Following the updates to Directive 5 on Determining the GRAP Reporting Framework, amendments to FAQs were necessary to align the FAQs to the Directive. The updates to Directive 5 included to clarify that new and amended Standards of GRAP that have been issued by the Board but for which the Minister of Finance has not determined an effective date cannot be early adopted.
There are no additional new or amended Standards of GRAP included for 2024/25. The FAQs explain the impact of new and amended Standards of GRAP that are not yet effective on the 2024/25 GRAP Reporting Framework.
The following FAQs were amended for the above:
- FAQ 2.2 on What Reporting Framework should be used by entities for the 2024/2025 reporting period?
- FAQ 2.3 on Are entities allowed to early adopt Standards of GRAP for which the Minister of Finance has determined an effective date?
- FAQ 2.4 on What Standards of GRAP have been issued by the Board but are not yet effective, and what effect do these Standards have on the GRAP Reporting Framework for 2024/2025?
- FAQ 2.5 on What is the impact of recently issued IPSAS and IFRS Accounting Standards on the 2024/25 GRAP reporting framework?
- FAQ 2.7 on Per Directive 5, what does it mean to formulate an accounting policy?
- FAQ 2.13 on What disclosures should an entity provide on newly effective Standards of GRAP?
The amended FAQs can be accessed here.
Disclaimer
The article has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.