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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 presented by national treasury
SESSION 1

INTRODUCTION TO THE ECONOMIC REPORTING FORMAT (ERF) AND SCOA

PRESENTED BY: NATIONAL TREASURY

what is erf and scoa
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
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  • Old formats outdated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
design principles
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
what is the scoa
WHAT IS THE SCOA?
  • Standardised Chart of Accounts
  • Accounts correspond to Economic Reporting Format requirements
  • Implemented within the financial systems
  • Controlled by National Treasury
design principles1
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
who uses scoa
WHO USES SCOA?
  • Budget office officials
  • Accounting officers
  • Accounting clerks
  • Economic Analysts
  • Statisticians
macro level benefits
MACRO-LEVEL BENEFITS
  • Improved quality of information
  • Increased efficiency in extracting information
  • Positive public perception
  • Comparable financial information
  • Standardised financial information
micro level benefits
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
slide11
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