Public Finance Management Act, 1999 (Act No. 1 of 1999)

Standards of Generally Accepted Municipal Accounting Practice (GAMAP) in terms of Section 91

Purchase cart Previous page Return to chapter overview Next page

 

 

Notice No. R. 992

7 December 2005

 

 

National Treasury

 

The Minister of Finance has, in terms of Section 91 of the Public Finance Management Act, 1999 (Act No. 1 of 1999), prescribed the following GAMAP Standards as set by the Accounting Standards Board in terms of Section 89:

The Effects of Changes in Foreign Exchange Rates (GAMAP 4)

Consolidated Financial Statements and Accounting for Controlled Entities (GAMAP 6)

Accounting for Investments in Associates (GAMAP 7)

Financial Reporting of Interests in Joint Ventures (GAMAP 8)

Revenue (GAMAP 9)

Inventories (GAMAP 12)

Property, Plant and Equipment (GAMAP 17)

Provisions, Contingent Liabilities and Contingent Asset (GAMAP 19)

 

The implementation of the Standards of GAMAP is aligned with the implementation of the Municipal Finance Management Act (MFMA), Act No. 45 of 2003. The details thereof are contained in the MFMA Circular No. 18. The annual financial statements as provided for in the MFMA Circular No. 18 and any updates thereof form part of this regulation.