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Understanding the Classification Framework and implication on financial reform

Learn about the classification framework and its impact on financial reform in order to navigate the challenges faced by municipalities. Invictus, a firm managed by Chartered Accountants, offers expertise in the Standard Chart of Accounts (SCOA) and Modified Standard Chart of Accounts (mSCOA) designed for the National Treasury. We provide accredited training services with FASSET and PSETA.

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Understanding the Classification Framework and implication on financial reform

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  1. Understanding the Classification Framework and implication on financial reform

  2. Who is Invictus We are firm managed and owned by Chartered Accountant. We are level 1 – BBBEE We are based in the KwaZulu-Natal, however we work throughout the country. We are experts on Municipal, Provincial and National Standard Chart of Accounts. We have designed all the training material on SCOA and mSCOA for the National Treasury We are an accredited training service provider with FASSET and PSETA

  3. PROBLEM STATEMENT 1 • REGULATIONS AND LEGISLATIVE MANDATES • All municipalities must implement SCOA • Effective 1 July 2017 • local government accountability cycle‘ • Recording and classification of municipal budget and financial information at a transaction level • 7 Segments • Record all financial transactions and data in the applicable segment. • May not contain data which is mapped or extrapolated

  4. TIME IS RUNNING OUT

  5. PROBLEM STATEMENT 2 Excel based Chart – Not easy to navigate

  6. What is your way forward • Create a mSCOA project steering committee • Appoint an mSCOA project champion • Understand the municipal current business processes • Attend the non accredited training developed by National Treasury – 44 sessions planned throughout the country from 13 October 2015 • Match your current chart to mSCOA chart • Ask your current vendors • Look for alternative products • Do not wait for version releases to start planning and understanding the chart. • Look to your provincial treasuries for guidance

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