Have your say on the Post-implementation Review of GRAP 109 (ED 200)

An article on An agent may need to recognise assets and liabilities from a principal-agent arrangement – but when and what? explains when an agent may recognise assets and liabilities from a principal-agent arrangement. The ED asks the following related questions to preparers of financial statements:

How do you experience applying the requirements of GRAP 109 to recognise rights and obligations from principal-agent arrangements as assets and liabilities (under the circumstances explained in GRAP 109)? Please describe your experience – whether positive or negative. If negative, indicate how, in your view, your challenges could be resolved.

Are the indicators in GRAP 109.57 helpful to assess whether an agent should recognise a receivable or a payable? If not, please provide details, and include information on the indicators that would be more helpful.

To respond to these questions, access the Exposure Draft here. The comment deadline is 15 September 2023.