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n IMFO : Official Journal of the Institute of Municipal Finance Officers - Standards of GRAP
Improvements and interpretations
The Accounting Standards Board, in line with best practice internationally among standard setters, has agreed to undertake periodic revisions of the Standards of Generally Recognised Accounting Practice (GRAP) that it has issued.
The first of these revisions, which are known as the Improvements Project, was approved for exposure at a meeting of the Board held in June 2008. At the same meeting an exposure draft on the Interpretations of the Standards of GRAP was also agreed to. This followed its decision in May 2008 to issue any Interpretations issued by the International Accounting Standards Board (IASB) and any Interpretations it may itself develop, as separate documents. The Board agreed that these exposure drafts should coincide.
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