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SESSION 1 INTRODUCTION TO THE ECONOMIC REPORTING FORMAT (ERF) AND SCOA

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. WHY A NEW ECONOMIC REPORTING FORMAT?.

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SESSION 1 INTRODUCTION TO THE ECONOMIC REPORTING FORMAT (ERF) AND SCOA

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  1. SESSION 1 INTRODUCTION TO THE ECONOMIC REPORTING FORMAT (ERF) AND SCOA PRESENTED BY: NATIONAL TREASURY

  2. WHAT IS ERF AND SCOA? • Economic Reporting Format (ERF) • Budget reporting format • Standard Chart of Accounts • Structure of government accounts

  3. WHY A NEW ECONOMIC REPORTING FORMAT? • Old formats outdated • Part of Public Sector Budget Reform • Improve accountability in the public sector • Better quality information to legislatures • Single classification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

  4. DESIGN PRINCIPLES • 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

  5. WHAT IS THE SCOA? • Standardised Chart of Accounts • Accounts correspond to Economic Reporting Format requirements • Implemented within the financial systems • Controlled by National Treasury

  6. FINANCIAL SYSTEMS FOR ERF AND SCOA

  7. 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

  8. WHO USES SCOA? • Budget office officials • Accounting officers • Accounting clerks • Economic Analysts • Statisticians

  9. MACRO-LEVEL BENEFITS • Improved quality of information • Increased efficiency in extracting information • Positive public perception • Comparable financial information • Standardised financial information

  10. MICRO-LEVEL BENEFITS • 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

  11. For any additional questions or issues for clarification, please contact the National Treasury SCOA Technical Committee at: • Call centre: (012) 315 5311 • E-mail: scoa@treasury.gov.za • Website: http://scoa.treasury.gov.za

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