Public Finance Management Act, 1999 (Act No. 1 of 1999)NoticesStandards of Generally Accepted Municipal Accounting Practice (GAMAP) in terms of Section 91Notice No. R. 992 of 2005 |
Notice No. R. 992
7 December 2005
GG 28095
National Treasury
The Minister of Finance has, in terms of Section 91 of the Public Finance Management Act, 1999 (Act No. 1 of 1999), prescribed the following GAMAP Standards as set by the Accounting Standards Board in terms of Section 89:
| • | The Effects of Changes in Foreign Exchange Rates (GAMAP 4) |
| • | Consolidated Financial Statements and Accounting for Controlled Entities (GAMAP 6) |
| • | Accounting for Investments in Associates (GAMAP 7) |
| • | Financial Reporting of Interests in Joint Ventures (GAMAP 8) |
| • | Revenue (GAMAP 9) |
| • | Inventories (GAMAP 12) |
| • | Property, Plant and Equipment (GAMAP 17) |
| • | Provisions, Contingent Liabilities and Contingent Asset (GAMAP 19) |
The implementation of the Standards of GAMAP is aligned with the implementation of the Municipal Finance Management Act (MFMA), Act No. 45 of 2003. The details thereof are contained in the MFMA Circular No. 18. The annual financial statements as provided for in the MFMA Circular No. 18 and any updates thereof form part of this regulation.