GRAP Reporting Landscape 2022 and Beyond Overview
G
R
A
P
r
e
p
o
r
t
i
n
g
l
a
n
d
s
c
a
p
e
–
2
0
2
2
a
n
d
b
e
y
o
n
d
D
i
s
c
l
a
i
m
e
r
T
h
e
v
i
e
w
s
a
n
d
o
p
i
n
i
o
n
s
e
x
p
r
e
s
s
e
d
i
n
t
h
i
s
p
r
e
s
e
n
t
a
t
i
o
n
a
r
e
t
h
o
s
e
o
f
t
h
e
i
n
d
i
v
i
d
u
a
l
.
O
f
f
i
c
i
a
l
p
o
s
i
t
i
o
n
s
o
f
t
h
e
A
S
B
o
n
a
c
c
o
u
n
t
i
n
g
m
a
t
t
e
r
s
a
r
e
d
e
t
e
r
m
i
n
e
d
o
n
l
y
a
f
t
e
r
e
x
t
e
n
s
i
v
e
d
u
e
p
r
o
c
e
s
s
a
n
d
d
e
l
i
b
e
r
a
t
i
o
n
.
•
Reporting landscape 2022/2023
•
Overview of Exposure Drafts and current
projects
O
v
e
r
v
i
e
w
o
f
t
o
d
a
y
’
s
s
e
s
s
i
o
n
R
e
p
o
r
t
i
n
g
F
r
a
m
e
w
o
r
k
f
o
r
1
A
p
r
i
l
2
0
2
2
a
n
d
b
e
y
o
n
d
A
n
o
v
e
r
v
i
e
w
5
2
0
2
2
/
2
3
2
0
2
3
/
2
4
2
0
2
4
/
2
5
2
0
2
5
/
2
6
#
1
G
R
A
P
2
5
o
n
E
m
p
l
o
y
e
e
B
e
n
e
f
i
t
s
(
a
n
d
I
G
R
A
P
7
)
#
2
I
G
R
A
P
2
1
T
h
e
E
f
f
e
c
t
o
f
P
a
s
t
D
e
c
i
s
i
o
n
s
o
n
M
a
t
e
r
i
a
l
i
t
y
#
3
A
m
e
n
d
m
e
n
t
s
t
o
G
R
A
P
1
#
4
I
m
p
r
o
v
e
m
e
n
t
s
t
o
S
t
a
n
d
a
r
d
s
o
f
G
R
A
P
,
2
0
2
0
#
5
G
u
i
d
e
l
i
n
e
o
n
L
a
n
d
f
i
l
l
S
i
t
e
s
No mandatory
changes
G
R
A
P
1
0
4
o
n
F
i
n
a
n
c
i
a
l
I
n
s
t
r
u
m
e
n
t
s
(
2
0
1
9
)
Note: Based on information available on 30
September 2022
E
f
f
e
c
t
i
v
e
d
a
t
e
s
o
f
c
h
a
n
g
e
s
6
•
E
f
f
e
c
t
i
v
e
d
a
t
e
s
o
f
c
h
a
n
g
e
s
7
•
I
F
R
S
n
o
t
t
o
b
e
a
p
p
l
i
e
d
8
I
P
S
A
S
n
o
t
t
o
b
e
a
p
p
l
i
e
d
9
N
e
w
l
y
p
u
b
l
i
s
h
e
d
r
e
s
o
u
r
c
e
s
10
W
o
r
k
p
r
o
g
r
a
m
m
e
f
o
r
2
0
2
4
-
2
0
2
6
T
a
k
i
n
g
s
t
o
c
k
•
Opportunity to reflect on the ASB’s work
to date.
•
Focus on improving how standards
applied and how information used.
•
Limit adoption of new international
standards for now.
A
S
B
’
s
w
o
r
k
p
r
o
g
r
a
m
m
e
•
Standard of GRAP on Social Benefits
•
Post-implementation Reviews of
Principals-Agents + Statutory
Receivables.
•
Enhancing the Application of Standards
of GRAP.
•
Measurement of Assets and Liabilities.
K
e
y
p
r
o
j
e
c
t
s
2
0
2
4
+
•
Sustainability reporting developing at a
rapid pace internationally.
•
ISSB established and will issue two IFRS
SDS in June 2023.
•
IPSASB made in-principle decision to
issue sustainability standards.
•
ASB will monitor international
developments.
S
u
s
t
a
i
n
a
b
i
l
i
t
y
r
e
p
o
r
t
i
n
g
S
t
a
y
i
n
f
o
r
m
e
d
•
All information can be accessed on our
website
www.asb.co.za
.
•
FAQs
•
Follow the ASB on LinkedIn, Facebook,
Twitter, YouTube
•
Subscribe to our Newsletter via our
website.
•
Translations of the Standards.
S
t
a
y
i
n
f
o
r
m
e
d
Tel: (011) 697-0660
Fax: (011) 697-0666
Email:
info@asb.co.za
Website:
www.asb.co.za
Contact
details
Greetings to all of you and thank you for the opportunity to speak to you today about our work.
I am going to take this opportunity and talk to you about the GRAP reporting landscape from 1 April 2022 onwards. Hopefully this will enable you to prepare in advance for any changes to the Standards of GRAP and other areas of reporting. We often find that entities start thinking about changes too late – quite often only in the year in which the changes occur – which does not allow for sufficient historical data to be collected.
