Accounting Standards Board (ASB)
|Postal||PO Box 7001, Halfway House, Midrand, 1685|
|Physical||International Business Gateway, Building A, Ground Floor, Cnr New & 6th Roads, Midridge Office Estate, Midrand|
|Tel||011 697 0660|
OverviewThe mission of the Accounting Standards Board is to serve the public interest by setting standards of Generally Recognised Accounting Practice (GRAP) and providing guidance for financial and other performance information reported by the public sector.
The Board has the following responsibilities: determine the work programme and approve the appointment of members of project groups; approve the standards to be issued as standards of GRAP for the preparation of annual financial statements of all spheres of government; prepare and publish directives, interpretations and guidelines concerning the standards of GRAP; recommend to the Minister of Finance effective dates for the implementation of these standards by different categories of institutions to which these standards apply; perform any other function incidental to advancing financial reporting in the public sector; and issue and publish recommended practices on its own authority, if satisfied as to need, usefulness and practicality, following a process of consultation with stakeholders.