Audience Presentations - Session 1

Report
SESSION 1
INTRODUCTION TO THE
ECONOMIC REPORTING
FORMAT (ERF) AND SCOA
PRESENTED BY: NATIONAL TREASURY
WHAT IS ERF AND SCOA?
• Economic Reporting Format (ERF)
• Budget reporting format
• Standard Chart of Accounts
• Structure of government accounts
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WHY A NEW ECONOMIC REPORTING
FORMAT?
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Old formats outdated
Part of Public Sector Budget Reform
Improve accountability in the public sector
Better quality information to legislatures
Single classification standard
Compliance to international reporting
standards
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DESIGN PRINCIPLES
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In line with Constitution
It is clear, user friendly and accessible
It is transparent and promotes accountability
Easier to calculate relevant economic variables
GFS tables can be extracted easily
4
WHAT IS THE SCOA?
• Standardised Chart of Accounts
• Accounts correspond to Economic Reporting
Format requirements
• Implemented within the financial systems
• Controlled by National Treasury
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FINANCIAL SYSTEMS FOR
ERF AND SCOA
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DESIGN PRINCIPLES
• Good governance and financial practice
• Complies with economic and accounting
standards (GFS,GRAP,ASB,IPSAS)
• Satisfies reporting requirements of
stakeholders
• Allows for cash and accrual accounting
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WHO USES SCOA?
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Budget office officials
Accounting officers
Accounting clerks
Economic Analysts
Statisticians
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MACRO-LEVEL BENEFITS
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Improved quality of information
Increased efficiency in extracting information
Positive public perception
Comparable financial information
Standardised financial information
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MICRO-LEVEL BENEFITS
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Less duplication of accounts
User-friendly system
Easier to audit
Better management information
Focus on expenditure management
Standardised process of transacting
Job satisfaction and transfer of skills
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For any additional questions or issues for
clarification, please contact the National
Treasury SCOA Technical Committee at:
• Call centre: (012) 315 5311
• E-mail: [email protected]
• Website: http://scoa.treasury.gov.za
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