Generally Recognized Accounting Practices – GRAP Standards (with Updates)

Your GRAP Currency Refresher: Recent Changes, Newly Effective Standards, and What's Coming Next. This skills programme is aligned to the unit standards: US:119348, Level 05, 12 Credits

Platform:

Online

In-class

Date	Venue	Duration
14 - 16 October 2026	Sandton, Gauteng	3 Days
02 - 04 December 2026	Sandton, Gauteng	3 Days
18 - 20 January 2027	Sandton, Gauteng	3 Days
01 - 03 March 2027	Sandton, Gauteng	3 Days
19 - 21 April 2027	Sandton, Gauteng	3 Days
31 May - 02 June 2027	Sandton, Gauteng	3 Days
12 - 14 July 2027	Sandton, Gauteng	3 Days
01 - 03 September 2027	Sandton, Gauteng	3 Days
18 - 20 October 2027	Sandton, Gauteng	3 Days
01 - 03 December 2027	Sandton, Gauteng	3 Days

Course Introduction

Prospen Africa’s Generally Recognized Accounting Practices GRAP Standards (with updates) course covers key concepts, legislation and standards relevant to GRAP in the South African public sector and links to international practice (IPSAS and IFRS). The course uses case studies and practical exercises to explain recent and upcoming GRAP changes, directive guidance, and audit preparation techniques to support compliant, audit-ready Annual Financial Statements.

Course Objectives

Participants will conclude this course with the ability to:

Explain GRAP concepts, terminology and definitions
Describe the relationship between GRAP, PFMA, IPSAS, IFRS and GAAP
Distinguish accounting bases: cash, accrual and modified cash
Apply Directive 5 to determine the appropriate reporting framework
Interpret and implement newly effective and revised GRAP standards for current reporting periods
Prepare audit-ready files and respond to common audit queries
Assess the impact of amendments on systems, disclosures and controls

Who should attend?

This course is tailored for:

Accountants
Chief Financial Officers and Municipal Managers
Departmental and Division Managers (Assets, Revenue, Expenditure)
Officials Involved in GRAP/IPSAS Compliance or AFS Compilation
National and Provincial Treasury Advisors and Public Sector Finance Staff

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

Day 1: Reporting Framework and Technical Updates 2022-2025

GRAP Reporting Framework and Governance

Different accounting systems: cash basis, accrual accounting, modified cash basis
Role of the Accounting Standards Board and Directive 5
Differences and hierarchy between GRAP, IFRS and IPSAS
Applying the appropriate accounting framework for current reporting periods

Improvements and Technical Updates 2022 to 2025

Measuring cost of assets acquired in exchange for other assets
Treatment of transaction costs for assets acquired in non-exchange transactions
Revenue-based depreciation and amortisation methods
Restatement of asset carrying amounts under the revaluation model
Treatment of bearer plants and classification of military assets
Acquisition and classification of investment property
Contingent consideration in transfers of functions
Amendments to GRAP 21 and GRAP 26

Interpretations and Guidance

IGRAP 18: Recognition and Derecognition of Land
IGRAP 19: Liabilities to Pay Levies
Updated FAQs and interpretive guidance effective since 2021

Day 2: Newly Effective Standards and What's Coming Next

Newly Effective Standards and Interpretations for 2025/26

GRAP 104, Financial Instruments (revised 2019): revised classification, measurement, and impairment approach — significant systems and disclosure implications, confirmed effective for the 2025/26 reporting period
IGRAP 22, Foreign Currency Transactions and Advance Consideration: consistent measurement and timing for foreign currency and advance consideration transactions, also confirmed effective for 2025/26

