Eskom has been exempted from disclosing irregular and fruitless expenditure in its annual financial statements in a special government gazette issued by Minister of Finance Enoch Godongwana on Friday. | News24_Business
For more financial news, go to theEskom has been exempted from disclosing irregular and fruitless expenditure in its annual financial statements in a special government gazette issued by Minister of Finance Enoch Godongwana on Friday.
The gazette, which was published on the last day of the financial year, provides Eskom with an exemption from Section 55 of the Public Finance Management Act for 2022/23 and the following two years. The applicable section of the Act requires that state entities provide particulars in their annual financial statements and annual reports of"any material losses through criminal conduct and any irregular expenditure and fruitless and wasteful expenditure that occurred during the financial year."Treasury said on Sunday that it had issued the gazette in response to a letter from Eskom chairperson Mpho Makwana.
All irregular, fruitless, and wasteful expenditure must still be detailed in the Eskom annual report; Irregular expenditure that occurs through criminal activity or losses must still be disclosed in the financial statements and the annual report
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