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.
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...
- 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)
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#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
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#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
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#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
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#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.
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- 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.
- 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
- 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.