Amendments and Pronouncements to Watch for 2026/27 and Beyond

Approved but awaiting Ministerial effective date: GRAP 1 (Presentation of Financial Statements, including going concern disclosures), GRAP 103 (Heritage Assets amendments), GRAP 105, GRAP 106 and GRAP 107 (Transfer of Functions and Mergers amendments)
Improvements to the Standards of GRAP (2023): assorted clarifications
Other high-impact amendments under monitoring: Borrowing Costs (GRAP 5), Leases (GRAP 13), Investment Property (GRAP 16), Property Plant and Equipment (GRAP 17), Related Party Disclosures (GRAP 20), Presentation of Budget Information (GRAP 24), Intangible Assets (GRAP 31), Service Concession Arrangements Grantor (GRAP 32), Joint Arrangements (GRAP 37), Transfer of Functions Not Under Common Control (GRAP 106), Directive on Application of Deemed Cost

ASB Projects and Future Planning

Revisions to GRAP 104 on Financial Instruments
Amendments to GRAP 1
Guideline on Accounting for Landfill Sites
Guideline on the Application of Materiality in the Preparation of Financial Statements
Planning checklist for systems, policies, disclosures and staff training ahead of adoption

Day 3: Technical Deep Dives, Case Studies, and Audit Readiness

Technical Deep Dives and Case Studies

Asset measurement in exchange and non-exchange transactions
Revenue recognition and depreciation methods
Financial instruments classification and impairment modelling
Foreign currency and advance consideration scenarios
Transfers of functions and contingent consideration
IGRAP practical examples

Preparing Audit Files and Managing Audits

Components of an audit file and documentation standards
Evidence checklists and reconciliations for new measurement models
Common audit queries and resolution strategies
Tips for smoother audit engagements and handovers to auditors

Expected Competency Outcomes

On completion, participants will be able to:

Apply GRAP standards to prepare compliant financial statements
Assess and plan for the impact of revised standards on measurement, disclosures and systems
Prepare audit-ready documentation and respond to audit queries
Lead implementation planning for new standard adoption

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FAQs – Generally Recognized Accounting Practices – GRAP Standards (with Updates)

Master Generally Recognized Accounting Practices (GRAP) standards with updates. Learn financial statement preparation, asset measurement, and compliance frameworks to ensure audit readiness.

What topics are covered in the Generally Recognized Accounting Practices (GRAP) Standards with Updates course?

The course covers the GRAP reporting framework, 2022–2025 technical updates, newly effective standards (such as GRAP 104 on Financial Instruments), asset measurement, annual financial statement (AFS) preparation, and audit file readiness.

Who should attend the GRAP Standards training course?

This course is designed for accountants, chief financial officers, municipal managers, departmental and division managers, GRAP/IPSAS compliance officials, AFS compilation staff, and National and Provincial Treasury advisors.

How does this course help ensure compliance and improve audit outcomes?

Delegates learn how to apply current accounting frameworks correctly, build evidence-based working papers, resolve common audit queries, and implement upcoming or newly effective GRAP standards seamlessly.

How long is the GRAP Standards with Updates course?

The programme is structured as an intensive 3-day technical masterclass featuring comprehensive framework reviews, technical deep dives, practical case studies, and audit preparation guidelines.

What practical tools and skills will delegates gain from this masterclass?

Delegates gain practical skills to prepare compliant financial statements, assess the system impacts of revised standards, manage asset and revenue recognition, and handle audit file documentation efficiently.

Can Prospen Africa deliver this course as customized in-house training?

Yes. Prospen Africa can tailor the masterclass around your public sector entity or municipal environment, focusing on specific financial reporting challenges, local regulations, and internal systems.

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Generally Recognized Accounting Practices – GRAP Standards (with Updates)

Your GRAP Currency Refresher: Recent Changes, Newly Effective Standards, and What's Coming Next. This skills programme is aligned to the unit standards: US:119348, Level 05, 12 Credits

Course Introduction

Course Objectives

Who should attend?

Training Methodology

Training Outline

Training Outline

Expected Competency Outcomes

Our Categories

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Success Stories

IFRS Updates Trainings

Financial Analysis, Modelling and Forecasting

Mastering Payroll Preparation, Analysis, and Management

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FAQs – Generally Recognized Accounting Practices – GRAP Standards (with Updates)

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