Understanding the Classification Framework and implication on financial reform

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

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

TIME IS RUNNING OUT

PROBLEM STATEMENT 2 ▪ Excel based Chart – Not easy to navigate

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