We are pleased to announce the publication of a new communiqué, the communiqué aims to inform stakeholders about the recent changes to Directive 5 following public consultation. These amendments address various stakeholder concerns and provide clarity on the application of the GRAP Reporting Framework.
Key Changes to Directive 5:
- Clarify how to use Standards and other pronouncements by other Standard setters to develop accounting policies when there is no Standard of GRAP that deals with a particular transaction or event.
- Specify when new Standards and amendments to existing Standards may be used to develop accounting policies.
The Communiqué on the Amendments to Directive 5 is available for download on the ASB website.
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.