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Public Sector Accounting Forum Psaf May 2026 Highlights

Accounting Standards BoardRef: https://www.asb.co.za/public-sector-accounting-forum-psaf-may-2026-highlights/

Official source

Source domain: asb.co.za

Collected on 13 July 2026

Always confirm details on the official source before acting.

Our copy (archived 20 July 2026)Official source

What this means

This document is a “Public Sector Accounting Forum (PSAF) May 2026: Highlights” news-style update from the Accounting Standards Board. It reports that the latest PSAF meeting was held on 5 May 2026 and summarises discussions on exposure drafts open for public comment, including ED 218, ED 219, ED 220, and ED 221 with specified comment deadlines. It also notes technical guidance from OAG on specimen financial statements for departments for 2026/27 (comment period closed on 29 May 2026) and records the forum’s conclusion on the accounting treatment of changes in a variable interest rate in a finance lease. The forum concluded that decreases in interest rates should be treated and disclosed as contingent rentals with appropriate note disclosure, and that materiality should be considered.

What this document offers

Read out of this document by Govermate's AI, in its own words. Each one quotes the line it came from — confirm on the official source before acting.

membership/participation in a forumOngoing

Join the PSAF and keep abreast of public sector accounting developments and exposure-draft comments

You can contact the ASB to join the Public Sector Accounting Forum (PSAF) and stay informed about public sector accounting developments and comments on exposure drafts.

Who it is for
people who want to join the PSAF and keep abreast with public sector accounting developments or comments on exposure drafts
How to act on it
Contact the ASB by email at the address provided.
Show the line this came from
If you would like to join the PSAF and keep abreast with public sector accounting developments or comments on any of the Exposure Drafts, contact us at info@asb.co.za .
public comment on an exposure draftOpen

Comment on ED 220 Making Materiality Judgments

You can submit comments on exposure draft ED 220 (Making Materiality Judgments) during the public comment period.

Who it is for
people who want to comment on exposure drafts for public sector accounting and reporting
How to act on it
Use the ASB “comment on proposals” page and provide comments on ED 220 before the stated deadline.
Closes
14 August 2026
Show the line this came from
· ED 220 Making Materiality Judgments. The comment deadline is 14 August 2026.
How to apply
public comment on an exposure draftOpen

Comment on ED 221 Consultation Paper on Presentation of Financial Statements

You can submit comments on exposure draft ED 221 (Consultation Paper on Presentation of Financial Statements) during the public comment period.

Who it is for
people who want to comment on exposure drafts for public sector accounting and reporting
How to act on it
Use the ASB “comment on proposals” page and provide comments on ED 221 before the stated deadline.
Closes
31 August 2026
Show the line this came from
· ED 221 Consultation Paper on Presentation of Financial Statements. The comment deadline is 31 August 2026 .
How to apply
public comment on an exposure draftClosed

Comment on ED 219 on Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40)

You can submit comments on exposure draft ED 219 (Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40)) during the public comment period.

Who it is for
people who want to comment on exposure drafts for public sector accounting and reporting
How to act on it
Use the ASB “comment on proposals” page and provide comments on ED 219 before the stated deadline.
Closes
17 June 2026
Show the line this came from
· ED 219 on Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40). The comment deadline is 17 June 2026 .
How to apply
public comment on an exposure draftClosed

Comment on ED 218 on Improvements to IPSAS Accounting Standards – Volume 10

You can submit comments on exposure draft ED 218 (Improvements to IPSAS Accounting Standards – Volume 10) during the public comment period.

Who it is for
people who want to comment on exposure drafts for public sector accounting and reporting
How to act on it
Use the ASB “comment on proposals” page and provide comments on ED 218 before the stated deadline.
Closes
17 June 2026
Show the line this came from
· ED 218 on Improvements to IPSAS Accounting Standards – Volume 10. The comment deadline is 17 June 2026 .
How to apply

Facts

Reference

https://www.asb.co.za/public-sector-accounting-forum-psaf-may-2026-highlights/

Key Takeaways

  • PSAF meeting date: 5 May 2026
  • ED 218: Improvements to IPSAS Accounting Standards – Volume 10; comment deadline 17 June 2026
  • ED 219: Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40); comment deadline 17 June 2026
  • ED 220: Making Materiality Judgments; comment deadline 14 August 2026
  • ED 221: Consultation Paper on Presentation of Financial Statements; comment deadline 31 August 2026
  • OAG specimen financial statements for departments 2026/27; comment period closed 29 May 2026
  • Technical discussion: variable interest rate changes in a finance lease (decrease in interest) and impact on lease liability and leased asset
  • Forum conclusion: treat and disclose decrease in interest rates as contingent rentals with appropriate note description/explanation
  • Materiality must be considered
  • Public Sector Accounting Forum (PSAF)
  • Accounting Standards Board (ASB)
  • Office of the Auditor-General (OAG)
  • IPSAS (International Public Sector Accounting Standards)
  • IPSAS 40

Dates

Closing Date

17 June 2026