Getting to Grips with GRAP 2021

WHAT YOU WILL LEARN

By the end of this event the attendee should:  

• • Understand what standards of GRAP are;
  • Understand the broad application of GRAP;
  • Understand the principle difference between IFRS and GRAP;
  • Understand differences between specific IFRS and GRAP; and
  • Understand practical application of specific standards of GRAP.

DESCRIPTION

Standards of Generally Recognised Accounting Practice (GRAP), are to the public sector what International Financial Reporting Standards (IFRS) are to private sector companies. 

Standards of GRAP are issued by the Accounting Standards Board (ASB) as a requirement of section 89 of the Public Finance Management Act (PFMA). The public sector is funded by public funds and as such the financial management of these funds requires strict compliance with prescripts. 

Standards of GRAP apply to government departments, Parliament, municipalities and commissions just to name a few.  Although generally similar to IFRS, these standards present some notable differences in the treatment of certain accounting concepts. 

Join us as we take you through the standards of GRAP, their application and how they differ from similar IFRS.

PRICE

The following pricing apply:

Ad hoc: R475 for this webinar
Subscription: Included for free in Accountant in Practice plus Tax, Accountant in Practice and Bookkeeper package.

CONTENT

Study Unit 1

Introduction to GRAP. 

Study Unit 2

IFRS vs GRAP – A general comparison

Study Unit 3

IFRS vs GRAP – Specific differences:

• Treatment of assets.
• The concept of capital.
• Liabilities.
• Equity/Net Assets.
• Revenue/Income.

Study Unit 4

GRAP 1 – Presentation of Financial Statements

Study Unit 5

GRAP 2 – Cash Flow Statements

Study Unit 6

GRAP 3 – Accounting Policies, Changes in Accounting Estimates and Errors

Study Unit 7

GRAP 6 – Consolidated and Separate Financial Statements

REQUIREMENTS

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date

PRESENTER

Caryn Maitland is a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002, Caryn has lectured Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics.

ADDITIONAL MATERIAL

By attending this webinar, you will be provided with:
– Summarised slide presentation.
– Reference documents and / or course material where available.
– Access to a technical knowledge base.
– Recorded webinar that includes an expert presenter and participant interaction.

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