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ASB: Updated Directive 5: GRAP Reporting Framework 2026/2027
- 07 November 2025
- Accounting
- South African Accounting Academy
Summary:
The Accounting Standards Board (ASB) has published the updated Directive 5 on the GRAP Reporting Framework for the 2026/27 financial year.
Article:
The latest GRAP Reporting Framework applies to public entities, constitutional institutions, Parliament and the Provincial Legislatures, Municipalities and Municipal Entities, Trading Entities, Public TVET Colleges and Public CET Colleges, and is effective for financial periods commencing on or after 1 April 2026.
The GRAP reporting framework applicable to each period is reviewed every year and then included in an Annexure to the Directive. The Annexure outlines the pronouncements issued by the Board, the International Public Sector Accounting Standards Board (IPSASB) and the International Accounting Standards Board (IASB) that should either be applied or considered by entities in preparing their financial statements.
For the financial period commencing on or after 1 April 2026, no new Standards or amendments to Standards have been approved by the Minister. The changes to the reporting framework are discussed in Annexure A of the media communication.
Access the following at https://www.asb.co.za/determining-the-grap-reporting-framework-2026-27/ :
- Full Reporting Framework (1 April 2026)
- Reporting Frameworks at a Glance (1 April 2026)
- Communication from the ASB_GRAP Reporting Framework (1 April 2026) https://www.asb.co.za/wp-content/uploads/2023/08/Communication-from-the-ASB_GRAP-Reporting-Framework-1-April-2026-1.pdf
Click here to download the 22-page Directive 5:
https://www.asb.co.za/wp-content/uploads/2023/08/Directive-5-Reporting-Framework-1-April-2026.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.
- Directive 5 clarifies certain principles and determines the GRAP Reporting Framework for a particular reporting period – in this case from 1 April 2026.
Relevance to Your clients:
- Relevant entities should be aware of the latest publications issued by the standards board, e.g. ASB.