Types of pronouncements that the Board and Secretariat can develop
The Public Finance Management Act, Act No. 1 of 1999 (PFMA), requires the Board to set standards of generally recognised accounting practice. The Standards of GRAP that the Board develops include Standards, Interpretations and Directives. The PFMA also allows the Board to prepare and publish guidelines concerning these Standards.
Pronouncements developed by the Board
- Outline research on, and propose principles to be applied in accounting for, a specific transaction or event.
- Developed on a topic that is dealt with in an IFRS or IPSAS if it is a contentious or complex issue.
- First step before specific guidance is developed.
- Outline research and discussion of differences between existing accounting practices and new developments.
- Set out recognition, measurement, presentation and disclosure requirements for transactions or events.
- Consensus on the appropriate treatment of a transaction or event.
- Explain the application of the principles in the Standards of GRAP and illustrate accounting.
- Set transitional provisions and transitional arrangements for the entities applying Standards of GRAP.
Pronouncements developed by the Secretariat
These pronouncements are not authoritative and do not form part of the Standards of GRAP. These pronouncements are prepared after consultation with the technical division of the Office of the Auditor-General and the Office of the Accountant-General.
- Address questions received by Secretariat, Office of the Auditor-General and Office of the Accountant-General.
- The approved text of the Standards of GRAP is that published in the English language.
The text of Standards of GRAP are translated into isiZulu, Sesotho and Afrikaans, but they are not approved.
Other policies on governance, management, human resources, setting of Standards of GRAP, etc. are available on request from the ASB.