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.
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
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
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.
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
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
Amendments to the GRAP Reporting Framework 2022/23
Amendments to GRAP 21 & 26
Changes to GRAP 2022/23
IGRAP 18 – Recognition and Derecognition of land
IGRAP 19 – Liabilities to pay levies
Changes to Frequently Asked Questions (Effective June 2021)
New FAQs
Amendments to existing FAQs
Other minor amendments to FAQs
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
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
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
Revision of effective GRAP
Revision of effective GRAP
Preparing an audit file
Components of an audit file
Conducting effective audits