n IMFO : Official Journal of the Institute of Municipal Finance Officers - Generally accepted municipal accounting practice the - other conversion




Extracted from text ... IMFO ? Fall 2006 42 By Jan Conradie M Com CA (SA) ACIS, Senior Manager: KPMG Risk Advisory Services Introduction The Constitution of South Africa requires National Treasury to introduce Generally Recognised Accounting Practice (GRAP) for Government (Section 216(1) (a)). GAMAP (Generally Accepted Municipal Accounting Practice) was initially developed in 1997/98 in response to municipal financial challenges and was authorised by the Minister of Finance in October 1998 (and is here referred to as "old" GAMAP). The Public Finance Management Act of 1999 required the Minister of Finance to establish an Accounting Standards Board (ASB) and, in anticipation of this, ..


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