The Generally Recognised Accounting Practice (GRAP) standard is subject to Directive 5 which sets out which GRAP and other standards are applicable to a given financial period.
This annual update will highlight which new and amended standards are applicable to the current financial year end and which standards are proposed to be amended or are new that will need to be implemented in future and must be disclosed in the financial statements as not yet effective.
• Identify which standards are new or amended and are effective to the current financial reporting period so that the most up to date accounting requirements are followed in preparing financial statements
o The requirements of these standards will be discussed in relation to the amendments
• Identify which standards are not yet effective but which must be disclosed in the financial statements
o The requirements of these standards will be discussed in relation to the amendments
o Effective dates will be confirmed where available
The amended requirements of the following standards that are effective for the 31 March 2026 financial year end will be discussed:
- GRAP 104 Financial Instruments (Revised)
- IGRAP 22 Foreign Currency Transactions and Advance Consideration
The amended requirements of the following standards that are proposed but not effective for the 31 March 2026 financial year end will be discussed:
- GRAP 103 Heritage Assets,
- GRAP 1 Presentation of Financial Statements (Going Concern),
- Improvements to GRAP Standards,
- GRAP 105, 106 & 107 Transfer of Functions and Mergers
