Public Sector Accounting Forum (PSAF) July 2026: Highlights

Current ASB consultations: Have your say

(Link to published Exposure Drafts)

IPSASB EDs concurrently exposed:

ED 220: Making Materiality Judgements

Stakeholders can comment on the proposed Practice Statement on Making Materiality Judgements, which is open for comment until 14 August 2026. This project provides an opportunity to share practical insights on how materiality judgements are made in public sector financial reporting.

ED 221: Presentation of Financial Statements

The Consultation Paper on Presentation of Financial Statements is open for comment until 31 August 2026. Stakeholders are invited to reflect on how financial statements can better communicate useful information to users.

National Treasury

Resources that support public sector reporting include the 2026/27 departments’ AFS specimen, the AFS template for comment, the accounting manual for departments, the mSCOA specimen financial statements, the GRAP 104 transitional disclosure checklist and new material on mastering materiality.

AGSA

Entities should pay close attention to disclosures relating to Standards issued but not yet effective. The requirement is to disclose the impact of approved but not effective Standards that are applicable to the entity, and not to merely list these Standards. Where an issued Standard is expected to affect an entity, users should be able to understand the expected impact on the entity and its financial statements, including qualitative and, where relevant, quantitative information.

This helps users understand how entities are preparing for change and avoids generic statements such as that the impact is still being assessed.

GRAP 104 Financial Instruments (2019) remains a key implementation focus area. Although no transversal accounting concerns had been identified at this stage, an emerging lesson from the PFMA audit cycle is that some entities had not started implementation early enough.

This reinforces the importance of early planning, assessing the effect of the Standard on an entity’s financial instruments, and using available implementation resources before the reporting process is under pressure.

The ASB’s local project on transfer expenses seeks stakeholder input on how these transactions are treated in practice, the issues stakeholders experience, and whether IPSAS 48 Transfer Expenses could assist in addressing those issues in the South African public sector environment.

Stakeholders are encouraged to comment on transfer expenses and share practical examples or challenges encountered in applying existing requirements. Stakeholders who would like to be invited to future technical discussions on transfer expenses can contact the ASB Secretariat at info@asb.co.za.