GRAP 19 accounting manual/guideline updated

18 May 2022
Accounting
South African Accounting Academy

GRAP 19 is applicable to all entities preparing their financial statements on the accrual basis of accounting.

Updates made to the accounting manual on GRAP 19 include additional guidance on excecutory contracts and disclosures on commmitments as well as "right of returns" in grant agreements.

Click here to download the updated Accounting Manual:

https://ag.treasury.gov.za/org/tss/Shared%20Documents/Generally%20Recognised%20Accounting%20Practice%20Reporting/Accounting%20Manuals/Accounting%20Guideline%20on%20GRAP%2019%20Issued%20February%202020%20Updated%20March%202022.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

You need to assess fair presentation and compliance with the Standards of GRAP.
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.
GRAP 19 is applicable to all entities preparing their financial statements on the accrual basis of accounting.
Non-compliance with GRAP19 may lead to a modified audit opinion.
As an auditor and independent reviewer, you need to consider and assess compliance with GRAP19 and thus you need knowledge of this published guidance on provisions, contingent liabilities and contingent assets.

Relevance to Your clients:

GRAP 19 is applicable to all entities preparing their financial statements on the accrual basis of accounting.
These clients should be aware of this published guidance on provisions, contingent liabilities and contingent assets.

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