Official source
Source domain: asb.co.za
Collected on 13 July 2026
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FAQ 2.2 on What is the treatment of fully depreciated assets still in use (other than on the initial adoption of the Standards of GRAP)?
The document directs entities to FAQ 2.2 for a detailed explanation of the considerations when fully depreciated assets remain in use, other than on initial adoption of the Standards of GRAP.
FAQ 2.2 on What is the treatment of fully depreciated assets still in use (other than on the initial adoption of the Standards of GRAP)? provides a detailed explanation of an entity’s considerations.
Reference
FAQ 2.2
Amounts
R 1
Financial statements… getting it right – ASB
The Accounting Standards Board provides guidance for entities dealing with fully depreciated or “R1 assets” that are still being used at the reporting date. The guidance explains when financial-statement adjustments may be needed and how GRAP 17 reassessment requirements apply.
If an entity has fully depreciated assets or “R1 assets” at the reporting date that it continues using, adjustments may be required to the financial statements if these adjustments are material.
