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ASB: Proposed amendments to Directive 5 Reporting Framework
- 29 April 2024
- Financial Reporting
- South African Accounting Academy
Directive 5 determines the GRAP Reporting Framework for a particular reporting period. The Appendices list the standards and pronouncements that form the GRAP Reporting Framework for that particular reporting period.
The Appendices are updated each year to include the Reporting Framework for the upcoming reporting period.
Entities have to apply Directive 5 and the list of pronouncements in the applicable Appendix to prepare financial statements for a particular reporting period.
The Board resolved to amend the Directive on Determining the GRAP Reporting Framework (Directive 5), to clarify principles in Directive 5.
The Exposure Draft will be published at the end of April, to provide for 60-day commentary period.
Comments requested on certain items by 30 June 2024.
Appendix 1 forms part of this Directive. This appendix lists the standards and pronouncements that are the GRAP Reporting Framework for public entities, constitutional institutions, Parliament and the Provincial Legislatures, Municipalities and Municipal Entities, Trading Entities, Public TVET Colleges and Public CET Colleges effective for financial periods commencing on or after 1 April 2024 and should be applied as set out in paragraphs .05 and .06 of this Directive.
Appendix 1 can be accessed on https://www.asb.co.za/wp-content/uploads/2023/08/Full-Reporting-Framework-1-April-2024.pdf
This Directive was originally issued by the ASB (the Board) in March 2009. The Board approved the GRAP Reporting Framework for financial periods commencing on or after 1 April 2024 at their September 2023 meeting. The Appendix for 2021/22 was deleted.
Click here to download the Latest Directive 5:
https://www.asb.co.za/wp-content/uploads/2023/08/Directive-5-Reporting-Framework-1-April-2024.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.
Technical Summary Video: