Updated FAQs for enhanced guidance

The Secretariat of the Accounting Standards Board (ASB) published an update to the Frequently Asked Questions (FAQs) on the ASB website:https://www.asb.co.za/frequently-asked-questions/

The questions and responses in the FAQs provide a summarised analysis of topical issues based on queries commonly received by the Secretariat.

Amendments to existing questions

FAQ 2.4: 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 FAQ was updated to include references to new pronouncements and changes thereto that are not yet effective at the time of updating this FAQ. These 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)

Access Directive 5 and the related publications here.

FAQ 7.12: What is the interaction between GRAP 11 and the Housing Guideline?

The question was amended to clarify the connection between GRAP 11 and the Housing Guideline. It specifically outlines the role of municipalities in housing arrangements.

New questions added to the FAQs

FAQ 3.19: What is harvested produce in the case of living animals?

The question was added to guide what could be harvested produce in the case of living animals. The FAQ clarifies that GRAP 27 is applied to agricultural produce only at the point of harvest. The FAQ further explains the point of harvest of a biological asset.

FAQ 6.4: Are liabilities for employee benefits in the scope of GRAP 104?

The question was added to provide clarity about whether liabilities for employee benefits are only accounted for in GRAP 25 or if GRAP 104 should also be considered.

If you have any questions or insights to share, feel free to drop a comment below.