What should an entity do about assets identified in an asset count not on the asset register?

The Public Sector Accounting Forum (PSAF) considered the practical implications of identifying assets  not on an entity’s register during an asset count.

The PSAF noted it is a practical application issue not addressed by the Standards of GRAP. Entities should refer to GRAP 3 on Accounting Policies, Changes in Accounting Estimates and Errors for guidance on developing accounting policies, impracticability, and materiality. Directive 7 on Deemed Cost only applies to assets acquired before the adoption of GRAP, or in the other circumstances specified in the Directive.