Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 11 : Accounting Standards Board89. Functions of Board |
| (1) | The Accounting Standards Board must— |
| (a) | set standards of generally recognised accounting practice as required by section 216(1)(a) of the Constitution, for the annual financial statements of-- |
| (i) | departments; |
| (ii) | public entities; |
| (iv) | municipalities and boards, commissions, companies, corporations, funds or other entities under the ownership control of a municipality; and |
| (v) | Parliament and the provincial legislatures; |
| (b) | prepare and publish directives and guidelines concerning the standards set in terms of paragraph (a); |
| (c) | recommend to the Minister effective dates of implementation of these standards for the different categories of institutions to which these standards apply; and |
| (d) | perform any other function incidental to advancing financial reporting in the public sector. |
| (2) | In setting standards the Board must take into account all relevant factors, including- |
| (a) | best accounting practices, both Locally and internationally; and |
| (b) | the capacity of the relevant institutions to comply with the standards. |
| (3) | The Board may set different standards for different categories of institutions to which these standards apply. |
| (4) | The standards set by the Board must promote transparency in and effective management of revenue, expenditure, assets and liabilities of the institutions to which these standards apply. |