 2024. This information will assist the FSCA monitor and ensure insurers deliver fair outcomes for financial customers. The deadline for submission is 10 March 2025.
Read more
CMS Circular 3 of 2025: Categorisation of assets in terms of Annexure B to the Regulations of the Medical Schemes Act
The Council for Medical Schemes (CMS) has published the new Guidelines on categorising assets for the Financial Annual Statutory Return (FASR). Supporting documentation must be submitted if a scheme categorizes any Part 9 investment differently from the categorisation provided for in the above Guidelines.
Read more
Employers to note that 2024 ROE filing season will open from 1 April to 30 June 2025. Penalties and interest will be charged on late submission and overdue accounts
Read more
International Valuation Standards
The 2025 International Valuation Standards Council (IVSC) Valuation Standards are now available!
Download them for FREE here
The IASB has issued amendments to IFRS 9 and IFRS 7 to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs)
Read more
#SAICA Technical #Financial reporting #Solar Power #PPAs #IFRS 9 #IFRS 7
Watch the webcast series highlighting the connectivity between the financial and sustainability-related financial disclosures
Read more
#SAICA Technical # Financial reporting #Connectivity
Your input matters:
Share your thoughts and views on proposed improvements to accounting requirements for provisions – comment deadline – 12 March 2025
Read more
#SAICA Technical #Financial Reporting #IAS 37 #Exposure Draft #Provisions
Your input matters:
Share your thoughts and views on the proposed amendments to the IFRS Foundation Due Process Handbook – comment deadline – 28 March 2025
Read more
#SAICA Technical #Financial reporting #Due Process Handbook

January

Collection of Levies by the Prudential Authority

The Prudential Authority (PA) has released Prudential Communication 17 of 2024, detailing the collection of levies for the upcoming levy year. This communication includes the formulas for the levies that will be imposed and details the next steps to be implemented by the PA regarding the collection of these levies

For more details, read the full communication.

Joint Notice 2 of 2024_Determination of regulatory reporting in terms of Joint Standard 2 of 2020

The Financial Sector Conduct Authority and Prudential Authority (the Authorities) have published Joint Notice 2 of 2024, detailing the regulatory reporting requirements in terms of Joint Standard 2 of 2020. This notice covers the regulatory reporting requirements' mechanisms, format, manner, and frequency and submission deadline.

Regulatory reporting will take effect from 1 April 2025.

Revised market risk and credit valuation adjustment frameworks implementation roadmap

The PA released this communication outlining the implementation roadmap for the revised market risk (FRTB) and credit valuation adjustment (CVA) frameworks. This roadmap provides detailed guidance on the technical, assurance, and governance milestones leading up to the implementation date on 1 July 2025.

For more details, read the full communication.

Prudential Authority Fees Determination

The PA published Prudential Communication 16 of 2024, detailing the fees payable to the PA for various functions and providing additional information related to the payment of these fees.

Effective Date: 1 February 2025.

Credit spread risk in the banking book (CSRBB) field-testing submissions.

The PA will be field-testing the proposed CSRBB reporting template from January to March 2025. This is part of the preparation before finalizing the legislative framework. The testing period may be extended if necessary.

Directive - Positive cycle-neutral countercyclical capital buffer
Banks are directed to maintain a positive cycle-neutral countercyclical capital buffer of 1 percent of risk-weighted exposures with effect from 1 January 2026.
Read more

CODI: Fund liquidity contribution size: 1 April 2025 to 31 March 2026

The Corporation for Deposit Insurance (CODI) has set a fund liquidity contribution size of 3% of banks' total covered deposits for the period from 1 April 2025 to 31 March 2026.

Stay tuned! CODI will assess the Deposit Insurance Fund's adequacy and announce the contribution percentage for 2026-2027 in Quarter 4 of 2025.

Draft Circular: Basel III post-crisis reforms reporting

The Prudential Authority has issued a draft Circular to clarify for banks the calibration and reporting of output floor requirements as specified in the proposed amendments to the Regulations relating to Banks. This draft Circular is part of the consultation process for implementing the Basel III post-crisis reforms and will be finalized with the proposed amendments to the Regulations relating to Banks.

Proposed Directive- Basel III reforms - BA 340 amendments

The PA has released a proposed directive on the Basel III reforms, specifically focusing on the BA 340 amendments. This directive aims to enhance the regulatory framework for equity risk in the banking book (ERIBB) and ensure consistency in reporting across banks.

Key Highlights:

· Revised requirements for the standardised and internal ratings-based (IRB) approaches for credit risk.

· Detailed instructions for completing the BA 340 form.

· Monthly submission requirements for ERIBB exposures.

Comment Deadline: 31 January 2025

Proposed amendments to the Regulations relating to Mutual Banks

The PA has issued a proposed directive to remove the DI returns and the related instructions from the Mutual Banks Regulations. This change is part of the ongoing efforts to streamline regulatory processes and support the Umoja System Implementation Project.

Comment Deadline: 31 January 2025

Invitation to comment on SRM entry and verification criteria guidelines

The Council for Medical Schemes (CMS) is reviewing version 15.1 of the Scheme Risk Measurement (SRM) entry and verification criteria guidelines in preparation for version 16, which will apply to cases from 1 January 2025.

Comment Deadline: 31 January 2025

List for 2025 Open Scheme Options

The CMS has published the status of benefit options for open schemes for the 2025 benefit year. This publication aims to provide members and potential members with the necessary information to make informed choices regarding their medical scheme options. The detailed table includes the approval status for each open medical scheme benefit option.

Determination of Format and Manner of Regulation 28 Quarterly Non-Compliance Reports

The Financial Sector Conduct Authority (FSCA) has finalized the format and manner for quarterly reports required under paragraph 3(2) of FSCA Prudential Standard 1 of 2024 (RF), effective 10 December 2024.

Withdrawal of Financial Services Board Pension Fund Circular – PF No. 127

The FSCA has withdrawn Circular PF No. 127, which provided for the categorization of funds that ceased to exist for surplus submissions.

Companies and CC's not compliant with compulsory annual filling of Beneficial Ownership

CIPC has noted that several companies and CCs have not complied with the filling of beneficial ownership (BO) declarations and security registers. Companies and CCs are urged to comply within 7 days from the date of the publication, failure to comply will have serious consequences.

Link

Tax practitioner obligations

The SAICA 2024 Tax Practitioner Annual Declaration is accessible on the SAICA Member Portal at https://my.saica.co.za/

The deadline for the submission of the SAICA Tax Practitioners’ annual declarations is 31 January 2025. Please ensure that you complete and submit it by the due date.

Read the Tax Practitioner Obligation webpage for more information on the regulatory requirements and registration/deregistration processes relating to tax practitioners.

IVSC Valuation Summit & Conference (V20) Launch Webinar

Register for the IVSC Valuation Summit & Conference (V20) Launch Webinar, which will set the stage for the highly anticipated V20 Conference and Summit, set for 15-16 September 2025 in Cape Town, South Africa.

This engaging session will bring together delegates from diverse industries to present the conference’s themes, agenda, and key opportunities.

The webinar will:

Provide an overview of the upcoming conference and summit;
Highlight key topics, sessions, and keynote speakers;
Showcase the value of participation, including networking and knowledge-sharing opportunities

Webinar Date: 30 January 2025

Find out more

SAICA Summary of Companies Act amendment

Certain sections proposed in the Companies Amendment Act 16 of 2024 and the entire Companies Second Amendment Act 17 of 2024 are now effective, as at 27 December 2024. This summary provides key changes that are now in force. Continuous training on the amendments will be done in Compliance in Practice, TechTalk, and other training platforms.