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