The objective of GRAP 13 is to ensure that appropriate recognition criteria and measurement bases are applied to leases 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 13, including the following areas:
- Identifying the type of lease or lease arrangements.
- The characteristics of finance leases.
- The appropriate accounting treatment for recognising and measuring finance and operating leases as well as how to deal with sale-and-leaseback arrangements.
- The disclosure requirements for finance and operating leases
This session will cover the following:
● Definitions & Scope
● Classification of leases
● Leases and other contracts
● Operating lease incentives
● Leases in the financial statements of lessees
● Leases in the financial statements of lessors
● Sale and leaseback transactions
● Comparison to IAS 17
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.
