Western Cape High Court Declares NSFAS Payment Contracts Invalid
Business Rescue Practitioners: Licence Suspension and Revocation Grounds Gazetted
FICA Control Regulations Amended to Introduce Cross-Border Tracing Mechanisms
Public Comment Period Extended for Draft General Public Procurement Regulations
Pre-2009 Qualifications Remain Valid Under NQF Transitional Directive
Government details transitional arrangements for NQF qualifications
CIPC Warns of Penalties for Compliance Checklist Non-Compliance
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SAICA has released an exposure draft for a revised Code of Professional Conduct, introducing specific ethics and independence standards for sustainability assurance and the use of external experts.
The National Assembly has adopted the Public Service Commission Bill [B16B-2023], which expands the Commission’s oversight mandate to include local government and public entities.
SARS has released a draft notice under the Tax Administration Act proposing the removal of the 60-day remedial period for Common Reporting Standard (CRS) non-compliance. The Prudential Authority has issued new guidelines for banks and controlling companies regarding the internal ratings-based (IRB) approach for credit risk exposure. The South African Institute of Chartered Accountants (SAICA) has released a Tax Alert detailing the 2025 tax filing season schedule, including specific windows for auto-assessments and manual submissions. Minister Mmamoloko Kubayi has announced that a task team will report to Cabinet by August 2025 on the transition to full institutional independence for the South African judiciary.
The International Federation of Accountants (IFAC) has released an interactive online tool based on its Small Business Sustainability Checklist to help SMEs and practitioners integrate ESG factors into business strategy. Parliament is currently processing 36 Bills, ranging from new legislative proposals to amendments of existing Acts, as reflected in the status report dated 30 June 2025. National government has invited stakeholders to submit representations on various legislative proposals and draft regulations open for public comment during July 2025. The Prudential Authority has issued a draft directive proposing new risk weightings for bank exposures secured by forest and agricultural land, with a comment deadline of 14 July 2025.
The Department of Trade, Industry and Competition has gazetted the accreditation of South African Institute of Taxation (SAIT) members to serve as accounting officers for Close Corporations. The Department of Small Business Development has gazetted the National Business Licensing Policy to streamline regulatory processes and introduce a digital licensing portal. The NCOP Committee on Co-operative Governance has called for written submissions on the Independent Municipal Demarcation Authority Bill, which intends to replace the Local Government: Municipal Demarcation Act, No. 27 of 1998.
The Independent Regulatory Board for Auditors (IRBA) has published its 2023/2024 Annual Enforcement Report, detailing a 43% increase in finalised matters and 95 findings of guilt under the Auditing Profession Act. A draft Insourcing Bill has been submitted to Parliament, proposing a framework for organs of state to insource services currently provided by external contractors. A draft Amendment Bill to the International Co-operation in Criminal Matters Act, No. 75 of 1996, has been submitted to Parliament following Cabinet approval on 14 May 2025. National Treasury has gazetted substantive amendments to Regulation 23 of the Banks Act, No. 94 of 1990, revising credit risk exposure measurement requirements effective 1 July 2025.
The Accounting Standards Board (ASB) has released updated Frequently Asked Questions (FAQs) regarding the Standards of Generally Recognised Accounting Practice (GRAP), incorporating new research on asset and liability measurement.
The National Treasury Office of the Accountant-General has released updated FAQs to guide national and provincial departments in preparing 2024/25 financial statements under the Modified Cash Standard. The Office of the Accountant-General has released the Modified Cash Standard for the 2025/26 and 2026/27 financial years, as required by the Public Finance Management Act, No. 1 of 1999. The South African Institute of Chartered Accountants (SAICA) has released a comprehensive guide detailing the tax obligations of Communal Property Associations (CPAs) and their members under existing general tax principles. The Department of Trade, Industry and Competition is preparing a General Laws Amendment Bill aimed at streamlining business regulations, with a decision on the scope of the legislation expected by late 2025.
The Property Practitioners Regulatory Authority (PPRA) has confirmed that no extensions will be granted for the submission of 2025 trust account audit reports for practitioners with a February year-end.
The Institute of Directors in South Africa (IoDSA) has highlighted updated guidelines for Audit Committees regarding the assessment and response to fraud risks, focusing on the fraud triangle of incentives, opportunities, and attitudes. The Institute of Directors South Africa (IoDSA) has re-emphasised the role of the Audit Committee in risk management, focusing on sustainability and external factors.The views expressed herein are those of the author and do not necessarily reflect those of Acts Online. Acts Online accepts no responsibility for the accuracy, completeness or fairness of the article, nor does the information contained herein constitute advice, legal or otherwise.
