Stakeholders often approach the ASB for a definitive answer on a specific accounting treatment. Therefore, understanding the distinct roles of the Accounting Standards Board (ASB), the Office of the Accountant-General (OAG) and the Auditor-General of South Africa (AGSA) can help ensure that technical accounting issues are directed to the appropriate institution and resolved effectively.
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Organisation |
What assistance can they provide? |
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ASB |
The Secretariat responds to high-level, principle-based questions relating to the Standards of GRAP. The Secretariat does not provide opinions on specific transactions, accounting treatments, journal entries, calculations, disputes between preparers and auditors, or whether a proposed transaction will achieve a desired accounting outcome. |
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OAG |
The OAG provides a structured process for public sector entities to submit technical accounting queries. Matters raised through the OAG process may be escalated for broader consultation where necessary. |
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AGSA |
The AGSA has established technical consultation processes to support auditors during audit engagements and to address accounting matters arising during audit cycles. |
Why does the ASB not provide technical opinions?
The ASB is not mandated to provide technical opinions. The ASB is mandated to develop and maintain the Standards of GRAP. While staff may respond informally to high level, principle-based enquiries, these responses reflect staff views and should not be interpreted as official Board positions.
Why should principle-based accounting issues still be raised with the ASB?
Accounting matters identified in practice may lead to the development of:
- Frequently Asked Questions (FAQs)
- Educational material
- Interpretive guidance (IGRAPs)
- Amendments to existing Standards of GRAP
By raising these issues with the ASB, stakeholders help identify where additional or improved guidance may be needed to support financial reporting across the public sector.
Where should technical accounting queries be submitted?
Public sector entities may submit technical accounting queries to the OAG’s official query email address: oagqueries@treasury.gov.za. A YouTube recording explaining the ASB’s role in the government ecosystem is also available on the ASB YouTube channel.
Disclaimer
This post has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.