National Treasury: Updates to departmental specimen AFS template

National Treasury: Updates to departmental specimen AFS template

• 17 December 2024
• Public Sector
• South African Accounting Academy

Summary:

The Office of the Accountant General in National Treasury has published the Specimen Annual Financial Statements for National and Provincial Departments for the year ended 31 March 2025.

Article:

The Departmental AFS template and specimen have been updated to accommodate the automatic reclassification of liabilities with debit balances.

This was originally issued in June 2024 and updated in December 2024.

Click here to download the updated AFS:

https://ag.treasury.gov.za/org/tss/Shared%20Documents/Forms/AllItems.aspx?RootFolder=/org/tss/Shared%20Documents/Modified%20Cash%20Standard%20Reporting/For%20financial%20year%20ending%2031%20March%202025/Prescribed%20Formats&FolderCTID=0x0120001F21BD686AA6A64DBD11CE84C462DB4B&View=%7b4A51C561-D5A5-41A7-B4C9-BD215C2D77B5%7d

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 tools available to departments to compile their financial statements as prescribed by National Treasury.

Relevance to Your Clients:

• Applies to all departments that uses the Department AFS template.

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