National Treasury: Modified Cash Standard (MCS) AFS template 2024/2025

National Treasury: Modified Cash Standard (MCS) AFS template 2024/2025

• 02 August 2024
• Financial Reporting
• South African Accounting Academy

This template applies to all national and provincial departments that must compile their AFS in accordance with the Modified Cash Standard (MCS), and incorporates updates to the 2024/2025 MCS that were issued late in 2023.

The template represents the Specimen Annual Financial Statements for National and Provincial Departments For the year ended 31 March 2025.

Click here to download the specimen AFS.

Relevance to Auditors, Independent Reviewers & Accountants:

• The PFMA is yet another piece of legislation that your relevant national and provincial departmental clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor and independent reviewer, you need to consider and assess compliance with the departments that use the MCS, as required by the PFMA.
• Compilers of financial statements must be aware of the latest updates and proposals to the MCS.

Relevance to Your Clients:

• Applies to all national and provincial departments that must compile their annual financial statements in accordance with the Modified Cash Standard.
• Compilers of financial statements must be aware of the latest updates and proposals to the MCS.

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