Course Content
Why Should You Attend
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.
Course Outcomes
BY COMPLETING THIS COURSE, YOU WILL BE ABLE TO:
- Discuss GRAP Updates
- 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
- 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
- Discuss key GRAP Standards
- Comprehend the transition challenges and approaches in moving to Internationally accepted reporting norms of IFRS
Target Audience
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.
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- 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 well as the various Provincial Treasuries who advise and guide South Africa public sector entities in the application of GRAP.
