| What projects should the ASB take onto its work plan? |
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Stakeholders often raise issues about the Standards of GRAP, whether it be that there are too many Standards, they are too complex, or identify particular areas where guidance is needed. The ASB consults on the projects it should undertake every three years. It is time to have your say about what the ASB should do.
The projects the ASB undertakes will be aligned to its strategic objectives. The key projects or areas where feedback is sought are as follows:
| What do we want to achieve at the ASB? | Proposed project or activity | | Address any gaps in existing literature | Proposal to complete project on social benefits, both in cash and in-kind
Are there other potential gaps? | | Alignment to international standards | Proposal to issue a new Standard of GRAP aligned with the proposed IPSAS on Measurement and update the Conceptual Framework.
Are there other IPSAS or IFRS that should be considered? | | Promote the adoption of Standards of GRAP | Proposal to combine and streamline the Directives that prescribe transitional provisions to make them more user friendly.
Continue to promote the adoption of accrual accounting by National and Provincial Departments. | | Reviews of Standards | The reviews focus on assessing entities’ compliance with Standards, understanding if the Standard is achieving its objective, and identifying application issues.
Let us know which three Standards we should review? | | Emerging issues | Public sector financial reporting is a new discipline and is constantly evolving. Are there any new areas the ASB should be considering, for example, climate related disclosures, detailed analysis of compensation of employees, other topics? | | Facilitating and encouraging stakeholder engagement | The ASB staff issues FAQs, Fact Sheets, a Newsletter, publishes updates on social media, and undertakes other outreach activities.
What else can we do? |
ED 194 on Taking Stock: ASB’s Work Programme for 2024-2026 explains the process to identify and select projects, specific questions the ASB would appreciate responses to, and provides you with an opportunity to raise any other comments with the ASB. The comment deadline is 18 March 2022. Access ED 194 on the ASB website. |
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