Public Finance Management Act: Draft GRAP Standards Amendments

Posted 03 November 2025 Written by Acts Online
Category National Treasury

Brought to you by SA Legal Academy: National Treasury has invited public comment on draft regulatory amendments under the Public Finance Management Act, No. 1 of 1999, to align reporting requirements with updated accounting standards.

In terms of the Public Finance Management Act, No. 1 of 1999, National Treasury has issued a notice calling for input on draft regulatory amendments. These changes are necessitated by the Accounting Standards Board (ASB) standards for Generally Recognised Accounting Practice (GRAP) which have been in place since 2024. The amendments aim to ensure that the regulatory framework for financial reporting remains current and technically accurate.

The proposed updates are part of an annual cycle where National Treasury reviews and synchronises the regulatory environment with the latest GRAP standards issued by the ASB. Stakeholders, including public entities, constitutional institutions, and accounting professionals, are invited to review the draft changes to ensure they reflect practical reporting requirements.

Interested parties must submit their comments and representations regarding the draft amendments by 30 November 2025. Submissions should be directed to the National Treasury as specified in the relevant Government Gazette notice.

What this means for you, your business, or your clients

  • For yourself: You must familiarise yourself with the 2024 GRAP standards to ensure your technical advisory or auditing work remains compliant with the latest PFMA reporting requirements.
  • For your business: Your firm should update its compliance and audit methodology templates to reflect the proposed changes to the PFMA regulatory framework before the next reporting cycle.
  • For your clients: Public sector clients and constitutional institutions must assess the impact of these amendments on their financial statement preparation and consider submitting formal comments by the 30 November 2025 deadline.

Originally published at https://legalacademy.co.za/news/read/public-finance-management-grap-standards-related-regulatory-amendments-proposed

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