Public Finance Management Act, 1999 (Act No. 1 of 1999)

Notices

Prescribing Standards of Generally Recognised Accounting Practice (GRAP) in terms of section 91

Notice No. 516 of 2008
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Notice No. 516

9 May 2008

 

National Treasury

 

The Minister of Finance has, in terms of Section 91 of the Public Finance Management Act, 1999 (Act No. 1 of 1999), prescribed the following Standards as set by the Accounting Standards Board in terms of Section 89:

 

Reference

Topic

GRAP 4

The Effects of Changes in Foreign Exchange Rates

GRAP 5

Borrowing Costs

GRAP 6

Consolidated and Separate Financial Statements

GRAP 7

lnvestments in Associates

GRAP 8

Investment in Joint Ventures

GRAP 9

Revenue from Exchange Transactions

GRAP 10

Financial Reporting in Hyperinflationary Economies

GRAP 11

Construction Contracts

GRAP 12

Inventories

GRAP 13

Leases

GRAP 14

Events After the Reporting Date

GRAP 16

Investment property

GRAP 17

Property, Plant and Equipment

GRAP 19

Provisions, Contingent Liabilities and Contingent Assets

GRAP 100

Non-current Assets Held for Sale and Discontinued Operations

GRAP 101

Agriculture

GRAP 102

Intangible Assets

 

These Standards. are effective for all constitutional Institutions and Public Entities listed in schedule 3a and 3c of the PFMA (unless determined otherwise) and are effective for periods beginning on or after 1 April 2009.

 

For entities not applying the accrual basis of accounting, namely National and Provincial Departments as well as the RDP Fund and the National/Provincial Revenue Funds, the implementation of these Standards will be phased in through the annual financial reporting requirements issued by the Office of the Accountant-General (National Treasury).

 

The implementation of these Standards for municipalities and municipal entities is subject to the provisions of Notice 522 issued In Government Gazette 30013 dated 29 June 2007 (and any amendments thereto).

 

The application of this gazette may be regulated through other information supporting this Gazette.

 

The above mentioned accounting standards can be found on the website of the ASB (www.asb.co.za) and the OAG (oag.treasury.gov.za).