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Latest FAQs on GRAP
- 07 March 2023
- Accounting
- South African Accounting Academy
Since its original issue in February 2011, the following has now been updated:
- Section 2 for the 2022/2023 reporting framework
- FAQs 1.3, 4.1, (now) 4.6, (now) 4.14 and 11.1 for references to related Fact Sheets
The following FAQs were amended:
- 2.10 to include measurement periods.
- 3.13 for a change in the title of the FAQ.
- 3.16 to include an example on housing projects.
- 4.5 to include guidance on restricted cash and cash equivalents.
- (now) 4.12 to indicate that the entity (VAT vendor) is a deemed debtor to the national government.
- Combined FAQ 4.6 with (now) FAQ 4.8. This resulted in the renumbering of the FAQs that followed in this section.
The Standards of GRAP apply only to material items. Consequently, the FAQs have been drafted on the basis that a particular issue is material. When considering the FAQs, entities should apply judgement in determining whether an issue outlined in the FAQs is material to its operations.
The questions and responses focus on issues that are of interest to public entities, constitutional institutions, municipalities, municipal entities, Parliament and the provincial legislatures, trading entities and Public Further Education and Training Colleges collectively called “entities” in this document (unless indicated otherwise).
Click here to download the FAQs:
https://www.asb.co.za/wp-content/uploads/2019/09/FAQs-on-Standards-of-GRAP-updated-Feb-2023.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.
- The questions and responses outlined in this document are based on queries commonly received by the Secretariat, the AGSA and the OAG and have been compiled to assist preparers of the financial statements. The questions and responses provide a summarised analysis of topical issues and are not comprehensive.
Relevance to Your clients:
- Relevant entities should be aware of the latest publications issued by the standards board, e.g. ASB.
- The questions and responses focus on issues that are of interest to public entities, constitutional institutions, municipalities, municipal entities, Parliament and the provincial legislatures, trading entities and Public Further Education and Training Colleges collectively called “entities” in this document (unless indicated otherwise).
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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