PUBLIC SECTOR

Accountancy SA,  Oct 2005  

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NEW ACCOUNTING STANDARDS AND FORMAT OF ANNUAL FINANCIAL STATEMENTS

MFMA-Circular 18 to the Municipal Finance Management Act, 2003, has been developed and issued by National Treasury. It addresses matters relating to reporting in terms of the new accounting standards (GRAP) including:

* The format of the annual financial statements;

* Disclosure: and

* The approach to implementation.

The introduction of new accounting standards will commence with the 2005/06 financial statements for the high capacity municipalities and all municipal entities, 3 followed by the medium and low capacity municipalities progressively complying with the standards from the 2006/07 and 2007/08 financial years, respectively. The circular includes the implementation dates for all municipalities I and is available on the MFMA section of the National Treasury website.

Copyright South African Institute of Chartered Accountants Oct 2005
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