GRAP – Fundamental Concepts

Municipalities and public entities prepare their financial statements in terms of Standards of Generally Recognised Accounting Practices (GRAP), therefore it is a necessity for public sector finance officials to have an understanding of the Standards of GRAP Fundamental Concepts are kept up-to-date with key changes in the standards.

GRAP Fundamental Concepts provides detailed and in-depth knowledge for the implementation and financial reporting as required by the Generally Recognised Accounting Practice (GRAP) Standards, as applicable to South African public sector entities and their officials, as well as for the International Public Sector Accounting Standards (IPSAS) for the international public sector upon which the GRAP standards are based.

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 organizations achievement of these goals contributes towards government’s objectives in improving service delivery to the citizens of our country.

TARGET COMPETENCIES :

At the end of the GRAP Fundamental Concepts 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​

IFRS​

• 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 group work.​
• 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 organization.

WHO SHOULD ATTEND ?

GRAP Fundamental Concepts  is ideal for you if you are:

• a financial or non-financial official from public sector entities who applies GRAP/IPSAS, e.g.
• Municipal Managers,
• Chief Financial Officers,
• Departmental/Division Managers (e.g. Assets, Revenue, Expenditure etc.)
• an official involved in GRAP/IPSAS compliant Annual Financial Statements (AFS) compilation or processing of information included in the AFS, and
• an official in the employ of the National Treasury as wellas the various Provincial Treasuries who advise and guide South Africa public sector entities in the application of GRAP.

COURSE OUTLINE :

This IFRS Training comprehensive accounting standards training course will enable each participant to appreciate and understand the basics and certain complexities associated with international accounting standards along with topic terminology, concepts and applications.​

In gaining a perspective of the origins of IFRS, the accomplishments, to date, in the development and acceptance of global accounting standards and insights into the foreseeable future, participants will gain a valuable understanding of this critical field of knowledge and be capable of contributing meaningful assistance to their respective organisations with respect to the adoption and utilisation of these accounting standards.​

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 capitalization 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 Practice (GAAP)?​
  • 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

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

VENUE:

Choice between  in-house / External Venue/ Live Online Classroom

Do you have more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save more on the cost of sending delegates to a public course and dramatically increase your ROI.

If you want to run this course at a location convenient to you or if you want a completely customized learning solution, we can help.

We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

DURATION:

3 days

COST:

ZAR 18,999.00
Contact us for our discounted pricing for self-funded individuals

 

Contact us today