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Update: Accounting Guideline on GRAP 19
- 07 June 2023
- Accounting
- South African Accounting Academy
This document provides guidance on the recognition and measurement of provisions, as well as the disclosures related thereto. It also provides guidance on the information to be disclosed in the notes to the financial statements about contingent liabilities and contingent assets. The contents should be read in conjunction with GRAP 19.
Additional FAQs were added on the treatment of legal costs in the estimation of a contingent liability at the reporting date.
A new section was added on executory contracts and disclosures on commitments, and a new section on grant agreements and accounting for the “return right”.
This guide on the standard of GRAP relate to, unless specifically stated otherwise, the following bodies:
- Public entities
- Constitutional institutions
- Municipalities and all other entities under their control
- Trading entities and government components applying the standards of GRAP
- Parliament and the provincial legislatures
- TVET and CET colleges
Click here to download the Accounting Guideline:
Relevance to Auditors, Independent Reviewers & Accountants:
- You need to assess fair presentation and compliance with the Standards of GRAP – for all your relevant clients on the accrual basis of accounting.
- Non-compliance with GRAP 19 may lead to a modified audit opinion.
- As an auditor and independent reviewer, you need to consider and assess compliance with GRAP 19 and thus you need knowledge of this published guidance on Provisions, Contingent Liabilities and Contingent Assets.
Relevance to Your clients:
- GRAP 19 sets out the accounting requirements for the recognition, measurement, presentation and disclosure of Provisions, Contingent Liabilities and Contingent Assets. It is applicable to all entities 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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https://accountingacademy.co.za/profession/monthly-legislation-update
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