Who is the ASB? Developing and maintaining financial reporting standards that lead to proficient performance in the public sector is critical to good corporate governance in national, provincial and local government. The Accounting Standards Board (ASB) is the national public entity charged with this important responsibility in South Africa.

The ASB has a dedicated team of standard setters to ensure that Standards are formulated that are readily understandable and which can be effectively integrated in the norms and practices of all public entities in the country. These standard setters set high value in consulting as widely as possible and facilitating feedback on new and revised Standards that are still in draft form.

The ASB seeks optimum opportunities to consult with stakeholders on the most appropriate financial reporting in the public sector. To this end its personnel will readily do presentations on Standards being developed for your entity, or within your province.

The ASB does not, however, formulate accounting opinions or give accounting advice on specific transactions and events that a public entity may require. But discussions do take place, at a high level, on accounting and reporting issues and problems which public entities may encounter.

These take place at the ASB’s monthly Accounting Forum. Discussions at this Forum may result in a Frequently Asked Question being placed on our website or, where necessary, the inclusion of a project on the Board’s work programme. The implementation of Standards is the responsibility of the South African National Treasury.