Comment on the proposed amendments to when an entity should apply GRAP 24

The Exposure Draft (ED) proposes to provide clarity on the terms “publicly available” and “publicly accountable” in the Standard of GRAP on Presentation of Budget Information in Financial Statements (GRAP 24). The amendment is driven by stakeholder concerns on when an entity is in the scope of GRAP 24. The addition of paragraph .05A to GRAP 24 clarifies that the requirement for an entity to be held publicly accountable for their budget does not automatically flow from the entity making its budget publicly available.

The Board requests specific comment on the proposed improvement to GRAP 24 on the explanation of the term publicly accountable to understand whether respondents:

• agree with the explanation of the term publicly accountable, and;
• foresee any practical implementation issues with the improvement.

To respond to the questions, access the Exposure Draft here. The comment deadline is 28 April 2023.