Attendance at this seminar will secure 6.5 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
TRISTAN DAVID-CREWE WHITE
tristan@probetatraining.co.za
The Generally Recognised Accounting Practice (GRAP) standard was published by the Accounting Standards Board (ASB), in accordance with the Public Finance Management Act (PFMA).
GRAP standard applies to public / government entities, and grasping its requirements is critical for auditors in the public sector.
GRAP assists in identifying and recognising business transactions for accounting purposes, and the required reporting of those transactions in a set of financial statements.
This one day training session focuses on:
• Key requirements of several GRAP standards (topics listed below)
• Understanding how to apply key requirements using examples (where possible)
• Summarising disclosure requirements
We will spend on average 20 to 40 minutes on a standard / topic.
Approach:
• Help you better identify when a particular standard is relevant to a transaction i.e., we’ll briefly consider scoping and
definitions
• Simplify recognition criteria
• Clarify initial and subsequent measurement
• Provide a summary of disclosure requirements (will not be discussed in depth)
Standards / topics covered:
General:
- GRAP 1 Presentation of Financial Statements
- GRAP 2 Cash Flow Statement
- GRAP 24 Budget Information
Assets:
- GRAP 17 Property, Plant and Equipment PPE
- GRAP 21 & 26 Impairment
- GRAP 12 Inventories
- GRAP 104 & 108 Financial Instruments
Liabilities:
- GRAP 13 Leases
Income Statement:
- GRAP 9 & 23 Revenue
- GRAP 25 Employee Benefits
Disclosure:
- GRAP 20 Related Parties Disclosure
