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Developments in Standards of GRAP 12 July 2016

Explore newly effective GRAP Standards, forthcoming amendments, exposure drafts, and projects for 2016. Current drafts include recognition of land, National Housing Programme, and living/non-living resources. Learn about stakeholder outreach initiatives and translation efforts.

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Developments in Standards of GRAP 12 July 2016

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  1. Developments in Standards of GRAP12 July 2016

  2. Overview • Newly effective Standards  2015/16. • Amendments 2016 and beyond. • Exposure Drafts available for comment. • Projects for 2016. • Stakeholder outreach.

  3. Newly effective Standards of GRAP and amendments

  4. Exposure Drafts available for comment

  5. Current Exposure Drafts • Proposed IGRAP on Recognition and Derecognition of Land (ED 139) • Guideline on Accounting for Arrangements undertaken in terms of the National Housing Programme (ED 140) • Proposed GRAP on Living and Non-living Resources (ED 143)

  6. ED 139 – IGRAP Recognition and Derecognition of Land

  7. Background & objective • Feedback from PIR • Uncertainty about legal title vs control when accounting for land • Develop an Interpretation of Standards of GRAP dealing with recognition & derecognition of land • Comment deadline 15 June 2016 • analysing comments received

  8. ED 140 - Arrangements Undertaken in terms of the National Housing Programme

  9. Background & objective • Feedback from PIR • Resulted from inconsistent accounting for housing arrangements • Develop high-level guidance to account for national housing programmes • Entities applying accrual accounting • excludes Provincial Housing Funds & social housing • Comment deadline 15 June 2016 • analysing comments received

  10. ED 143 – Standard of GRAP on Living and Non-living Resources

  11. Background & objective • No guidance on accounting of LRs and NLRs. • Inconsistent accounting treatments. • Develop a Standard of GRAP to provide guidance on the recognition, measurement, presentation and disclosure of LRs, as well as the disclosure of NLRs. • Comment deadline 29 July 2016

  12. Projects for 2016

  13. Key projects for 2016/17 • Finalise documents on consultation. • Revisions to the consolidation standards. • Proposed Conceptual Framework. • Work programme for 2017-2020. • Improvements project. • Proposed IGRAP on Levies.

  14. ED 144 – ED 148Accounting for interests in other entities

  15. Background & objective • IPSASB issued 5 IPSASs to align with new IFRSs on accounting for interests in other entities. • Proposed Standards of GRAP approved for exposure to align with IPSASs • ED 144: Separate Financial Statements • ED 145: Consolidated Financial Statements • ED 146: Investments in Associates & JVs • ED 147: Joint Arrangements • ED 148: Disclosure of Interests in Other Entities • Comment deadline 30 November 2016

  16. ED 149 - Proposed Conceptual Framework

  17. Background & objective • IPSASB its Conceptual Framework (CF) in 2014. • Board considered and agreed to revise its existing Framework. • Proposed CF is based on IPSASB’s CF but modified in some areas. • Scope of proposed CF is more comprehensive: GPFRs vs GPFSs • Comment deadline 17 February 2017

  18. Work programme for 2017-2020

  19. Feedback from consultation • Stakeholders supported consultation process. • Board agreed to undertake work in following areas during 2017-2020:

  20. Stakeholder outreach and communication

  21. Outreach activities • Continuous promotion of GRAP by improving outreach to stakeholders (workshops, meetings, seminars, SAICA webinars) • Stakeholders should liaise with ASB when requiring any engagements • Newsletters & Meeting Highlights • Social media • Handbook (order form available on website or on request)

  22. Translation • Standards translated into isiZulu, Sesotho and Afrikaans • The official version is the English language version • Available on website

  23. Website • Overview of changes made to Standards with effect from 1 April 2016. • Three set of Standards: • Those entities with a December year-end • The Standards applicable for the current year • The Standards applicable for the next financial year • Please register on website if you want to be advised of changes: http://www.asb.co.za/GRAP/Subscribe-to-email-alerts

  24. Questions?

  25. THANK YOU

  26. Contact details Tel: (011) 697-0660 Fax: (011) 697-0666 Email: info@asb.co.za Website: www.asb.co.za : Accounting Standards Board : @ASB_SA

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