The latest PSAF meeting was held on 5 May 2026. The meeting discussed developments and shared key information on public sector accounting and reporting, including the following:
| Exposure Drafts open for comment (https://www.asb.co.za/comment-on-proposals/) |
· ED 218 on Improvements to IPSAS Accounting Standards – Volume 10. The comment deadline is 17 June 2026. · ED 219 on Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40). The comment deadline is 17 June 2026. · ED 220 Making Materiality Judgments. The comment deadline is 14 August 2026. · ED 221 Consultation Paper on Presentation of Financial Statements. The comment deadline is 31 August 2026. |
| Technical guidance recently issued for comment | OAG: Specimen financial statements
Published specimen financial statements for departments for 2026/27. The comment period closed on 29 May 2026. |
| Technical discussion |
Technical question Accounting treatment of changes in a variable interest rate implicit in a finance lease, specifically a decrease in interest and its impact on the lease liability and the leased asset in future periods. Forum conclusion A decrease in interest rates should still be treated and disclosed as contingent rentals, with an appropriate description and explanation provided in the notes. Materiality should also be taken into consideration. |
If you would like to join the PSAF and keep abreast with public sector accounting developments or comments on any of the Exposure Drafts, contact us at info@asb.co.za.