Fact Sheet issued for GRAP 24 on Presentation of Budget Information in Financial Statements

The Board completed a desktop review of entities’ applications of GRAP 24 in late 2021. The final Review Report was approved in March 2022.

The review highlighted areas where the Standard is not being applied, for example:

• What a ‘publicly available’ budget means.
• The comparison requires financial statement information to be adjusted to align/and conform to the accounting basis, presentation basis, etc. as the budget.
• The comparison and related information are not disclosed in the financial statements.

To address these and other issues, the Secretariat developed a Fact Sheet and is available on our website.

The Review Report, Fact Sheet, and the Accounting Guideline issued by the National Treasury are helpful resources  to consider when applying the Standard.