Generally Recognised Accounting Practices -GRAP Standards Workshop

Grap Framework & Public Sector Context 

Module 1: GRAP Framework, Authority & Reporting Environment 

• Role and authority of the Accounting Standards Board (ASB) 

• GRAP reporting framework and Directive 5 

• Applicability across departments, municipalities and public entities 

• GRAP vs IFRS vs IPSAS (alignment and divergence) 

• Ethical responsibility in public sector reporting 

Module 2: Conceptual Framework & Accounting Judgement 

• Objectives of public sector financial reporting 

• Users and accountability relationships 

• Elements of financial statements 

• Measurement bases and uncertainty 

• Materiality and faithful representation 

Presentation, Policies & Disclosures 

Module 3: Presentation of Financial Statements & Budget Reporting 

Standards: GRAP 1, GRAP 24 

• Structure and content of financial statements 

• Going concern and disclosure quality 

• Budget vs actual reporting 

• Recent presentation and disclosure updates 

Module 4: Accounting Policies, Estimates & Errors 

Standard: GRAP 3 

• Policy selection and hierarchy 

• Changes in estimates vs policies 

• Prior period errors and restatements 

• Documentation of judgement decisions 

Core & Public Sector-Specific 

Module 5: Core Asset Accounting 

Standards: GRAP 12, 16, 17, 31 

• Recognition and measurement 

• Depreciation and useful lives 

• Revaluation and impairment indicators 

• Disclosure challenges 

Module 6: Specialised & Public Sector Assets 

Standards: GRAP 101, 102, 103, 110 

• Agriculture and biological assets 

• Public-private partnerships 

• Heritage assets 

• Living and non-living resources 

Module 7: Impairment of Assets 

Standards: GRAP 21, GRAP 26 

• Service potential vs cash-generating logic 

• Impairment indicators and calculations 

• Disclosure and audit sensitivity 

Revenue, Cash & Financial Instruments 

Module 8: Revenue Recognition 

Standards: GRAP 9, GRAP 23 

• Exchange vs non-exchange transactions 

• Conditions vs restrictions 

• Grant and transfer accounting 

• Common misapplications 

Module 9: Cash Flow Statements & Receivables 

Standards: GRAP 2, GRAP 104 

• Cash flow statement preparation 

• Debtors and impairment 

• Expected Credit Loss (ECL) model 

Module 10: Financial Instruments – GRAP 104 (Major Update Area) 

• Classification and measurement 

• Impairment (ECL) 

• Derecognition 

• Expanded disclosures 

Liabilities & Employee Benefits 

Module 11: Provisions, Contingencies & Commitments 

Standard: GRAP 19 

• Recognition thresholds 

• Legal vs constructive obligations 

• Litigation and claims 

• Disclosure vs recognition 

Module 12: Employee Benefits 

Standard: GRAP 25 

• Short-term and long-term benefits 

• Defined benefit obligations 

• Actuarial assumptions and disclosures 

Group Accounting & Structural Changes 

Module 13: Group Accounting & Consolidations 

Standards: GRAP 34–38 

• Control assessment 

• Consolidation mechanics 

• Joint arrangements and associates 

• Disclosure requirements 

Module 14: Transfers, Mergers & Restructuring 

Standards: GRAP 105, 106, 107 

• Transfers vs mergers 

• Measurement of transferred items 

• Enhanced disclosure requirements 

Interpretations, Updates & Future Developments 

Module 15 : Interpretations & FAQs 

Standards : IGRAP 1–22 

• Focus on IGRAP 22 

• Role of ASB FAQs in resolving uncertainty 

Module 16: Recent Updates & Upcoming Changes 

• GRAP improvements exposure drafts 

• Anticipated disclosure refinements 

• Preparing for future adoption 

• Implementation planning 

Application, Governance & Ethical Leadership 

Module 17: Integrated Case Studies 

• Full financial statement case 

• Asset impairment case 

• Revenue recognition case 

• Financial instruments case 

• Consolidation case 

Module 18: Audit Readiness, Governance & Ethical Leadership 

• AGSA common findings linked to GRAP 

• Documentation and audit files 

• Role of finance in ethical leadership 

• Supporting audit committees and accounting authorities