Generally Recognized Accounting Practices – GRAP Standards (with Updates)

• 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

• 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

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

• 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

• 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

• 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

• 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

• 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

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