National Treasury: New Guidance – Events after the Reporting Date (GRAP 14)

National Treasury: New Guidance – Events after the Reporting Date (GRAP 14)

• 05 December 2025
• Accounting
• South African Accounting Academy

Summary:

National Treasury has published new guidance on Events after the Reporting Date in terms of GRAP 14.

Article:
The GRAP Knowledge Hub has been updated with a new section on Adjusting and Non-Adjusting Events in terms of GRAP 14.

This page explains how to determine whether post-year-end developments should result in adjustments to figures in the financial statements or merely be disclosed in the notes.

It includes:

• A clear explanation of key concepts and classification criteria.
• An example based on the Eskom Debt Relief write-off, showing how timing of National Treasury and Eskom confirmations affects recognition.  

Click here to access the document:

https://lms.treasury.gov.za/mod/forum/discuss.php?d=93 

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.
• Non-compliance with GRAP 14 may lead to a modified audit opinion.
• As an auditor and independent reviewer, you need to consider and assess compliance with GRAP 14 and thus you need knowledge of this guidance regarding events after the reporting date.

Relevance to Your clients:

• GRAP 14 is applicable to all entities preparing their financial statements on the accrual basis of accounting.
• These clients should be aware of this guidance regarding events after the reporting date.

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