n IMFO : Official Journal of the Institute of Municipal Finance Officers - iGRAP 1 and the monster it created

Volume 15, Issue 1
  • ISSN : 1607-520X



In writing this piece I wrote the conclusion first, thus if you don't want to read through this jabber, skip to the last paragraph.

More than two years ago the amendments to iGRAP 1 (Applying the Probability Test on Initial Recognition of Revenue ) was approved and issued by the Accounting Standards Board. The change in iGRAP 1 was so small, most people did not even give any thought to it - because what impact will the change of a few words have on the way we have been applying GRAP from non-exchange transactions? - well let me tell you that the change has had horrific consequences.

Loading full text...

Full text loading...


Article metrics loading...


This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error