Financial statements… getting it right

Part 8 – Only say it once

When entities prepare their financial statements, they need to comply with the Standards of GRAP as well as legal reporting requirements. Sometimes the Standards and legislation require the same or similar disclosure. For example:

• Presenting a statement comparing the budget and actual information required by GRAP 24 on Presentation of Budget Information in Financial Statements and presenting an appropriation statement required in legislation.
• Disclosing information on remuneration to management – who is considered management and what benefits should be disclosed may differ.

Preparers should avoid duplicating the same or similar information as this confuses users of the financial statements. Where information requirements are similar – whether from the Standards or legislation – preparers should try to develop combined disclosures that satisfy all needs.

Disclaimer

This content 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.