New FAQ to explain the difference between transitional provisions and the measurement period

Transitional provisions are applied on the initial adoption of a new or changed Standard of GRAP and specify how an entity should change from one accounting policy to another. The transitional provisions may require retrospective or prospective application of the new or changed Standard of GRAP.

Measurement periods apply to the accounting for specific transactions or events, for example, transfer of functions. In this instance, the measurement period allows an entity additional time identify and measure assets and liabilities

FAQ 2.15 on What is the difference between transitional provisions and the measurement period? Can be accessed here Frequently Asked Questions (asb.co.za).