THE introduction of new accounting standards in the public sector is aimed at enhancing financial reporting, accountability and transparency.

The standards, which are fairly new in SA, will be implemented as a framework for the first time by public entities and constitutional institutions for the financial year ending March 31 2010, and by large and medium municipalities for the financial years ending June 30 2009, and June 30 2010 for smaller municipalities.

The implementation date of the standards was recently approved by Finance Minister Trevor Manuel.

“Generally Recognised Accounting Practice (Grap) is a set of accounting standards developed specifically for the public sector, including municipalities,” says Lebo Malahleha, a director at KPMG..... For more details click Bussiness Day