Public Schools are required to compile financial statements annually.
Three key decisions the compiler has to make:
• What reporting / accounting framework should we adopt, e.g. IFRS or SMEs or MEC Guidelines?
• Does the South African Schools Act restrict how certain transactions are treated?
• Who is allowed to compile the AFS of a public school?
Join us as we help you make informed decisions.
• Discuss the 2024 BELA ACT amendments that affect the finance, budgeting and accounting requirements in the South African Schools Act
• Break down the SA Schools Act requirements that affect the accounting transactions that end up in the financial statements
• Provide guidance on what financial reporting frameworks are available when preparing financial statements, including discussion of what constitutes MEC Guidelines
• Work through the National Guideline accounting framework available to public schools
• Clarify who is permitted to compile AFS.
• Auditors
• Financial accountants
• Audit managers and partners
• Engagement Quality Control Reviewers.
