ED 205 on Social Benefits: Comment deadline extended

ED 205 on Social Benefits: Comment deadline extended

• 04 January 2024
• Accounting
• South African Accounting Academy

This ED 205 was issued in August 2023.

The objective of this Standard is to prescribe accounting requirements for the recognition, measurement, presentation and disclosure of social benefits.

This Standard applies to a transaction that meets the definition of a social benefit and is provided in cash.

This Standard does not apply to a transaction that meets the definition of a social benefit and is provided in kind.

The Standard of Generally Recognised Accounting Practice (GRAP) on Social Benefits is based on the International Public Sector Accounting Standard (IPSAS) 42 on Social Benefits.

Click here to download the Exposure Draft:

https://www.asb.co.za/ed-205/ 

You can also download the Executive summary on ED 205 at https://www.asb.co.za/wp-content/uploads/2023/08/ED-205-Executive-summary.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• You need to assess the fair presentation and compliance with the Standards of GRAP.   

• Non-compliance with GRAP standards may lead to a modified audit opinion.

• Your clients that prepare and present financial statements under the accrual basis of accounting shall apply this Standard including the latest amendments and publications by the ASB, e.g. the Exposure Draft on Social Benefits.

Relevance to Your Clients:

• An entity that prepares and presents financial statements under the accrual basis of accounting shall apply this Standard including the latest amendments and publications by the ASB, e.g. the Exposure Draft on Social Benefits.

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