Update Alert: Updated FAQ on the 2023/24 GRAP Reporting Framework

The FAQs on the Standards of GRAP were updated in February 2024. An update was made to FAQ 2.4 on What Standards of GRAP have been issued by the Board but are not yet effective, and what effect do these Standards have on the GRAP Reporting Framework for 2023/2024?

The update aligns FAQ 2.4 to the 2023/24 GRAP Reporting Framework as set out in the Directive on Determining the GRAP Reporting Framework (Directive 5). The updated FAQ outlines new pronouncements approved by the Board and not yet effective at the time of updating the FAQ. These new pronouncements include:

• IGRAP 22 on Foreign Currency Transactions and Advanced Consideration
• GRAP 105, GRAP 106 and GRAP 107 on transfer of functions and mergers
• Improvements to Standards of GRAP (2023)

Dive deeper into the FAQ using this link. Feel free to share your thoughts with us in the comments.