Accounting Standards Board Newsletter #1

We recently performed an assessment of the impact of our work by asking stakeholders a series of questions. The questions targeted the Standards and their suitability for the sector, and importantly, how the financial statements are used to hold officials accountable and make decisions. While the responses were mostly positive, it was evident that more work is needed to improve the use of the financial statements.
Stakeholders were also asked about what the ASB could do to improve its work. While I won’t go through all the suggestions, the one recurring theme is the need for more guidance. We are aware of the skill and capacity constraints that organisations face in the public sector. This is why both the ASB and Office of the Accountant-General (OAG) collectively publish FAQs, Fact Sheets, YouTube content, tools, GRAP Accounting Guidelines, and more.
What we have realised is that stakeholders are not aware of what guidance exists and where to find it. This resulted in the launch of the Knowledge Hub on 31 January 2025. The Knowledge Hub is a joint collaboration between the ASB and the OAG to create a “one stop shop” outlining everything you need to know about the Standards of GRAP. The Hub brings together all available resources and arranges resources by theme, for example, materiality, non-financial assets, etc.
The Knowledge Hub is available to all for free – you just need to register to use the site which can be accessed using https://lms.treasury.gov.za. As we move into the time for PFMA entities to prepare their financial statements, this is the perfect opportunity to brush up on your GRAP knowledge, learn what’s new, and engage with other finance professionals.
Happy exploring!