• In focus – Research Paper on Review of Amendments to the Standards of GRAP on Investment Property and Property, Plant and Equipment

    Were the changes to the classification of land and buildings as investment property or property, plant and equipment effective?  The Board completed a review of the implementation of the amendments made to GRAP 16 on Investment Property and GRAP 17 on Property, Plant and Equipment in 2018. The amendments to GRAP 16 and GRAP 17

    February 11, 2020
  • Why should heritage assets be reported in the financial statements?

    Government has a responsibility to manage South Africa’s resources One of government’s key responsibilities is to provide services to its citizens. It is however also responsible for managing the country’s resources which include mineral, natural and cultural resources. While it is obvious that the revenue, costs, assets and liabilities related to service delivery should be

    February 4, 2020
  • Developing accounting guidance for infrastructure assets

    There are challenges with existing Standards to account for infrastructure assets Infrastructure assets are assets that are immovable, that form part of a system or network, that are specialised in nature, and generally do not have an alternative use. Examples include roads, water or electricity networks or sewer systems. Infrastructure assets are used to provide

    November 25, 2019
  • Accounting for heritage assets is under review internationally

    Accounting locally for heritage assets GRAP 103 Heritage Assets is applied to recognise, measure and disclose information on heritage assets. Heritage assets are typically those assets that are held indefinitely, with the objective to protect and preserve them for present and future generations. These assets are often irreplaceable, are kept unencumbered, with their value appreciating

    November 18, 2019