• Improving the quality of accounting policies

    Background In many of the Board’s recent reviews of entities financial statements, it has been observed that entities often include generic accounting policies in their financial statements. The accounting policies often repeat the requirements of the Standards – including all the potential options available, e.g. cost or fair value/revaluation model – and are not tailored

    September 16, 2019
  • mSCOA Illustrative Financial Statements

    The National Treasury has issued an illustrative set of financial statements to assist municipalities with the preparation of their financial statements for the year ended 30 June 2019. The illustrative financial statements do not illustrate the accounting requirements for municipalities that have controlled entities, associates and/or joint ventures. As the way in which municipalities operate

    September 16, 2019
  • Coming up

    The Board will consider the following documents at its September 2019 Board meeting: • Proposed GRAP Reporting Framework for 2020/2021. • Initial discussions on the preparation of combined financial statements, i.e. where financial statements of different entities are combined but control is not the principle used for combination. • Invitation to Participate in the Post-implementation

    September 16, 2019
  • Should all errors be accounted for using GRAP 3?

    In recent discussions on the projects the ASB should undertake during 2021 to 2023, stakeholders indicated a recent trend of disclosing extensive information on the corrections of prior period errors – both in the statement of changes in net assets as well as the notes. Stakeholders indicated that the information provided detracted from the overall

    May 17, 2019