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NT: Adjustments to the SCOA classification – Circular 45 on changes made in 3rd quarter of 2023/2024
- 13 February 2024
- Accounting
- South African Accounting Academy
The purpose of this circular is to inform government departments’ financial practitioners of the changes made to the SCOA COR 5 in the third quarter of the 2023/24 financial year.
Changes to the chart are discussed according to each segment of the chart. Reasons for amendments to the chart are provided along with an illustration of the impact thereof. Please refer to SCOA Version 5 of 2023/24 (SCOA COR 5 Version 23.24.04) published for detailed changes implemented.
Click here to download Circular 45:
https://scoa.treasury.gov.za/Circulars1/Classification%20Circular%2045.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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The Minister of Finance specifies national norms and standards for the recording and collection of government budgets, financial and non-financial information which will include in some instances the specification of information required for national policy coordination and reporting. This will result in an improved understanding of the role of government in the broader national policy framework and linkage to other government functions.
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As an auditor and independent reviewer, you need to consider and assess compliance with the departments that use the SCOA, as required by the Minister of Finance.
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Section 216 (1) of the Constitution of the Republic of South Africa, 1996, provides for the standardisations that national legislation must prescribe measures to ensure transparency and expenditure control in each sphere of government by introducing generally recognised accounting practice, uniform expenditure classifications and uniform treasury norms and standards.
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Compilers of financial statements must be aware of the latest updates and proposals to the SCOA.
Relevance to Your Clients:
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Applies to all departments that must compile their budgets, annual financial statements in accordance with the SCOA.
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Compilers of financial statements must be aware of the latest updates and proposals to the SCOA.