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2024-25 GRAP Disclosure Checklist
- 23 August 2024
- Financial Reporting
- South African Accounting Academy
The Office of the Accounting-General issues this checklist on an annual basis.
This latest version is to be used for Standards of GRAP effective from 1 April 2024.
This document serves as a checklist to assist in determining that the minimum requirements of the effective Standards of GRAP have been complied with.
It should not be considered in isolation as a control for compliance or disclosure purposes.
It is strongly recommended, that the Disclosure/Compliance Checklist be utilised in conjunction with the Applicable GRAP Standard(s) and that reliance be placed on the requirements of the individual GRAP Standard(s) rather than solely on this Disclosure/Compliance Checklist.
Click here to download the Checklist:
Relevance to Auditors, Independent Reviewers & Accountants:
- You need to assess fair presentation and compliance with the Standards of GRAP. This document serves as a checklist to assist in determining that the minimum requirements of the effective Standards of GRAP have been complied with.
- For financial statements to be fairly presented, the effects of transactions, other events and conditions should be truthfully and accurately represented in accordance with the definitions and recognition criteria for assets, liabilities, revenue and expenses. Fair presentation is achieved by, inter alia, complying with all relevant standards of GRAP.
- Non-compliance with GRAP standards may lead to a modified audit opinion.
Relevance to Your Clients:
- GRAP is applicable to all entities preparing their financial statements (and where applicable, consolidated and separate financial statements) on the accrual basis of accounting in accordance with the Standards of GRAP.
- These clients should be using this published document, which serves as a checklist to assist in determining that the minimum requirements of the effective Standards of GRAP have been complied with.