New FAQ on What should be disclosed about Standards of GRAP where no effective date has been approved by the Minister of Finance?

GRAP 3 on Accounting Policies, Changes in Accounting Estimates and Errors requires certain disclosures for Standards of GRAP (or amendments) that are not yet effective, including the timing of the change based on the effective dates of the Standards, and the potential impact on accounting policies. Entities would not be able to fully meet the requirements if the Minister of Finance has not yet announced an effective date. While entities may provide information about these Standards (or amendments), the information value to users should be considered.

The FAQ includes examples of Standards (or amendments) for 2020/21 for which no effective date has been approved.

Access FAQ 1.15 here: FAQs