Exposure Draft 208, proposing amendments to Directive 5 on Determining the GRAP Reporting Framework, is now open for comment. The proposed key amendments aim to clarify that:

• A new Standard of GRAP differs from an amendment to a Standard of GRAP, as it introduces new requirements for a transaction or event. An amendment to a Standard of GRAP modifies existing requirements for a transaction or event.
• Amendments to Standards of GRAP which the Board has approved but for which the Minister of Finance has not yet determined an effective date should not be used to develop accounting policies. Entities should continue to apply existing Standards of GRAP as per Directive 5. Entities are only permitted to adopt amendments to Standards of GRAP once an effective date has been determined by the Minister.
• Entities shall not apply any standards and pronouncements issued by other standard setters that are not included in the appendices.

Deadline: June 30, 2024. Access ED 208 on the ASB website and make your voice heard!
💬 For more details, reach out to siyasangan@asb.co.za or reply with your comment to info@asb.co.za.