The latest South African accounting, tax, payroll and business finance news, with practical insights for your business.
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Accounting & Reporting
A recent IFRS Interpretations Committee agenda decision confirms that changes to an investee’s governing documents may require an entity to reassess whether it still controls that investee. South African groups reporting under IFRS should review governance changes before finalising consolidation conclusions.
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The IASB has completed its technical discussions on a revised IAS 28. South African groups with associates or joint ventures should use the runway to map affected balances, transactions and disclosures before the proposed 2029 effective date.
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The Council for Medical Schemes’ Audit Quality Indicators submission platform is now live. Medical scheme audit and risk committees should confirm their assessments, supporting documents and submission responsibilities before the 20 November 2026 deadline.
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The IASB is considering proposed changes to how acquisition-related payments are classified in statements of cash flows. The decisions are not yet final, but South African finance teams can start assessing whether current transaction records will support clearer reporting if the proposals proceed.
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A recent IFRS Interpretations Committee update puts residual-value estimates under the spotlight. South African finance teams using IAS 16 should review their asset assumptions before year-end.
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South Africa’s finance committees are moving towards finalising the 2026 revised fiscal framework and revenue proposals. SMEs should track the process, but should not treat proposals as enacted tax law.
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A simple rolling cash-flow forecast can help South African SMEs identify shortfalls early, reserve money for tax obligations and reduce avoidable financing costs.
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SARS has reminded small businesses that using a tax practitioner does not transfer responsibility for the accuracy of submissions. SMEs should strengthen their practitioner checks and approval controls.
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CIPC has introduced the first phase of an updated director amendment process, adding OTP confirmations for certain small companies. SMEs should review director records and internal approval controls before submitting changes.
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SARS now allows taxpayers, registered representatives and tax practitioners to request the unmerging of incorrectly combined entity records directly on eFiling. Businesses should review their profiles before submitting tax returns or making payments.
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SARS guidance confirms that schools leaving the VAT system must complete key corrections, asset reviews and credit-note processes by the November 2026 VAT period.
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SARS has published a Supplier Onboarding and Management External Standard covering CSD, tax and statutory registration requirements. SMEs supplying SARS or seeking government work should review their onboarding records before submitting bids.
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