New Standards applicable to trading entities

Trading entities will be required to apply new Standards of GRAP from 1 April 2021. In terms of Gazette No. 43401 issued on 4 June 2020, trading entities will be required to apply the following Standards:

• GRAP 20 on Related Party Disclosures.
• GRAP 32 on Service Concession Arrangements: Grantor (and its related Interpretation).
• GRAP 108 on Statutory Receivables.
• GRAP 109 on Accounting by Principals and Agents.
• GRAP 110 on Living and Non-living Resources.

The Standards and other useful materials can be accessed on the ASB’s website: www.asb.co.za.

Reporting frameworks for traditional authorities

The ASB has been asked over the years by stakeholders to develop reporting requirements for traditional authorities. The development of reporting requirements for traditional authorities is however not within the ASB’s mandate.

Last year, the Traditional and Khoi-San Leadership Act, Act No. 3 of 2019 was promulgated. The Act indicates that the Minister of Co-operate Governance and Traditional Affairs in consultation with the Minister of Finance must - after having consulted the Premiers in each Province - gazette the norms and standards to be applied in the management of the financial affairs of the councils governed by the Act.