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Accounting Guideline on GRAP 104
- 24 November 2022
- Accounting
- South African Accounting Academy
GRAP 104 is applicable to all entities preparing their financial statements on the accrual basis of accounting.
This document provides guidance on the accounting treatment and disclosure of financial instruments. Many financial instruments are simple in nature, however there is a subset that can be complex. This document includes guidance for both simple and complex instruments.
The content should be read in conjunction with GRAP 104 (issued April 2019).
The standard of GRAP relate to, unless specifically stated otherwise, the following bodies:
- Public entities
- Constitutional institutions
- Municipalities and all other entities under their control
- Trading entities and government components applying the standards of GRAP
- Parliament and the provincial legislatures
- TVET and CET colleges
Click here to download the Guideline:
Relevance to Auditors, Independent Reviewers & Accountants:
- You need to assess fair presentation and compliance with the Standards of GRAP.
- Non-compliance with GRAP104 may lead to a modified audit opinion.
- As an auditor and independent reviewer, you need to consider and assess compliance with GRAP104 and thus you need knowledge of this published guidance on financial instruments.
Relevance to Your clients:
- GRAP 104 is applicable to all entities preparing their financial statements on the accrual basis of accounting.
- These clients should be aware of this published guidance on financial instruments.
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https://accountingacademy.co.za/profession/monthly-legislation-update
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