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Developments in Standards of GRAP 12 July 2016

Developments in Standards of GRAP 12 July 2016. Overview. Newly effective Standards  2015/16. Amendments 2016 and beyond. Exposure Drafts available for comment. Projects for 2016. Stakeholder outreach. Newly effective Standards of GRAP and amendments.

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Developments in Standards of GRAP 12 July 2016

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  1. Developments in Standards of GRAP12 July 2016

  2. Overview • Newly effective Standards  2015/16. • Amendments 2016 and beyond. • Exposure Drafts available for comment. • Projects for 2016. • Stakeholder outreach.

  3. Newly effective Standards of GRAP and amendments

  4. Exposure Drafts available for comment

  5. Current Exposure Drafts • Proposed IGRAP on Recognition and Derecognition of Land (ED 139) • Guideline on Accounting for Arrangements undertaken in terms of the National Housing Programme (ED 140) • Proposed GRAP on Living and Non-living Resources (ED 143)

  6. ED 139 – IGRAP Recognition and Derecognition of Land

  7. Background & objective • Feedback from PIR • Uncertainty about legal title vs control when accounting for land • Develop an Interpretation of Standards of GRAP dealing with recognition & derecognition of land • Comment deadline 15 June 2016 • analysing comments received

  8. ED 140 - Arrangements Undertaken in terms of the National Housing Programme

  9. Background & objective • Feedback from PIR • Resulted from inconsistent accounting for housing arrangements • Develop high-level guidance to account for national housing programmes • Entities applying accrual accounting • excludes Provincial Housing Funds & social housing • Comment deadline 15 June 2016 • analysing comments received

  10. ED 143 – Standard of GRAP on Living and Non-living Resources

  11. Background & objective • No guidance on accounting of LRs and NLRs. • Inconsistent accounting treatments. • Develop a Standard of GRAP to provide guidance on the recognition, measurement, presentation and disclosure of LRs, as well as the disclosure of NLRs. • Comment deadline 29 July 2016

  12. Projects for 2016

  13. Key projects for 2016/17 • Finalise documents on consultation. • Revisions to the consolidation standards. • Proposed Conceptual Framework. • Work programme for 2017-2020. • Improvements project. • Proposed IGRAP on Levies.

  14. ED 144 – ED 148Accounting for interests in other entities

  15. Background & objective • IPSASB issued 5 IPSASs to align with new IFRSs on accounting for interests in other entities. • Proposed Standards of GRAP approved for exposure to align with IPSASs • ED 144: Separate Financial Statements • ED 145: Consolidated Financial Statements • ED 146: Investments in Associates & JVs • ED 147: Joint Arrangements • ED 148: Disclosure of Interests in Other Entities • Comment deadline 30 November 2016

  16. ED 149 - Proposed Conceptual Framework

  17. Background & objective • IPSASB its Conceptual Framework (CF) in 2014. • Board considered and agreed to revise its existing Framework. • Proposed CF is based on IPSASB’s CF but modified in some areas. • Scope of proposed CF is more comprehensive: GPFRs vs GPFSs • Comment deadline 17 February 2017

  18. Work programme for 2017-2020

  19. Feedback from consultation • Stakeholders supported consultation process. • Board agreed to undertake work in following areas during 2017-2020:

  20. Stakeholder outreach and communication

  21. Outreach activities • Continuous promotion of GRAP by improving outreach to stakeholders (workshops, meetings, seminars, SAICA webinars) • Stakeholders should liaise with ASB when requiring any engagements • Newsletters & Meeting Highlights • Social media • Handbook (order form available on website or on request)

  22. Translation • Standards translated into isiZulu, Sesotho and Afrikaans • The official version is the English language version • Available on website

  23. Website • Overview of changes made to Standards with effect from 1 April 2016. • Three set of Standards: • Those entities with a December year-end • The Standards applicable for the current year • The Standards applicable for the next financial year • Please register on website if you want to be advised of changes: http://www.asb.co.za/GRAP/Subscribe-to-email-alerts

  24. Questions?

  25. THANK YOU

  26. Contact details Tel: (011) 697-0660 Fax: (011) 697-0666 Email: info@asb.co.za Website: www.asb.co.za : Accounting Standards Board : @ASB_SA

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