The tables outline Standards of Generally Recognised Accounting Practice (GRAP) issued by the Accounting Standards Board of South Africa that are not yet effective for year-ends ending 31 March 2026. Entities applying GRAP should use GRAP 3 in disclosing the impact of each standard in their annual financial statements.
Not yet effective
| Standard | Description | Summary of Changes | Issued |
| GRAP1 | Presentationo of Financial Statements | Amendments made regarding the assessment of going concern and required disdosure | Nov-22 |
| GRAP 103 | Heritage Assets | Changes were made to the definition of heritage assets to indude cultural significance. Heritage assets must be presented in a single line on the statement of financial position with disdosure of alternative uses. Heritage assets are not depreciated. Further guidance has been provided for determining fair value and disclosures. | Jun-22 |
| GRAP 105 | Transfer of Functions Between Entities Under Common Control | The standard has been updated to include new disclosures that provide additional information to users. The acquirer or combined entity must explain the primary reason for the transfer of functions or merger and disclose any transfers or mergers that occurred after the reporting period but before the financial statements were authorised for issue. | Feb-24 |
| GRAP 106 | Transfer of Functions Between Entities Not Under Common Control | The standard has been updated to include new disclosures that provide additional information to users. The acquirer or combined entity must explain the primary reason for the transfer of functions or merger and disclose any transfers or mergers that occurred after the reporting period but before the financial statements were authorised for issue. | Feb-24 |
| GRAP 107 | Mergers | The standard has been updated to include new disclosures that provide additional information to users. The acquirer or combined entity must explain the primary reason for the transfer of functions or merger and disclose any transfers or mergers that occurred after the reporting period but before the financial statements were authorised for issue. | Feb-24 |
NB: The effective date for the above standards has not yet been for initial recognition communicated.
| Description | Summary of changes | Issued |
| Improvements to standards of GRAP (2023) | The Improvements to Standards of GRAP (2023) represent a set of amendments issued by the Accounting Standards Board to enhance the clarity, consistency, and overall quality of the GRAP framework.These improvements do not introduce new accounting principles but focus on clarifying existing requirements,resolving interpretational issues identified through implementation, correcting inconsistencies between standards,and aligning terminology and references across GRAP. | Nov-23 |
Entities need to include all GRAP standards that have been issued but are not yet effective in their accounting policies. They should also assess how these new standards might affect their financial statements (GRAP 3.32).
Example: Disclosure of the Possible Impact of New GRAP Standards
Note X: Impact of New GRAP Standards
GRAP 103: Heritage Assets (issued June 2022)
The Accounting Standards Board has issued amendments to GRAP 103: Heritage
Assets, which an effective date has not been communicated.
Management has conducted a preliminary assessment of the impact of the amendments to GRAP 103 on the entity’s financial statements. The key areas affected include:
- Recognition: Certain assets previously classified as property, plant and equipment may be reclassified as heritage assets due to their cultural and historical significance. The value of these assets has not been determined. In addition, assets previously included in property, plant and equipment as heritage assets with a dual use will be reclassified to heritage assets as they meet the definition per the new Standard (see note xx).
Measurement: The assets reclassified from property plant and equipment to heritage assets will be measured at their historical cost. The accumulated depreciation included in the class of heritage assets will be reversed against the opening accumulated surplus. No change in cost is expected as management previously conducted a full assessment of all its assets, including heritage assets to determine values for initial recognition.
