Heritage Assets

29 September 2022
Accounting
South African Accounting Academy

The objective of this Standard is to prescribe the accounting treatment for heritage assets and related disclosure requirements.

This Standard was originally issued by the Accounting Standards Board (the Board) in July 2008. Since then, it has been amended numerous times. This revision included new definitions relating to the cultural significance of heritage assets, and heritage assets with more than one use.

This Standard applies to heritage assets after its initial recognition and measurement in accordance with the Standard of GRAP on Service Concession Arrangements: Grantor (GRAP 32)

Click here to download the Revised GRAP 103 standard:

https://www.asb.co.za/wp-content/uploads/2022/08/Amendments-to-GRAP-103-on-Heritage-Assets.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.
Your clients that prepare and present financial statements under the accrual basis of accounting shall apply this Standard in the recognition, measurement and disclosure of all assets that meet the definition of a heritage asset.

Relevance to Your clients:

An entity that prepares and presents financial statements under the accrual basis of accounting shall apply this Standard in the recognition, measurement and disclosure of all assets that meet the definition of a heritage asset

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