Accounting Standards Board
 Newsletter #2 - July 2020

In this edition of the Newsletter:


New FAQs and other news
New FAQs and other news

New FAQs

The Secretariat issued a new FAQ on “What is the effective interest rate and how do you calculate it?”

The FAQ was issued in response to questions raised by stakeholders about the use of effective interest rates and how they should be determined in applying GRAP 104 on Financial Instruments. The FAQ explains the following:
  • What is the effective interest rate?
  • What is the effective interest rate used for?
  • How is the effective interest rate determined?
Read FAQ 8.2 by following this link

Other news

Financial statement preparation by Water Boards

The Minister of Finance published an amendment to Gazette Notice 437 of 31 March 2020 by “excluding an institution listed in a schedule to that Act, with a financial year ending 30 June, from the application of that Notice”. The effect is that the date for the submission of financial statements by Water Boards remains unchanged.

Financial statement preparation by public schools

An extended financial statement submission date of 31 July 2020 has been Gazetted for public schools. The audit deadline has also been extended to 4 months after schools re-open.

MSCOA guidance for guidance on COVID-19 related expenditure

The National Treasury has issued mSCOA Circular 9 on Reporting on COVID-19 using the mSCOA chart.

GRAP disclosure checklist published

The National Treasury has published an updated disclosure and compliance checklist.
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Copyright © 2020
Accounting Standards Board
 
Disclaimer
The Newsletter 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.






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