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Accounting Standards Board (ASB): New ED208 & ED209
- 21 May 2024
- Financial Reporting
- South African Accounting Academy
ED 208:
Stakeholders have inquired about the potential implications of pronouncements that are not yet effective, as well as those from other standard-setters on the GRAP Reporting Framework. The purpose of the proposed Amendments to the Directive on Determining the GRAP Reporting Framework (Directive 5) (ED 208) is to clarify these principles. ED 208 seeks comment from stakeholders on whether the proposed amendments clarify the existing principles in Directive 5.
ED 209:
In line with the ASB’s Due Process Handbook, the ASB aligns its Standards of GRAP with International Public Sector Accounting Standards (IPSAS) where appropriate. Consequently, amendments to IPSAS can impact the Standards of GRAP. Amendments to IPSAS are exposed locally to ensure that local stakeholders are informed of and can contribute to the process.
This Exposure Draft (ED) considers five IFRIC and SIC Interpretations issued by the IFRS Interpretations Committee (IFRIC) that were not previously reviewed by the IPSASB to determine their relevance to the public sector. The ED proposes incorporating guidance from these Interpretations into IPSAS based on the IPSASB’s assessment that the public sector might encounter similar issues.
Access ED209/ED89 at a glance on https://www.asb.co.za/wp-content/uploads/2023/08/ED-89-At-a-glance-Amendments-Consider-IFRIC-Interpretations.pdf
Closing dates for comment:
- ED 208 - 20 June 2024
- ED 209 - 7 June 2024
Click here to download the Exposure Drafts:
- https://www.asb.co.za/wp-content/uploads/2023/08/Exposure-Draft-208-Directive-5.pdf
- https://www.asb.co.za/wp-content/uploads/2023/08/ED-89-Amendments-Consider-IFRIC-Interpretations.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- You need to assess fair presentation and compliance with the Standards of GRAP.
- Non-compliance with GRAP standards may lead to a modified audit opinion.
- You should be aware of the latest publications issued by the relevant board, e.g. ASB.
- The exposure draft on Directive 5 clarifies certain principles and determines the GRAP Reporting Framework for a particular reporting period.
Relevance to Your clients:
- Relevant entities should be aware of the latest publications issued by the standards board, e.g. ASB.