What are the disclosure requirements in the Standards of GRAP on commitments?

New FAQ

Entities often ask whether the Standards of GRAP include a universal requirement to disclose commitments. The answer is no – there is no universal requirement.

GRAP 1 on Presentation of Financial Statements refers to the disclosure of unrecognised contractual commitments in paragraph .124(d)(i). The paragraph needs to be read in the context of the other standards’ requirements to disclose commitments, such as commitments to acquire property, plant, and equipment.

Access FAQ 3.17 here: FAQs