Can entities change their measurement bases after initial adoption of Standards of GRAP?

The Public Sector Accounting Forum discussed the period within which entities were able to apply Directive 11 on Changes in Measurement Bases Following the Initial Adoption of Standards of GRAP to change accounting policies for assets from the fair value or revaluation model to the cost model. They noted that it has lapsed.

Entities may apply GRAP 3 on Accounting Policies, Changes in Accounting Estimates and Errors to change their accounting policies when the criteria are met. The change should result in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity’s financial position, financial performance or cash flows.