GRAP Tool on GRAP 13

09 May 2022
Accounting
South African Accounting Academy

The tool assists entities with the requirements of GRAP 13 on Leases.

It illustrates the calculations and the disclosures required in the annual financial statements of both lessors and lessees.

Remember that the GRAP standards are effective from 1 April 2021.

Click here to download the GRAP Tool:

https://ag.treasury.gov.za/org/tss/Shared%20Documents/Generally%20Recognised%20Accounting%20Practice%20Reporting/GRAP%20tools/Tool_Leases_GRAP%2013.xlsx?Web=1

Relevance to Auditors, Independent Reviewers & Accountants:

GRAP is applicable to all your clients that are entities preparing their financial statements (and where applicable, consolidated and separate financial statements) on the accrual basis of accounting in accordance with the Standards of GRAP.
This tool illustrates the calculations and the disclosures required in the annual financial statements of both lessors and lessees.

Relevance to Your clients:

GRAP is applicable to all entities preparing their financial statements (and where applicable, consolidated and separate financial statements) on the accrual basis of accounting in accordance with the Standards of GRAP.
If they have any lease transactions, they would have to follow GRAP 13 and then this tool will be useful to them.

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