n IMFO : Official Journal of the Institute of Municipal Finance Officers - Accounting standards : the link to service
|Article Title||Accounting standards : the link to service|
|© Publisher:||Institute of Municipal Finance Officers (IMFO)|
|Journal||IMFO : Official Journal of the Institute of Municipal Finance Officers|
|Publication Date||Summer 2009|
|Pages||10 - 11|
All municipalities will be required to prepare their annual financial statements in accordance with Generally Recognised Accounting Principles (GRAP) as determined by the Accounting Standards Board (ASB) for years ending June 2010 onwards. This requirement is legislated and represents a major change in the way municipalities previously prepared their financial reports. The change to GRAP has already been pioneered in prior years by High Capacity municipalities and in 2009 by Medium Capacity municipalities, with varying degrees of success thus far. Low Capacity municipalities are expected to fully adopt GRAP in 2010.
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