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National Treasury: Updated FAQ published for departments
- 24 June 2025
- Accounting
- South African Accounting Academy
Summary:
The National Treasury's Office of the Accountant-General (OAG) has issued updated Frequently Asked Questions (FAQs) to support departments in preparing their 2024/25 Annual Financial Statements in line with the Modified Cash Standard.
Article:
These Frequently Asked Questions (FAQs) have been developed by the Office of the Accountant-General (OAG) in response to common queries from stakeholders involved in the preparation and finalisation of financial statements in accordance with the Modified Cash Standard (MCS).
These FAQs should be considered for preparation and finalisation of the Annual Financial Statements for the 2024/25 financial year and reporting periods thereafter.
These FAQs address key topics such as:
- Prepayments and advances and transfer payments
- Transfer of functions - splitting departments
Contents:
- Chapter 9: General Departmental Assets and Liabilities (2 FAQs)
- Chapter 13: Leases (1 FAQ)
- Chapter 19: Transfer of Functions (1 FAQ)
- Reporting: AFS Specimen and Template (1 FAQ)
To access the National Treasury Learning Management System online, you might be required to create an account.
Click here to access the FAQs:
https://lms.treasury.gov.za/course/view.php?id=54
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.
-
These updated FAQs provides some guidance on the considerations for preparation and finalisation of the Annual Financial Statements for the 2024/25 financial year and reporting periods thereafter.
Relevance to Your clients:
- Applies to all departments that must compile their annual financial statements in accordance with the Modified Cash Standard.
- All departments need to be aware of the clarity/guidance that is provided in the FAQs published by National Treasury.