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ASB: ED 215 – Amendments to GRAP 109
- 29 January 2026
- Accounting
- South African Accounting Academy
Summary:
The Accounting Standards Board (ASB) has issued Exposure Draft (ED) 215 on proposed amendments to the standard of GRAP on accounting by principals and agents.
Article:
The objective of this Standard is to outline principles to be used by an entity to assess whether it is party to a principal-agent arrangement, and whether it is a principal or an agent in undertaking transactions in terms of such an arrangement.
This Standard does not introduce new recognition or measurement requirements for revenue, expenses, assets and/or liabilities that result from principal-agent arrangements. This Standard does however provide guidance on whether revenue, expenses, assets and/or liabilities should be recognised by an agent or a principal, as well as prescribe what information should be disclosed when an entity is a principal or an agent.
Comments are due on 13 February 2026.
Access the following related documents:
- Executive summary (4 pages) - https://www.asb.co.za/wp-content/uploads/2023/08/ED-215-Executive-summary.pdf
- Presentation on ED 215 (26 pages) - https://www.asb.co.za/wp-content/uploads/2023/08/ED-215-Roundtable-presentation-.pdf
- Invitation to comment (6 pages) - https://www.asb.co.za/wp-content/uploads/2023/08/ED-215-ITC-on-Amendments-to-GRAP-109.pdf
Click here to download the 49-page Exposure Draft:
https://www.asb.co.za/wp-content/uploads/2023/08/ED-215-Exposure-Draft-of-Amendments-to-GRAP-109.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 seeks comment on the proposal to amend a Standard of GRAP.
Relevance to Your clients:
- Relevant entities should be aware of the latest publications issued by the standards board, e.g. ASB.
- This exposure draft seeks comment on the proposal to a Standard of GRAP.