Accounting Standards Board

Description: The department of Accounting Standards Board’s vision is to develop accounting standards that enhance financial reporting by all spheres of the Public Sector. They have a mission to achieve this through focused and targeted stakeholder interaction and the provision of relevant and implementable Accounting Standards.
Founding Legislation: Chapter 11 of the Public Finance Management Act (Act no. 1 of 1999 as amended)
Regulations of the Board: The Minister of Finance has made the following regulations in terms of section 91 of the Public Finance Management Act (Act no. 1 of 1999 as amended 2019)

Mandate

1. Set Standards of GRAP
2. Promote the adoption of Standards of GRAP
3. Monitor the implementation of Standards of GRAP
4. Influence development of international standards
5. Manage resources to ensure the ASB is operationally effective.