| GRAP 1 – Presentation of Financial Statements | GRAP 1 currently refers to the disclosure of significant accounting policies. The Standards of GRAP do not define the term “significant”, while the term “material” is defined and understood by users. The improvement replaces references to “significant” accounting policies with “material” accounting policies. |
GRAP 1 – Presentation of Financial Statements
GRAP 2 – Cash Flow Statements
GRAP 13 – Leases
GRAP 19 - Provisions, Contingent Liabilities and Contingent Assets
GRAP 23 - Revenue from Non-exchange Transactions
GRAP 27 – Agriculture
GRAP 31 – Intangible Assets
GRAP 104 – Financial Instruments (2019) | Encouraged disclosures were identified in the Standards listed on the left.
Each encouraged disclosure was assessed for usefulness and the disclosures that provided limited value to users were deleted. |
| GRAP 3 – Accounting policies, Changes in Accounting Estimates and Errors | The amendments include: - GRAP 3 requires an entity to disclose information on the GRAP Standards issued but not yet effective. The improvement clarifies that the requirements to disclose Standards issued but not yet effective only apply to Standards of GRAP where the Minister of Finance has determined an effective date.
- The current definition of a “change in accounting estimate” is not sufficiently clear. The definition is removed and a new definition of an accounting estimate is included.
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GRAP 5 – Borrowing Costs
GRAP 24 - Presentation of Budget Information in Financial Statements | Illustrative examples are included for GRAP 5 and GRAP 24.
The illustrative examples to GRAP 5 outline different scenarios illustrating the calculation of borrowing costs.
The illustrative examples for GRAP 24 illustrate the presentation and disclosure requirements in GRAP 24. |
| GRAP 17 – Property, Plant and Equipment | The amendment prohibits proceeds from selling items produced before that asset is available, to be deducted from the cost of property, plant and equipment. The amendment clarifies that an entity recognises the proceeds from selling any such items, and the cost of those items, in surplus or deficit in accordance with applicable Standards of GRAP. |
GRAP 20 – Related Party Disclosures
GRAP 31 – Intangible Assets, Guideline on the Application of Materiality to Financial Statements | Minor amendments were made to align terminology to ensure consistent wording in the Standards of GRAP. |
| GRAP 24 – Presentation of Budget Information in Financial Statements | The amendments include: - Explanations of “publicly available” and “publicly accountable” to assist entities in determining whether GRAP 24 is applicable to them.
- Guidance on how to present the “Reconciliation of actual amounts on a comparable basis to the actual amounts in the financial statements”. The improvement simplifies the disclosures by not prescribing the line items to reconcile.
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| GRAP 104 – Financial Instruments (2019) | The amendments include: - To accommodate for the change in the interest rate benchmark locally, amendments provide a practical expedient not to treat any changes in the contractual cash flows (as a result of the reform) as a modification.
- Guidance is added on the fees to include when an entity applies the “10 percent” test to derecognise a financial liability.
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