The objective of GRAP 12 is to ensure that appropriate recognition criteria and measurement bases are applied to inventory and that sufficient information is disclosed in the notes to the financial statements.
This module aims to provide participants with a thorough understanding of the requirements of GRAP 12, including the following areas:
- Identifying inventory.
- Initial recognition of inventory.
- The valuation of inventory, including considering the cost versus the net realisable value.
- The disclosure requirements for inventory.
This session will cover the following:
● Definitions: Net Realisable Value & Inventories
● Recognition
● Measurement at recognition
● Measurement after recognition
● Recognition as an expense
● Inventories disclosure
Individuals who require a high level overview and awareness of the core GRAP accruals based standards including:
- finance and accounting managers of public sector entities that have adopted GRAP or are in the process of doing so
- accounting practitioners, consultants and external auditors, analysts of public sector entities
- accountants and finance staff of public sector entities and similar agencies (e.g. Municipalities) that have adopted GRAP or are in the process of doing so
- accountants and finance staff moving from private to public sector environments
- government officials and project managers responsible for GRAP transition
- operations managers of public entities needing an awareness of public sector financial reporting
- internal auditors of entities that have adopted GRAP or are in the process of doing so.
