ASB Proposes Amendments to Financial Reporting Conceptual Framework

Posted 30 March 2026 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Legal Academy: The Accounting Standards Board (ASB) has issued draft limited-scope amendments to the conceptual framework for general purpose financial reporting, focusing on the measurement requirements for assets and liabilities.

In terms of the relevant Government Gazette notice, the Accounting Standards Board has invited public comment on proposed revisions to the Conceptual Framework for General Purpose Financial Reporting. These amendments are designed to align the measurement section of the framework with the principles set out by the International Public Sector Accounting Standards Board (IPSASB).

The draft amendments, which are detailed across two accompanying technical documents, seek to refine how entities measure assets and liabilities to ensure consistency and international comparability. Key focus areas include:

  • The selection of measurement bases for different categories of assets and liabilities;
  • Alignment with IPSASB measurement principles for public sector reporting; and
  • Enhancing the conceptual basis for financial reporting measurement decisions.

The deadline for the submission of comments on these draft amendments is 8 May 2026.

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

  • For yourself: You should review the draft measurement principles to understand the future direction of public sector accounting and how it aligns with international standards.
  • For your business: Your practice should assess whether existing audit and reporting workflows will require adjustment to accommodate the proposed measurement bases.
  • For your clients: Advise public sector clients that their asset and liability valuation policies may need to be updated to remain compliant with the revised conceptual framework once finalised.

Originally published at https://legalacademy.co.za/news/read/accounting-standards-amendments-proposed-for-financial-statements-asset-liability-measurement-requirements

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