Course Objectives

Introduction Standards of Generally Recognized Accounting Practice (GRAP) issued by the Accounting Standards Board and IFRS Principles are a comprehensive reporting framework that is compulsory for the South African Public Sector. Apart from providing a common principle- based reporting framework for general purpose financial statements, Standards of GRAP promote accountability, transparency, and effective management of revenue, expenditure, assets and liabilities of the institutions to which the Standards apply. IFRS Principles helps organisations achievement of these goals contributes towards government’s objectives in improving service delivery to the citizens of our country

Course Outcomes

At the end of the training delegates will learn to be able to:

GRAP Standards

  • Provide a theoretical background with examples and scenarios that will assist audit professionals with obtaining a detailed understanding of the GRAP Standards
  • Explain and apply the conceptual framework underlying GRAP
  • Present separate periodic financial statements in accordance with GRAP
  • Accounting standards and the legislative framework
  • Learn how to prepare IFRS financial statements, including statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity
  • Differentiate between changes in estimates and changes in accounting policies
  • Improve knowledge and understanding of the global trends for International Financial Reporting Standards
  • Understand recent changes in IFRS that came into effect on the 1st of January, and practicalities of their application
  • Comprehend the transition challenges and approaches in moving to Internationally accepted reporting norms of IFRS

Training Deliverables

Our Training Methodology that will be utilized in the presentation of our courses is summarily based primarily on the adult learning principles that include:

  • Pre-work to help you prepare for the quality of the learning
  • Lectures combined with discussion groups. Involvement of the learners by making use of interactive training exercises, -case studies, -role plays and-groupwork.
A first-hand training experience.

A full set of tools and other resources to help you implement what you’ve learned and achieve new levels of results when you return to your organisation.

Day 1

IFRS Overview

  • The Global movement to IFRS
  • Principles vs. rule-based approach to accounting
  • US GAAP Convergence

IFRS Core Concepts

  • IAS 1 and Conceptual Framework
  • Core concepts and principles
    • Tackling measurement alternatives
    • Recognition and derecognition principles
    • Presentation and disclosure
    • Application of the true and fair override
  • Fundamental and enhancing qualitative characteristics of financial statements
  • Materiality and aggregation


Assets under IFRS

  • IAS 16: Property, Plant and Equipment
    • Cost capitalisation criteria
    • Repairs and maintenance
    • Component accounting and depreciation
    • Revaluation methodology
    • Establishing capitalization thresholds
    • Decommissioning costs
    • Guidance on self-constructed assets


Module 4: GRAP Reporting Framework

  • New GRAPs
  • What is Grap
  • What is Generally Accepted Accounting Practise (GAAP)?
o  GRAP 5 & GRAP 100
  • Standards approved and effective
  • GRAP1 – Presentation of Financial Statements
  • GRAP 17 – Property, Plant and Equipment
  • Standards effective during the current financial year o GRAP 26 – Impairment of Cash-Generating Assets
  • Standards approved but not yet effective o GRAP 25 – Employee Benefits
  • GRAP 101 and 102 have been revised and replaced by: o GRAP 27 – Agriculture
  • GRAP 31 – Intangible Assets
  • Minor improvements affecting GRAP 1,3,7,9,12,13,16 and

Module 5: Special focus areas Minister of Finance determined effective

April (June) 2015:

  • GRAP 105 – Transfer of Functions Between Entities Under Common
  • GRAP 106 – Transfer of Functions Between Entities Not Under Common
  • GRAP 107 –


Module 6: Special focus areas

  • Selecting accounting standards
  • Preparing accounting policy notes
  • Year-end calculations and journals
  • Preparing disclosure notes

Module 7: Standard in Development

ED122Accounting for Principal and Agent Activities
DP 9 Materiality
Reducing Complexity and Improving Financial – Reporting

  • Applicant on one of significant challenges experienced in preparing f/s
  • Awareness about role of materiality in preparing f/s and educate Practitioners.


DP 10 Accounting for Living and Non-Living Resources
Divergent practice regarding the application of principles in existing living resources

DP sets out proposed principles

  • Living –animals and plants
  • Non-living – land, minerals and water

Discussion: Success and failure factors in public service accounting

  • Experiences in municipalities
  • Frequently asked questions
  • Open discussion


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