Standards of Generally Recognised Accounting Practice (GRAP), are to the public sector what International Financial Reporting Standards (IFRS) are to private sector companies.
Standards of GRAP are issued by the Accounting Standards Board (ASB) as a requirement of section 89 of the Public Finance Management Act (PFMA). The public sector is funded by public funds and as such the financial management of these funds requires strict compliance with prescripts.
Standards of GRAP apply to government departments, Parliament, municipalities and commissions just to name a few. Although generally similar to IFRS, these standards present some notable differences in the treatment of certain accounting concepts.
By the end of this event the participant should:
Understand what standards of GRAP are;
Understand the broad application of GRAP;
Understand the principle difference between IFRS and GRAP;
Understand differences between specific IFRS and GRAP; and
Understand practical application of specific standards of GRAP.
The webinar will cover the following topics:
Introduction to GRAP.
IFRS vs GRAP - A general comparison.
IFRS vs GRAP - Specific differences:
Treatment of assets.
The concept of capital.
GRAP 1 - Presentation of Financial Statements.
GRAP 2 - Cash Flow Statements.
GRAP 3 - Accounting Policies, Changes in Accounting Estimates and Errors.
GRAP 6 - Consolidated and Separate Financial Statements.