There are a number of factors that result in the successful implementation of changes to the Standards – education, policies, processes, and collaboration across departments. If you think about this, it is important that changes to the Standards are considered well in advance of their effective date. So, for example, if changes are effective 1 April 2022, then you should already have thought about the changes and their potential effect so that you can implement the policies, changes to processes that allow for data collection.
If changes need to applied retrospectively, these changes need to made even earlier to ensure that entities can start accumulating historical information for the comparative figures in the financial statements.
This presentation provides insights into the reporting landscape for 2022 and beyond, including exposure drafts, current projects, reporting framework updates, effective dates of changes, and more. The session covers topics such as GRAP 25 on Employee Benefits, IGRAP 21 on Materiality, Amendments to GRAP 1, and improvements to GRAP standards.
Uploaded on Feb 24, 2025 | 0 Views
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
GRAP reporting landscape 2022 and beyond
Disclaimer The views and opinions expressed in this presentation are those of the individual. Official positions of the ASB on accounting matters are determined only after extensive due process and deliberation.
Overview of todays session Reporting landscape 2022/2023 Overview of Exposure Drafts and current projects
Reporting Framework for 1 April 2022 and beyond
An overview #1 GRAP 25 on Employee Benefits (and IGRAP 7) #2 IGRAP 21 The Effect of Past Decisions on Materiality #3 Amendments to GRAP 1 #4 Improvements to Standards of GRAP, 2020 #5 Guideline on Landfill Sites GRAP 104 on Financial Instruments (2019) 2022/23 2023/24 2024/25 2025/26 No mandatory changes Note: Based on information available on 30 September 2022 5
Effective dates of changes Topic Effective date 1 April 2023 Adoption arrangements Early adopt amendments Amendments to GRAP 1 on Presentation of Financial Statements IGRAP 21 on The Effect of Past Decisions on Materiality Improvements to Standards of GRAP (2021) Guideline on Accounting for Landfill Sites 1 April 2023 Early adopt 1 April 2023 Early adopt amendments (per Standard) Effective date of Improvements, particularly improvement to GRAP 17 on Property, Plant and Equipment 1 April 2023 GRAP 25 on Employee Benefits (and IGRAP 7) Early adoption of entire Standard permitted 6
Effective dates of changes Topic Effective date To be determined Adoption arrangements May not early adopt Minister must still determine effective date Early adoption of entire Standard permitted May not early adopt Minister must still determine effective date GRAP 103 on Heritage Assets GRAP 104 on Financial Instruments Amendments to GRAP 1 going concern issued December 2022 1 April 2025 To be determined 7
IFRS not to be applied Topic IPSAS ASB process Fair Value Measurement (IFRS 13) ED 77 on Measurement Wait for IPSASB to complete (likely 2024-26 work programme) Following IASB project Regulatory Deferral Accounts (IFRS 14) Revenue from Contracts with Customers (IFRS 15) No equivalent ED 70 on Revenue with Performance Obligations Wait for IPSASB to complete (likely after 2026) Wait for Phase II to be completed (likely after 2026) Assessing impact locally Leases (IFRS 16) IPSAS 43 on Leases Insurance (IFRS 17) No equivalent 8
IPSAS not to be applied Topic ASB process Employee Benefits [IPSAS 39] Financial instruments [IPSAS 28-30 and 41] Public Sector Combinations [IPSAS 40] Social benefits [IPSAS 42] Apply GRAP 25 on Employee Benefits Apply GRAP 104 on Financial Instruments Apply GRAP 105, 106 and 107 on transfers of functions and mergers Retain current accounting policies. ASB does not support general approach in IPSAS 42. Project initiated to develop Standard of GRAP on social benefits. Retain current accounting policies. ASB will assess accounting once IPSAS on transfer expenses complete. Amendments to IPSAS 19 for collective and individual services 9
Newly published resources Topic Applicable date Research Paper on The Desktop Review of Cash Flow Statements Presented in the Financial Statements Review Report on Presentation of Budget Information in the Financial Statements Fact Sheet on Presentation of Budget Information in the Financial Statements Not applicable Entities (and auditors) to review findings Not applicable Entities (and auditors) to review findings Not applicable Fact Sheet on Preparing AFS on a basis other than going concern Not applicable Fact Sheet on the Classification of VAT Updated FAQs in February 2023 Not applicable Not applicable 10
Work programme for 2024-2026 Taking stock
ASBs work programme Opportunity to reflect on the ASB s work to date. Focus on improving how standards applied and how information used. Limit adoption of new international standards for now.
Key projects 2024 + Standard of GRAP on Social Benefits Post-implementation Reviews of Principals-Agents + Statutory Receivables. Enhancing the Application of Standards of GRAP. Measurement of Assets and Liabilities.
Sustainability reporting Sustainability reporting developing at a rapid pace internationally. ISSB established and will issue two IFRS SDS in June 2023. IPSASB made in-principle decision to issue sustainability standards. ASB will monitor international developments.
Stay informed All information can be accessed on our website www.asb.co.za. FAQs Follow the ASB on LinkedIn, Facebook, Twitter, YouTube Subscribe to our Newsletter via our website. Translations of the Standards.
Contactdetails Tel: (011) 697-0660 Fax: (011) 697-0666 Email: info@asb.co.za Website: www.asb.co.za
