n IMFO : Official Journal of the Institute of Municipal Finance Officers - Grappling with GRAP? Some of the challenges for 2012 and beyond




The ASB recently issued a communication "Are you ready to implement the new standards of GRAP?", challenging preparers of GRAP Annual Financial Statements to consider the impact of a number of new standards and accounting issues on the 2012 reporting period and beyond. There are also, however, a number of accounting issues and aspects contained in the GRAP standards and ASB directives that some South African Public Sector entities appear to have been struggling with for a number of years. This article aims to discuss the "new" GRAP implementation challenges and to provide some ideas on how these challenges may be met. The text that follows has mainly been sourced from documents and communications issued by the ASB with a few additional comments by the authors.


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