AFS template for government departments

29 June 2022
Accounting
South African Accounting Academy

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 departments should be using this published document, which provides a template for the AFS.

Click here to download the template:

https://ag.treasury.gov.za/org/tss/Shared%20Documents/Modified%20Cash%20Standard%20Reporting/For%20financial%20year%20ending%2031%20March%202023/Dept_Financial%20Statement%20Template_2022-23%20(DRAFT%20for%20comment%20due%2021%20June%202022).zip

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 departments should be using this published document, which provides a template for the AFS.

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