Amendments are proposed to GRAP 24 in Exposure Draft 201 on Improvements to the Standards of GRAP (2022). One of the amendments to the Standard is to clarify when an entity is required to apply GRAP 24.

The Secretariat found in 2021 while conducting a desktop review of the application of GRAP 24, that entities were uncertain when GRAP 24 applies to them. In discussing the findings of the review with stakeholders, it was observed that it is unclear what it means to make the budget publicly available and when an entity is publicly accountable for their budget, so that the requirements of GRAP 24 are mandatory. A Fact Sheet on GRAP 24 was developed which explains the term publicly available.

The Board has added the explanation from the Fact Sheet of what it means to make a budget publicly available to the Exposure Draft (ED). This includes that the entity should make its budget public by tabling in Parliament, legislatures or municipal councils or through its own actions for example by inclusion in a publication, website or other media.

The term publicly accountable is also explained in the ED. Entities are held publicly accountable for their budget when there is an expectation of public oversight in approving and monitoring their budget. The amendment further explains that public oversight must be exercised by the relevant authority who approves their budget being Parliament, the legislatures or municipal councils. The ED also include two examples illustrating when an entity can be held publicly accountable for their budget.

To comment on this improvement please refer to Specific Matter for Comment, Question 2 in the Invitation to Comment. The documents for ED 201 can be accessed here.