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

Chapter 11 : Accounting Standards Board

89. Functions of Board

 

(1) The Accounting Standards Board must—
(a) set standards of generally recognised accounting practice as required by section 216(1)(a) of the Constitution, for the annual financial statements of--
(ii) public entities;
(iv) municipalities and boards, commissions, companies, corporations, funds or other entities under the ownership control of a municipality; and
(v) Parliament and the provincial legislatures;
(b) prepare and publish directives and guidelines concerning the standards set in terms of paragraph (a);
(c) recommend to the Minister effective dates of implementation of these standards for the different categories of institutions to which these standards apply; and
(d) perform any other function incidental to advancing financial reporting in the public sector.

 

(2) In setting standards the Board must take into account all relevant factors, including-
(a) best accounting practices, both Locally and internationally; and
(b) the capacity of the relevant institutions to comply with the standards.

 

(3) The Board may set different standards for different categories of institutions to which these standards apply.

 

(4) The standards set by the Board must promote transparency in and effective management of revenue, expenditure, assets and liabilities of the institutions to which these standards apply.

 

 


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