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Public Sector: FAQs on MCS 2024/2025
- 09 May 2025
- Negotiating Tax Debt and Payment Arrangements with SARS
- South African Accounting Academy
Summary:
The Office of the Accountant-General in National Treasury has issued the Frequently Asked Questions (FAQs) for departments applying the Modified Cash Statement (MCS) for the 2024/2025 financial year.
Article:
The FAQs are based on queries commonly received from the stakeholders involved with 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 (AFS) for the 2024/25 financial year and reporting periods thereafter.
At this stage, there are 2 FAQs in total, covering the following categories:
- Chapter 9: General Departmental Assets and Liabilities
- Chapter 13: Leases
Click here to download the 5-page Updated FAQ document:
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.
- This FAQ document provides some guidance on the considerations for Leases, as well as 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.