Generally Recognised Accounting Practices (GRAP) standards are issued by the Accounting Standards Board. The purpose of this webinar is to introduce the key concepts that influence the way we understand and apply these accounting standards in practice. We will look at the requirements, authority and purpose of directive 5 and the conceptual framework. We will also discuss in more detail the qualitative characteristics of financial statements that have been prepared in accordance with GRAP and the elements of financial statements as defined in the Conceptual Framework. We’ll also discuss the objectives and users of General Purpose Financial Reporting and look at the recognition criteria for recognising elements in them.

This session will cover the following: ● The role of the ASB (Accounting Standards Board) ● Requirements of the Public Finance Management Act (PFMA), Act No 1 of 1999 ● Which entities should report in terms of GRAP? (Directive 5) ● The Conceptual Framework ● Objectives and users of General Purpose Financial Reporting ● Qualitative characteristics ● Reporting entity ● Elements of financial statements ● Recognition criteria

All accounting and audit professionals, who are: ● involved in preparing financial statements in accordance with GRAP standards, ● have to advise on when the GRAP framework should be used to prepare financial statements ● are involved in auditing financial statements prepared in accordance with the GRAP Framework