ASB Board meeting feedback

The ASB Board met on 25 July 2023. They deliberated a few matters including:

Proposed Standard of GRAP on Social Benefits

The Board approved an Exposure Draft (ED) on Social Benefits. Guidance from IPSAS 42 on Social Benefits was used in certain areas of the ED but the ED mostly proposes guidance specific to the South African environment. The ED prescribes the accounting requirements for the recognition, measurement, presentation and disclosure of social benefits provided in cash to individuals and householders. Keep a look out on the ASB website and social media for the ED and the Invitation to Comment to have your say.

Post-implementation Review of the Standard of GRAP on Statutory Receivables

The issues identified during phase one of the Post-implementation Review of GRAP 108 on Statutory Receivables were presented to the Board. This phase identified general issues with the preparation of financial statements, and specific issues related to the application of GRAP 108. The matters identified in phase one will be included in the ED and will form the basis for engaging stakeholders as part of phase two of the project. The Board noted that the Secretariat will now commence with phase two of the project to develop the ED.