ACCOUNTING STANDARDS: STATUTORY RECEIVABLES REVIEW

ACCOUNTING STANDARDS: STATUTORY RECEIVABLES REVIEW

• 05 February 2024
• Auditors & Accountants
• SA Legal Academy

The Accounting Standards Board is undertaking a post-implementation review of the generally recognised accounting practice standard on statutory receivables, and has gazetted a notice calling for input by 27 October 2024 on:

• whether the standard is achieving its intended objective, and
• any issues experienced in practice.

This is noting that, according to the review document:

• ‘entities in the public sector operate within a highly regulated environment’
• the term ‘statutory receivable’ refers to taxes, fines, penalties, appropriations, grants, and fees charged in terms of legislation or similar means
• not all transactions undertaken by a public entity arise from statute, and that
• many ‘arise from contracts that grant an entity a contractual right to receive cash or another financial instrument’.

Please click the links below for more information:

• review document
• Government Gazette notice

Published by SA Legal Academy Policy Watch

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