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Accounting and Reporting Frameworks applicable to South Africa

During this transitional phase in public sector accounting, entities are often confronted with the issue of which reporting frameworks and standards to apply to which entities. The table at the end of the page is a brief synopsis of what standards should be applied.

Standards of Generally Accepted Municipal Accounting Practice (GAMAP) and Generally Recognised Accounting Practice (GRAP) are set by the Accounting Standards Board. For a listing of Standards and Discussion Papers issued by the Board, click here. Additional reporting requirements and guidance regarding the preparation of local government financial statements, is available on www.treasury.gov.za (scroll down page, and click on MFMA page on the lower right hand of the page).

Statements of Generally Accepted Accounting Practice are set by the Accounting Practices Board. Information about obtaining copies of the Statements of GAAP can be obtained from the South African Institute of Chartered Accountants' website on www.saica.co.za. (go to 'Services to Members, Technical, Accounting'.

The Specimen Financial Statements as prescribed by the Office of the Accountant-General at National Treasury, can be found on the following website: http://oag.treasury.gov.za (go to 'Publications', 'Annual Financial Statements', 'For Nat. and Prov. Departments'). Draft Specimen Financial Statements for National and Provincial Departments for 2006/07 along with the Guide for the Preparation of Annual Reports are available from the OAG's website.

A discussion document on the revised accounting treatment for unauthorised expediture as well as a draft consolidation template are available. The public comment process for these three documents closed on 30 September 2006. To view our joint submission with SAICA, click here. (Go to "Comments to stakeholders page")

International Financial and Reporting Frameworks
International Public Sector Accounting Standards (IPSAS)
The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) issues public sector specific accounting standards that are widely used internationally, and most importantly, form the basis on which Standards of GRAP are developed. For a listing of Standards, Studies and other documents issued by the Board, click here.

International Financial Reporting Standards
Information on International Financial Reporting Standards and how to obtain copies of these Standards can be found on www.iasb.org.

Sustainability reporting
Sustainability reporting entails reporting by an entity of economic, environmental and social dimensions of their activities. Templates, guidelines and sector supplements are available for public agencies on www.globalreporting.org.

Other links
Useful guidance for specific transactions, events and scenarios can often be found in the accounting standards and practices of other countries. The following is a list of links to other international entities that deal with accounting issues:

Entity type	Basis	Applicable standards
National and Provincial Departments; Parliament and Provincial Legislatures	Modified cash basis	Specimen Financial Statements as prescribed by Office of the Accountant-General
Constitutional Institutions	Accrual	Statements of GAAP
Trading Entities	Accrual	Statements of GAAP
Government Business Enterprises (Schedule 3B and 3D entities per the PFMA)	Accrual	Statements of GAAP
Public entities with publicity traded debt or equity	Accrual	Statements of GAAP
Major Public Entities	Accrual	Statements of GAAP*
National and Provincial Public Entities (Schedule 3A and 3C)	Accrual	Effective Standards of GRAP, and to the extent that no Standard of GRAP exists, Statements of GAAP should be followed
Municipalities	Accrual	Standards of GAMAP (and effective Standards of GRAP)

* Schedule 2 public entities may, after consultation with National Treasury, apply IFRS.