Notice is hereby given that to make it is the intention of the Minister of Finance the following regulations and public comment is invited on these draft regulations.
The standards of generally recognised accounting practice set out in Schedule 1 hereto apply, subject to the approval of the Accounting Standards Board in terms ofsection55(l)(b), in respect of thefinancialyearsended 31 March 2001, 31 March 2002and 31 March 2003.
The material accounting policies applied must be disclosed.
The annual financial statements must, by means of figures and a descriptive report, explain any other matters and information material to the affairs of the public entity.
The statements must be prepared on a cash basis of accounting which must be represented by gross collections net of refunds.
Uncashed refund cheques and monies received and banked on behalf of any national department or any provincial government which have not been allocated must be reflected inthe balance sheet.
Written comment on the draft regulations should reach the above person by no later thanMondav, 8 October 2001.