Directive 5 on Determining the GRAP Reporting Framework outlines the GRAP reporting framework for a particular reporting period. The Appendices of the Directive list the standards and pronouncements that are the GRAP Reporting Framework for a reporting period. The Appendices are updated each year. 

Directives are authoritative and entities have to apply Directive 5 and the list of pronouncements in the applicable Appendix to prepare financial statements for a particular reporting period.  

The Accounting Standards Board (the Board) approved the Appendix to Directive 5 for 2025/26 at the September 2024 meeting.  

Effective pronouncements 

The table below outlines the new pronouncements or amendments to pronouncements that are effective for financial periods commencing on or after 1 April 2025.  

Pronouncement

GRAP 104 on Financial Instruments (revised 2019)

IGRAP 22 on Foreign Currency Transactions and Advance Consideration

The following pronouncements, approved by the Board, have not yet been approved for implementation by the Minister of Finance:    

Pronouncement	Effective date
Amendments to GRAP 1 on Presentation of Financial Statements (going concern)	Effective date to be determined.
Amendments to GRAP 103 on Heritage Assets	Effective date to be determined.
Improvements to the Standards of GRAP, 2023	Effective date to be determined.
Amendments to GRAP 105, GRAP 106 and GRAP 107 on transfers of functions and mergers	Effective date to be determined.

The Appendices to Directive 5 include pronouncements issued by the IPSASB and IASB that entities should consider in preparing their financial statements for a particular reporting period. Pronouncements of other standard setters are used to formulate accounting policies; they cannot be adopted by entities. Any IPSAS or IFRS Accounting Standards not included in the relevant Appendix to Directive 5 should not be considered by entities in formulating accounting policies.  

Refer to a communication on the IPSAS and IFRS Standards that entities should not consider when formulating accounting policies here.  

Access Directive 5 and the related documents on the ASB website here.