ACCOUNTING STANDARDS BOARD: SOCIAL BENEFITS DRAFT OUT FOR COMMENT

ACCOUNTING STANDARDS BOARD: SOCIAL BENEFITS DRAFT OUT FOR COMMENT

• 08 September 2023
• Auditors & Accountants
• SA Legal Academy

Please note: On 22 December 2023, the Accounting Standards Board notified stakeholders that the deadline for input has been extended to 28 March 2024. Links to the draft standard and related documents are provided at the foot of this report.

The Accounting Standards Board has gazetted a notice calling for input by 17 November 2023 on proposals for a generally recognised accounting practice standard on social benefits.

Informed by International Public Sector Accounting Standard practices, once finalised the proposed new standard will apply only to any transaction that:

• meets the definition of ‘social benefit’, and
• is provided in cash, subject to certain transaction-related conditions.

Please click the link below for more information:

• draft standard
• accompanying documents
• notice

Published by SA Legal Academy Policy Watch

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