E-NEWS FEBRUARY 2021

E-NEWS FEBRUARY 2021

ICPAU Recommends Scrapping of Stamp Duty on Practising Certificates and Licenses

The Institute of Certified Public Accountants of Uganda (ICPAU) has recommended the scrapping of the proposed UGX 100,000 as stamp duty on payment of professional licenses. In January 2021, ICPAU submitted to the Ministry of Finance, Planning and Economic Development (MoFPED) proposals on the regulations that hamper the ease of doing business Read full recommendations

December 2020 Exams: Students Demonstrate Resolve and Commitment amid COVID-19 Disruptions

The Public Accountants Examinations Board (PAEB) on 12 January 2021 announced the results for the December 2020 examinations. There were improvements in the pass rates for the Certified Public Accountants (CPA) and the Accounting Technicians Diploma (ATD) courses. Read more

2021 Exams: March and June tentative timetables Out

To facilitate students’ progression due to the lost diets, ICPAU has introduced 4 examinations diets for 2021 (March, June, September and December). The March 2021 examinations will be held from 15-19 March 2021 (CPA only, Kampala). Registration is in progress until 20 February 2021. The other diets are 14-18 June (all courses, all centres), 13-17 September (CPA only, Kampala), and 13-17 December (all courses, all centres). Download the tentative timetables for the March and June diets.

CPAU Encourages the Establishment of a New Sustainability Standards Board

In December 2020, ICPAU submitted a comment letter to the IFRS Foundation’s Consultation paper and comment letters: Sustainability Reporting wherein it pushed for a global set of internationally recognised sustainability reporting standards and encouraged the establishment of a Sustainability Standards Board to operate under the governance structure of the IFRS Foundation. Click here to view the full comment letter.

Financial Reporting Requirements for the 31 December 2020 Year-End

There are no new major standards applicable for 31 December 2020 year ends other than minor amendments that entities should consider including: the COVID-19 related rent concessions; Effective date of the new definition for materiality; and Effective date of updated references to the Conceptual Framework. Read more here.

IESBA Proposes Holistic Approach to Defining A Public Interest Entity

The International Ethics Standards Board for Accountants (IESBA) on 29 January 2021 released for public comment the Exposure Draft, Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code

IAASB Communique: Audits of Less Complex Entities – Developing a Separate Standard for an Audit of a Less Complex Entity

During its December 2020 meeting, the IAASB held its first public discussions on the draft of a separate standard for an audit of less complex entities and approved the official project proposal to complete and publish the draft standard for public consultation in 2021. Click here to access the communique.

IRBA, IESBA and IAASB Staff Guidance: Navigating the Heightened Risks of Fraud and Other Illicit Activities during the COVID-19 pandemic

The staff of the South African Regulatory Board for Auditors (IRBA), the International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Board (IAASB) have jointly released the publication, Navigating the Heightened Risks of Fraud and Other Illicit Activities during the COVID-19 Pandemic, including Considerations for Auditing Financial Statements. The publication highlights risks of fraud arising from the disruptive and uncertain COVID-19 environment and the implications for professional accountants in business, including accountants in government, and professional accountants in public practice, including auditors.

Concurrently, the Staff of Chartered Professional Accountants of Canada (CPA Canada) and IESBA jointly released a Staff Alert, COVID-19 and Evolving Risks for Money Laundering, Terrorist Financing and Cybercrime. This document highlights the heightened risks of money laundering, terrorist financing and cybercrime in the COVID-19 environment. It describes the implications for both professional accountants in business and public practice.

IAASB Raises the Bar for Quality Management – New, Revised Standards Strengthen, Modernise Approach to Quality Management

Three new and revised standards strengthen and modernize the audit firm’s approach to quality management. Through the standards, the IAASB is addressing an evolving and increasingly complex audit ecosystem, including growing stakeholder expectations and a need for quality management systems that are proactive and adaptable. Please click here to access the standards which become effective on December 15, 2022.

Guidance on Public Sector Specific Financial Instruments 

The International Public Sector Accounting Standards Board (IPSASB) has issued Non-Authoritative Amendments to IPSAS 41, Financial Instruments , to clarify the requirements for classifying, recognizing, and measuring a range of important public sector specific financial instruments. The guidance applies to four monetary items unique to the public sector: monetary gold, currency in circulation, International Monetary Fund (IMF) quota subscriptions, and Special Drawing Rights (SDRs).

Anti-Money Laundering: The Basics

Anti-Money Laundering: The Basics, developed collaboratively with ICAEW, helps professional accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. The series, with its focus on accessibility and ease of use, is a resource for use by Small and Medium Practices (SMPs,) and accountants less familiar with AML.

2021 Exams: ICPAR Introduces 3 examinations diets

The Institute of Certified Public Accountants of Rwanda (ICPAR) has introduced 3 examinations diets for 2021 April, August and December. April exams will be conducted from 26 - 30 April. https://www.icparwanda.com/

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