Generally Recognized Accounting Practices – GRAP Standards (with Updates)

The programme

Programme overview

Ratomac Generally Recognized Accounting Practices GRAP Standards (with updates) course covers key concepts, legislation and standards relevant to GRAP in the South African public sector and links to international practice (IPSAS and IFRS). The course uses case studies and practical exercises to explain recent and upcoming GRAP changes, directive guidance, and audit preparation techniques to support compliant, audit-ready Annual Financial Statements.

Who should attend

Who is this programme for?

• Accountants
• Chief Financial Officers and Municipal Managers
• Departmental and Division Managers (Assets, Revenue, Expenditure)
• Officials Involved in GRAP/IPSAS Compliance or AFS Compilation
• National and Provincial Treasury Advisors and Public Sector Finance Staff

Learning outcomes

What you will learn

• Explain GRAP concepts, terminology and definitions
• Describe the relationship between GRAP, PFMA, IPSAS, IFRS and GAAP
• Distinguish accounting bases: cash, accrual and modified cash
• Apply Directive 5 to determine the appropriate reporting framework
• Interpret and implement newly effective and revised GRAP standards for current reporting periods
• Prepare audit-ready files and respond to common audit queries
• Assess the impact of amendments on systems, disclosures and controls

Explore the programme

Detailed programme outline

• Different accounting systems: cash basis, accrual accounting, modified cash basis
• Role of the Accounting Standards Board and Directive 5
• Differences and hierarchy between GRAP, IFRS and IPSAS
• Applying the appropriate accounting framework for current reporting periods
• Measuring cost of assets acquired in exchange for other assets
• Treatment of transaction costs for assets acquired in non-exchange transactions
• Revenue-based depreciation and amortisation methods
• Restatement of asset carrying amounts under the revaluation model
• Treatment of bearer plants and classification of military assets
• Acquisition and classification of investment property
• Contingent consideration in transfers of functions
• Amendments to GRAP 21 and GRAP 26
• IGRAP 18: Recognition and Derecognition of Land
• IGRAP 19: Liabilities to Pay Levies
• Updated FAQs and interpretive guidance effective since 2021
• GRAP 104, Financial Instruments (revised 2019): revised classification, measurement, and impairment approach — significant systems and disclosure implications, confirmed effective for the 2025/26 reporting period
• IGRAP 22, Foreign Currency Transactions and Advance Consideration: consistent measurement and timing for foreign currency and advance consideration transactions, also confirmed effective for 2025/26
• Approved but awaiting Ministerial effective date: GRAP 1 (Presentation of Financial Statements, including going concern disclosures), GRAP 103 (Heritage Assets amendments), GRAP 105, GRAP 106 and GRAP 107 (Transfer of Functions and Mergers amendments)
• Improvements to the Standards of GRAP (2023): assorted clarifications
• Other high-impact amendments under monitoring: Borrowing Costs (GRAP 5), Leases (GRAP 13), Investment Property (GRAP 16), Property Plant and Equipment (GRAP 17), Related Party Disclosures (GRAP 20), Presentation of Budget Information (GRAP 24), Intangible Assets (GRAP 31), Service Concession Arrangements Grantor (GRAP 32), Joint Arrangements (GRAP 37), Transfer of Functions Not Under Common Control (GRAP 106), Directive on Application of Deemed Cost
• Revisions to GRAP 104 on Financial Instruments
• Amendments to GRAP 1
• Guideline on Accounting for Landfill Sites
• Guideline on the Application of Materiality in the Preparation of Financial Statements
• Planning checklist for systems, policies, disclosures and staff training ahead of adoption
• Asset measurement in exchange and non-exchange transactions
• Revenue recognition and depreciation methods
• Financial instruments classification and impairment modelling
• Foreign currency and advance consideration scenarios
• Transfers of functions and contingent consideration
• IGRAP practical examples
• Components of an audit file and documentation standards
• Evidence checklists and reconciliations for new measurement models
• Common audit queries and resolution strategies
• Tips for smoother audit engagements and handovers to auditors

Expected Competency Outcomes

• Apply GRAP standards to prepare compliant financial statements
• Assess and plan for the impact of revised standards on measurement, disclosures and systems
• Prepare audit-ready documentation and respond to audit queries
• Lead implementation planning for new standard adoption

Learning approach

How you will learn

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.– Course Material: Access well-crafted supporting resources.– Group Work: Collaborate on discussions and case studies for practical insights.– Workshops & Role-Play: Participate in immersive, scenario-based activities.– Practical Application: Focus on applying theoretical knowledge in real situations.– Post-Training Support: Receive extensive support after training for skill implementation.

Discuss your requirements

Dates, duration & arrangements

Contact Ratomac to confirm dates, duration, delivery format, entry requirements and any applicable assessment or certification before booking.