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Accounting Guideline on GRAP 108
- 25 November 2022
- Accounting
- South African Accounting Academy
GRAP 108 sets out the accounting requirements for the recognition, measurement, presentation and disclosure of statutory receivables. It is applicable to all entities on the accrual basis of accounting.
This document provides guidance on the recognition, measurement, presentation and disclosure of statutory receivables (i.e., those that arise from legislation or similar means and must be settled by another entity). The contents should be read in conjunction with GRAP 23 (Revenue from Non-Exchange Transactions) and GRAP 9 (Revenue from Exchange Transactions).
This guide on 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 GRAP108 may lead to a modified audit opinion.
- As an auditor and independent reviewer, you need to consider and assess compliance with GRAP108 and thus you need knowledge of this published guidance on Statutory Receivables.
Relevance to Your clients:
- GRAP 108 sets out the accounting requirements for the recognition, measurement, presentation and disclosure of statutory receivables. It is applicable to all entities on the accrual basis of accounting.
- These clients should be aware of this published guidance on Statutory Receivables.
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