Chapter 11 of the Public Finance Management Act (Act no. 1 of 1999 as amended) View
Regulations of the Board
The Minister of Finance has made the following regulations in terms of section 91 of the Public Finance Management Act (Act no. 1 of 1999 as amended) View
Vision, mission and mandate
To develop accounting standards that enhance financial reporting by all spheres of the Public Sector.
We achieve this through focused and targeted stakeholder interaction and the provision of relevant and implementable Accounting Standards.
1. Set Standards of GRAP 2. Promote the adoption of Standards of GRAP 3. Monitor the implementation of Standards of GRAP 4. Influence development of international standards 5. Manage resources to ensure the ASB is operationally effective.
The Board serves the public interest by setting Standards of Generally Recognised Accounting Practice (GRAP) and providing guidance for financial reporting for all spheres of government.
The responsibilities of the Board are:
To determine the work programme.
Approve project briefs for items on the work programme.
Approve proposal for consultation with stakeholders.
Approve the Standards of GRAP for submission to the Minister of Finance.
Propose implementation dates for the Standards of GRAP submitted to the Minister of Finance, after consulting the Accountant-General and Auditor-General.
Prepare and publish directives, interpretations and guidelines.
Prepare and publish transitional provisions to assist with the implementation of Standards of GRAP.
Perform any other function incidental to advising financial reporting in the public sector.
Composition of Board
The Board consists of a maximum of ten members appointed by the Minister of Finance (click here to view the Board).
The Board members, other than the Accountant-General and the Auditor-General and their alternates, are appointed in their individual capacity and are not representatives of any organisation or sphere.
The chair and deputy-chair are elected by the Board members.