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Accounting for living and non-living resources mandatory from 1 April 2020
What’s new? There are several new mandatory accounting requirements that are effective for financial years commencing on or after 1 April 2020. One of the new requirements is the accounting for living and non-living resources. [Note: The requirements for living and non-living resources are only mandatory for trading entities from 1 April 2021.] The Standard
February 23, 2021 -
New accounting requirements for interests in other entities
What’s new? Accounting for interests in other entities deals with how to prepare financial statements when an entity controls, jointly controls, or exercises significant influence over other entities, activities or assets. The existing Standards of GRAP on Consolidated and Separate Financial Statements (GRAP 6), Investments in Associates (GRAP 7), and Interests in Joint Ventures (GRAP
February 16, 2021 -
IPSASB publishes new proposals for leases
The IPSASB has published revised proposals for leases in the public sector. The proposals change the accounting requirements for lessees. Under the new proposals for lessees, there are no longer operating and finance leases. Lessees recognise assets for their rights to use leased assets over the duration of the arrangement along with corresponding obligations to
February 1, 2021 -
Are all transactions with more than two parties a principal-agent arrangement?
We have recently observed that entities – mistakenly – apply GRAP 109 on Accounting by Principals and Agents to any transaction with more than two parties. Most entities focus on assessing whether they are a principal or an agent in an arrangement instead of assessing whether they are party to a principal-agent arrangement at all.
January 27, 2021
