Updated FAQs on the Standards of GRAP

24 August 2021
Financial Reporting
South African Accounting Academy

This version includes updates made on 15 March 2021, 17 June 2021 and 7 July 2021.

The Secretariat of the Accounting Standards Board (ASB) have updated the Frequently Asked Questions (FAQs) on the Standards of Generally Recognised Accounting Practice (GRAP) by adding 5 new questions, updated 1 and amended another 1 to add guidance.

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 the FAQ document (unless indicated otherwise).

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.

Click here to download the updated 122-page FAQ document:

https://www.asb.co.za/wp-content/uploads/2021/07/FAQs-on-Standards-of-GRAP-updated-July-2021.pdf

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