Prospen Africa

ProspenAfrica | Training and Consulting Services Provider

Generally Recognised Accounting Practices – GRAP Standards (with updates)

3 Day Training

Dates: 23 – 25 October | 20 – 22 November 2024 | 17 – 19 February 2025
Locations: Grayston Ridge Office Park, Sandton
Platform: Available In-Class / Online

Price: Available on request

Course Introduction

Prospen Africa’s Generally Recognised Accounting Practices (GRAP) 3-day course covers key concepts, legislation and standards relating to GRAP in the South African context, as well as linkages to international practice and standards. Within the context of the International Public Sector Accounting Standard (IPSAS), a distinction is made between GRAP and GAAP.

 

The Generally Recognised Accounting Practices – GRAP Standards (with updates) course discusses by way of case studies the new GRAP standards that are effective for the 2022 and 2023 reporting years. The course also goes into an in-depth revision of GRAP standards that have been effective since the introduction of the GRAP standards including a discussion of the directives and guidelines. The course concludes by giving guidance on how to prepare audit files to enable a smooth audit process to be conducted and gives tips on how to overcome some of the difficult accounting issues.

Course Objectives

Generally Recognised Accounting Practices – GRAP Standards (with updates) workshop draws on the knowledge and practical experience of a GRAP expert. Delegates will learn about:

  • GRAP concepts, terminology, and definitions.

  • The link between GRAP, PFMA, IFRS, IPSAs and GAAP.

  • How to describe and distinguish between different accounting systems such as Cash, Accrual and Modified Cash basis.

  • About the new GRAP standards and improvements to GRAP standards applicable for the 2020 year-end; and how to prepare audit files for auditors

Who should attend?

  • Accountants

  • Municipal Managers,

  • Chief Financial Officers,

  • Departmental/Division Managers (e.g. Assets, Revenue, Expenditure etc.)

  • An official involved in GRAP/IPSAS compliant.

  • Annual Financial Statements (AFS) compilation or processing of information included in the AFS, and an official in the employ of the National Treasury as wellas the various Provincial

  • Treasuries who advise and guide South Africa

  • Public Sector entities in the application of GRAP.

  • People working within a Public Sector environment, specializing in Public Finance Management and Administration

Finance Courses

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

  1. High-level understanding of the GRAP Reporting Framework

  • Different accounting systems i.e., Cash Basis, Accrual Accounting and Modified Cash Basis

  • The role of the Accounting Standards Board

  • Directive 5

  • Differences between GRAP, IFRS and IPSAs and the hierarchy in applying GRAP standards.

  • Applying the appropriate accounting framework for 2023 reporting

  1. Improvements to the GRAP Reporting Framework 2022/23

  • Measuring cost of assets acquired in exchange for other assets.

  • Treatment of transaction costs – assets acquired in non-exchange transaction.

  • Revenue based depreciation & amortisation methods.

  • Restatement of asset’s carrying amount – revaluation model

  • Treatment of bearer plants

  • Guidance on classification of military assets

  • Acquisition of investment property

  • Contingent consideration in transfer of functions

  1. Amendments to the GRAP Reporting Framework 2022/23

  • Amendments to GRAP 21 & 26

  1. Changes to GRAP 2022/23

  • IGRAP 18 – Recognition and Derecognition of land

  • IGRAP 19 – Liabilities to pay levies

  1. Changes to Frequently Asked Questions (Effective June 2021)

  • New FAQs

  • Amendments to existing FAQs

  • Other minor amendments to FAQs

  1. Amendments to watch out for in 2024

  • Amendments to GRAP on Borrowing Costs (GRAP 5)

  • Amendments to GRAP on Leases (GRAP 13)

  • Amendments to GRAP on Investment Property (GRAP 16)

  • Amendments to GRAP on Property, Plant and Equipment (GRAP 17)

  • Amendments to GRAP on Related Party Disclosures (GRAP 20)

  • Amendments to GRAP on Presentation of Budget Information in Financial Statements (GRAP 24)

  • Amendments to GRAP on Non-Cash Generating Assets (GRAP 21)

  • Amendments to GRAP on Cash Generating Assets (GRAP 26)

  • Amendments to GRAP on Intangible Assets (GRAP 31)

  • Amendments to GRAP on Service Concession Arrangements: Grantor (GRAP 32)

  • Amendments to GRAP on Joint Arrangements (GRAP 37)

  • Amendments to GRAP on Transfer of Functions Between Entities Not Under Common Control (GRAP 106)

  • Amendments to the Directive on The Application of Deemed Cost

  1. Overview of current ASB projects

  • Revisions of GRAP 104 on Financial Instruments

  • Amendments to iGRAP 1

  • Guideline on Accounting for Landfill Sites

  • Guideline on The Application of Materiality in the Preparation of Financial Statements

  1. Newly effective GRAP Standards

  • GRAP 18 Segment Reporting – Effective 1 April 2021

  • GRAP 20 Related Party Disclosures – Effective 1 April 2021

  • GRAP 32 Service Concession Arrangements – Effective 1 April 2021

  • GRAP 108 Statutory Receivables – Effective 1 April 2021

  • GRAP 109 Accounting by Principals & Agents – Effective 1 April 2021

  • GRAP 110 Living and Non-living Resources – Effective 1 April 2021

  1. Revision of effective GRAP

  • Revision of effective GRAP

  1. Preparing an audit file

  • Components of an audit file

  • Conducting effective audits

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